The top rental markets in Rhode Island are Providence and Pawtucket.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Rhode Island Rental Trends:
Rhode Island is the smallest state and the seventh least populated, but it’s one of the most densely populated. Leads are high for Rhode Island properties and property investors shouldn’t overlook this small, but valuable place. Here are some highlights from the top rental markets in the Ocean State.
Days on Market:
The city with the lowest days on market is Pawtucket at 13 – under the national average which sits at 15 days; Providence has the highest number of days on market at 14.
The top two towns for the largest amount of leads per listing are over the national average which sits at 38. Here they are:
- Pawtucket – 256 leads per listing
- Providence – 75 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Pawtucket comes above that with the lowest average rent of $1,364 for a two-bedroom compared to the highest rent in Rhode Island at $1,567 in Providence.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,000. Rhode Island’s highest median sale price comes above that at $273,000 in Providence with its lowest median sale price at $240,000 Pawtucket.
Rhode Island’s median income rings in at $53,110 – above the national average at $48,500.
Security Deposit Trends:
Security deposits have risen in Rhode Island’s cities between 2018 and 2019. With the largest being an increase of 4.17% in Pawtucket at $1,250, and the smallest increase of 4% in Providence with the current average at around $1,300 – above the national average for security deposits which is $1,200.
All of Rhode Island’s cities have a livability score of 58 or higher with the highest being Pawtucket at 61!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.