Zip codes with the fastest growing rent in Rhode Island

Written by:
March 25, 2021
realtor.com

Zip codes with the fastest growing rent in Rhode Island

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in Rhode Island using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

Zip codes with the fastest growing rent in Rhode Island

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in Rhode Island using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

#7. 02860 (Pawtucket)

- 1 year rent change: +2.1%
- 5 year rent change: +18.9%
- Typical rent: $1,334
--- 18.2% less than typical rent in Providence, RI metro

- Pictured (for rent): 145 Randall St, Pawtucket 02860 ($1,995)

#6. 02905 (Providence)

- 1 year rent change: +3.4%
- 5 year rent change: +17.9%
- Typical rent: $1,283
--- 21.3% less than typical rent in Providence, RI metro

- Pictured (for rent): 2015-2045 Broad St, Cranston 02905 ($1,065)

#5. 02842 (Middletown)

- 1 year rent change: +5.9%
- 5 year rent change: +21.0%
- Typical rent: $2,289
--- 40.3% above typical rent in Providence, RI metro

- Pictured (for rent): 3 Admiralty Dr, Middletown 02842 ($1,775)

#4. 02908 (Providence)

- 1 year rent change: +7.9%
- 5 year rent change: +29.2%
- Typical rent: $1,637
--- 0.4% above typical rent in Providence, RI metro

- Pictured (for rent): 255 Promenade St, Providence 02908 ($2,885)

#3. 02906 (Providence)

- 1 year rent change: +8.2%
- 5 year rent change: +28.6%
- Typical rent: $1,766
--- 8.3% above typical rent in Providence, RI metro

- Pictured (for rent): 140 Pitman St, Providence 02906 ($2,600)

#2. 02895 (Woonsocket)

- 1 year rent change: +8.3%
- 5 year rent change: +15.7%
- Typical rent: $1,121
--- 31.3% less than typical rent in Providence, RI metro

- Pictured (for rent): 249 Dulude Ave, Woonsocket 02895 ($1,600)

#1. 02840 (Newport)

- 1 year rent change: +8.5%
- 5 year rent change: +28.6%
- Typical rent: $2,188
--- 34.2% above typical rent in Providence, RI metro

- Pictured (for rent): 195 Admiral Kalbfus Rd, Newport 02840 ($2,700)

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