Report: Providence ranks 5th for worst rent hikes

PROVIDENCE, R.I. (WPRI) — It’s no secret that the price of rent is skyrocketing in Rhode Island.

In fact, the Providence-Warwick metro area ranks 5th in the nation for highest rent growth last month, according to a recently released Realtor.com report.

Rent in Providence, according to the report, has increased 23.8% since last year, with the average monthly rent hovering around $2,200.

The average monthly rent for a two-bedroom apartment in Providence is now $2,500, while a one-bedroom apartment costs approximately $1,908 per month. Studio apartments in the capital city are averaging $1,759 per month.

The Boston-Cambridge-Newton metro area ranks right behind Providence with a 23.6% rent hike.

Miami takes the top spot with a 37.4% increase and an average monthly rent of $2,850.