Apartment rents in the Providence-Warwick metropolitan area are rising faster than anywhere else in the country, according to a new analysis by rent.com.
The Providence metro median rent rose by 21.55% year over year in December to $2,752, the highest percentage increase among the 50 metro areas analyzed by the Atlanta-based apartment search engine. The Columbus, Ohio metro was second with an 11.56% year-over-year increase to $1,747.
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Researchers analyzed rental property prices to identify median rent prices at the national, state and metro levels. The analysis combined inventory and bedroom types into one median that covers all available rental units at the time.
The national median price for an apartment in December was $1,964, 40% lower than the median price in the Providence metro, which includes all Rhode Island counties and Bristol County, Mass.
Of the 50 metropolitan areas studied, only eight had a higher median rent in December than the Providence metro.
