Providence, Rhode Island, is witnessing a significant increase in rental prices, attracting attention as one of the hottest markets in the U.S. with a remarkable 12.6% rise in average rent from December 2023 to 2024, reaching a median of $2,145. This surge is primarily driven by a housing shortage, resulting from the state having the lowest home construction rates nationwide. While remote work enables people to seek affordable housing, financial strain persists, with many renters facing substantial rent burdens, highlighted by the statistic that 50% of Providence's renters allocate over 30% of their income to housing.
Providence had the largest increase in average rent from December 2023 to December 2024: 12.6 percent with a median asking rent of $2,145.
The housing shortage in Rhode Island, the lowest per-capita home construction rates, is driving both availability and affordability challenges.
More than 22 million rent-burden households exist in the U.S., with 50 percent of renter households in metro Providence spending 30% or more of their income on rent.
Providence's location offers a more affordable option for commuters, making it appealing despite the burden of rising rental costs.
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