PROVIDENCE, R.I. (WPRI) — It’s no secret that rent is on the rise in Providence.
But a recently-released study reveals the monthly rent has gone up 11% in the capital city over the past six months.
Apartment List’s National Rent Report ranks Providence third in the country for fastest metro-level rent growth.
Alfonso Jimenez tells 12 News he’s experiencing the rent hikes firsthand.
“I am currently living with my mother because things are hard,” he explained. “I am working, I make good money, but it’s not enough.”
Jimenez said he’s currently working two jobs to not only make ends meet, but also save up enough to eventually move out.
“Rent is very expensive,” he said.
New York ranks just behind Providence, with rent also increasing by 11% over the past six months.
Andre Brown, who recently visited Providence with his family, told 12 News he and his wife bought a home just outside New York City nearly three years ago.
Brown said he’s happy they bought it when the prices were lower.
“We made a conscious decision to buy when rent prices at the time were high,” he said. “Now, they’re through the roof.”
The study reveals that Rochester, New York, has seen the biggest rent hike over the past six months, with residents paying 14% more to keep a roof over their heads.
Brown said he knows several people in New York who are moving out of the state because of the rent prices.
“They’re pulling their hair out,” he said. “They are moving to Florida … North Carolina, Georgia. But the ones that are still there are trying to find roommates.”
The study cites inflation as a contributing factor, with rent rising slightly faster than prior to the pandemic.
Nationwide, rent has increased more than 7% over the past six months.