Report: Providence rent 2nd fastest growing in U.S.

AN AVERAGE ONE-BEDROOM apartment in Providence now costs $1,780 per month, the second-fastest rise month to month in July in the U.S., according to a report released July 26 by Zumper National Rent. / PBN FILE PHOTO

PROVIDENCE – An average one-bedroom apartment in the city now costs $1,780 per month, the second-fastest rise month to month in July in the U.S., according to a report by Zumper National Rent released July 26.

The study aggregated data from more than 1 million active listings to calculate median asking rents for the top 100 cities by population and nearly 300 additional cities within major metro areas. Data included more listings than most other rental websites and is sourced through a combination of proprietary listings posted by landlords and brokers through Zumper’s Landlord Platform and third-party listings received from its providers.

Data showed rents in Providence increased by 6% month to month in July and by 18.7% year over year in July. Greensboro, N.C., was the city with the fastest-growing rent. Although the average rent there is $1,060 per month, July rents increased by 6% month to month and by 30.9% year over year.

Overall, Providence was ranked No. 18 out of the top 100. New York City was ranked as the city with the most expensive rent in the U.S. Average rent there was an all-time high of $3,780 per month, a 5% rise month to month and a 41% increase year over year.

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San Francisco, which moved closer to pre-pandemic rent levels, was ranked No. 2 in the U.S. Average rent there was $3,100 per month, a 3.3% rise month to month and a 14% increase year over year. San Jose, Calif., was ranked third highest at $2,710 per month, a 5.4% rise month to month and a 24.9% increase year over year.

Boston was ranked the fourth most expensive in the nation. Average rent in that city was $2,600 per month in July, a 4% rise month to month and a 13% rise year over year.

Of the 100 cities surveyed, Akron, Ohio, was the least expensive. Rents there averaged $640 per month in July, with no change month to month or year over year.

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