Providence Named Among ‘Hottest’ Rental Markets In United States

PROVIDENCE, RI — Finding a place to rent in Providence can be a challenge, as it is among the “hottest” communities in the country, according to a 2021 report from the apartment search website RentCafé.

Providence is ranked 18th on the list based on metrics related to rent competitively during the first three months of 2021. It’s tied with Macon, Georgia, and ranked just behind Grand Rapids, Michigan.

RentCafé found a 70.33 rent trend score for Providence, which the study shows has 36 average vacancy days per year, a 31.5 competitive score, an average of 19 perspective renters for every vacancy, and 97 percent of apartments occupied.

Nationally, the RentCafé study that analyzed Yardi Systems apartment market data across 125 rental markets in the United States found apartments go vacant for an average of 39 days, with 94 percent of rentals occupied, and an average of 11 renters competing for an apartment.

Central Valley — a region in California that includes Fresno, Bakersfield, Stockton and Modesto — scored as the hottest rental market in the country. The central California region was followed by Spokane, Washington, Boise, Idaho, Sacramento, California, and the Inland Empire region in Southern California in rounding out the top five.

Midsize towns made up a majority of the top 30 markets on the list. Phoenix, Tampa and Memphis were the biggest cities listed, and none of them made the top 20.

The three midsize California markets that made the top five are, in part, a result of a recent trend of people moving to those areas from Los Angeles and the Bay Area, RentCafé said, citing a 2020 report from Redfin.

College towns also made up a good chunk of the top 30, with Knoxville, Tennessee, Colorado Springs, Colorado, and Tucson, Arizona, also among those listed.