As the third quarter draws to a close, Providence, Rhode Island, is significantly outpacing the national average for rent growth performance in the multifamily sector. Compared to September of last year, multifamily rents in the Ocean State’s capital city, have ballooned by nearly 6%, significantly outpacing the national annual average rent increase of 1%.Nation-leading growth in apartment rents mirrors Providence’s standing as one of the tightest multifamily markets in the country, with very few available units. Among the 60 largest multifamily markets in the U.S. by inventory size, the apartment vacancy rate in Providence of just 3.4% is the second-lowest in the nation.
Source: CoStar News – Providence, Rhode Island, Leads Nation in Annual Multifamily Rent Growth
