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Rhode Island
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VACANCY
Apartment
The average Vacancy Rate was 4.2% in the Providence metro
- Vacancy in the Providence metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2023 at 4.1% in the Providence metro.
Distribution / Warehousing
The average Vacancy Rate was 9.3% in the Providence metro
- Vacancy in the Providence metro increased by 550 basis points.
- The Providence metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2023 at 6.7% in the Providence metro.
Office
The average Vacancy Rate was 18.9% in the Providence metro
- No vacancy change since Q1 2023 in the Providence metro.
- The Providence metro had the highest vacancy level since year-end 2004.
- Vacancy is expected to finish 2023 at 19.6% in the Providence metro.
Retail
The average Vacancy Rate was 11.7% in the Providence metro
- Vacancy in the Providence metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2023 at 12.0% in the Providence metro.
RENT
Apartment
The average Asking Rent was $1,677 in the Providence metro
- The Providence metro had the third fastest rent growth in the nation, and the second in the Northeast region, behind only Providence.
- Providence metro had its fastest rent rate of increase since year-end 2004.
- Rent is expected to finish 2023 at $1,725 in the Providence metro.
Distribution / Warehousing
The average Asking Rent was $7.10 in the Providence metro
- Rent in the Providence metro was up 1.6% from Q1 2023.
- Rent Has risen for nine consecutive quarters in the Providence metro.
- Rent is expected to finish 2023 at $7.29 in the Providence metro.
Office
The average Asking Rent was $21.08 in the Providence metro
- The Providence metro remained flat rent since Q1 2023.
- Rent is expected to finish 2023 at $21.22 in the Providence metro.
Retail
The average Asking Rent was $21.66 in the Providence metro
- Rent in the Providence metro was up 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $21.82 in the Providence metro.