PROVIDENCE – The city is among the top 10 metropolitan areas that have experienced the fastest increases in rents in the last six months, according to a report by Apartment List.
In fact, Providence was the only city mentioned in the July report that was listed in three different top-10 rankings – fastest growing rents for over the past six months, over the past 12 months and since the pandemic started in March 2020.
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Researchers attributed this to affordable, midsize markets becoming more attractive to hybrid-remote workers.
Apartment List used its list property data and identified each rental unit’s most-likely transaction price from its available time series of rent. Researchers estimated each unit’s transaction price by pinpointing the last available rental price before a unit ceases to be vacant. The final data set is used to estimate a rent index for each geography and month of interest.
Over the past six months, Providence’s rents have grown 13%, the second fastest of all metros studied, according to the report. Rochester, N.Y., was first at 14%; San Jose, Calif., was third at 12%; Seattle and Boston rounded out the top five at 11% each. Phoenix had the slowest rent growth during this time at 2%.
Over the past 12 months, rents in Providence grew 15%, 10th on the list, the report said. Miami grew the most over the year at 21%. Orlando, Fla., was second at 20%, San Diego was third at 19%, New York was fourth at 18% and Tucson, Ariz., was 17%. Minneapolis experienced the slowest rent growth year over year at 4%.
Since March 2020, rents in Providence grew 35%, the seventh highest in the U.S., the report said. Rochester, N.Y., grew the most at 45%. Tampa, Fla., was second at 44%, Tucson, Ariz., was third at 40%, Riverside, Calif., was fourth at 38%, and Miami was fifth at 47%. San Francisco had no rent growth during the pandemic.
