EAST PROVIDENCE, R.I. (WPRI) — Rent prices have continued to increase, according to a report released earlier this month from Rent.com.
“The rental market over the past year has seen rent prices go up across the board,” said Brian Carberry, senior managing editor for Rent.com.
According to the report, the average price of a one-bedroom apartment nationally went up by more than 22% since last January.
“This is really a lot larger of an increase than we would normally expect to see,” Carberry explained. “In an any given normal year, you know, normal without a pandemic, you would expect rent prices to go up anywhere from 3-to-5%.”
Carberry said big rent increases started last June, and it’s been up about 20% since then.
“There’s not a lot of supply, especially in certain areas,” he said. “The demand is so high and it’s just creating competition and people are willing to pay more just to get into anywhere.”
When looking at data in Rhode Island, the report also shows the average rent of a one-bedroom apartment went up by nearly 93% from January 2020 to January 2021. That price went from just over $1,000 a month to almost $2,000.
“In Providence … we’re seeing basically the example that I would say nationally there’s just not a lot of supply right now and there’s a lot of demand,” Carberry said.
When comparing this year to last year, Carberry said the average price of a one-bedroom apartment in Providence has gone up by about 17%.
“People in Providence and Rhode Island are going to be spending more money on rent when their leases come up,” Carberry said.
If your lease is coming to an end, Carberry suggested moving in with a roommate, or broadening your search for apartments.