Top Rental Markets in Rhode Island

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.

Leads

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.

Median Income: 

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.

Livability Score: 

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 Rhode Island investment properties 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.

 

Share on facebook
Share on twitter
Share on linkedin
Most Popular Posts

Interested in streamlining your rental process?

TurboTenant makes managing your property simple with features like one-click rental marketing, extensive online applications, and free credit & background checks for landlords.

Sarnen Steinbarth

CEO & Founder TurboTenant, Inc

Sarnen has been investing in rental property since the age of 19. He saw firsthand the need for an easy-to-use and affordable technology backed solution geared towards independent landlords. In October of 2015, he launched TurboTenant. Today TurboTenant serves 200,000+ landlords and is still dedicated to making the rental process easy, smooth, and hassle-free. Sarnen is a regular contributor on Forbes and Bigger Pockets and has firmly positioned himself as thought leader in the real estate and proptech space.

Guidelines for using these data.

You are welcome to use any of the data in this report for your own purposes, we just kindly ask that you properly cite the source. You can view our methodology for our TurboTenant Reports here.  

An example citing: According to a report by TurboTenant, an online property management software company….

If you have data requirements that are outside the scope of this article, please email press@turbotenant.com. We have a plethora of data and are happy to supply another data set if it is available. 

Data in Your Inbox

Get notified by email each time a new TurboTenant Report is published.

TURBOTENANT BLOG

Read Our Latest Articles

Join 250,000+ landlords that choose TurboTenant to streamline how they manage their properties.

It’s completely FREE for landlords. No tricks or trials to worry about. So what’s the harm? Try it today!

NEWSLETTER SIGN UP

Stay up to date on the ins and outs of being a landlord.

Subscribe to our weekly newsletter so you don’t miss out on our latest articles and resources.