PROVIDENCE – Median rent in suburbs of Providence increased faster year over year than urban areas, according to Zillow Group, a real estate and apartment marketplace company, in a report on Friday.
Zillow estimates the median price of a rental in Providence suburbs is $1,676 a month, a year-over-year rise of 1.78 percent. While the urban median rental price increased 1.36 percent year over year to $1,479 a month in March 2017.
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“Because walkable urban centers close to amenities are typically a big draw for renters, you’d expect rents to rise faster in the city than in the suburbs – which is exactly what we’ve been seeing until very recently,” Zillow chief economist Svenja Gudell said in a statement. “But a handful of factors are helping turn the tables and beginning to push suburban rents up at a higher clip. As more formerly urban renters move to the suburbs in coming years, we’ll likely start seeing more apartment buildings and walkable amenities popping up in those communities.”
Zillow also rated the Providence metro affordability as 31 percent, which is a calculation of a metro area’s median income needed to afford a median rent payment in the area.
Providence suburban median rent was calculated to be higher than the national suburban median rent of $1,550, which increased 2.5 percent year over year.
Providence urban median rent was lower than the national urban median rent of 1,830, which increased 2.3 percent year over year in March.
Zillow calculated median rent by analyzing value of all single-family residences, condominiums, cooperatives and apartments in Zillow’s database, regardless of whether they are currently listed for rent.
Chris Bergenheim is the PBN web editor.
