PROVIDENCE – Rent is on the rise in Providence, according to apartmentlist.com.
In its monthly report, the website said that median rent for a two-bedroom apartment in the city is up 9.1 percent from last year, with five consecutive months of rent increases.
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Apartmentlist.com, which uses data from private real estate listings sites and Census Bureau statistics, also reported that the state of Rhode Island saw a median rent increase of 6.5 percent over the past year, compared to an increase of 2.9 percent nationally.
The median rent for a two bedroom in Providence – $1,260 – is slightly above the national average of $1,160. Rents in Providence increased 1.1 percent over the past month, while the national rent index has increased just 0.4 percent.
Providence does fare well when compared to cities of similar size across the nation such as San Francisco, where the median two-bedroom rent is $3,060, nearly two-and-a-half times that of Providence. Rhode Island’s capital, however, saw one of the highest year-over-year rent increases compared to other major cities across the country.
Nicole Dotzenrod is a PBN staff writer.
