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Rhode Island
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VACANCY
Apartment
The average Vacancy Rate was 5.0% in the Providence metro
- No vacancy change since Q2 2024 in the Providence metro.
- Vacancy is expected to finish 2024 at 5.0% in the Providence metro.
Distribution / Warehousing
The average Vacancy Rate was 3.4% in the Providence metro
- Vacancy in the Providence metro drifted downward by 10 basis points.
- The Providence metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 3.4% in the Providence metro.
Office
The average Vacancy Rate was 17.8% in the Providence metro
- Vacancy in the Providence metro drifted downward by 20 basis points.
- The Providence metro had the lowest vacancy level since year-end 2021.
- Vacancy is expected to finish 2024 at 18.0% in the Providence metro.
Retail
The average Vacancy Rate was 13.2% in the Providence metro
- Vacancy in the Providence metro drifted upward by 40 basis points.
- The Providence metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 12.9% in the Providence metro.
RENT
Apartment
The average Asking Rent was $1,687 in the Providence metro
- The Providence metro had the lowest rent growth in the nation.
- Rent is expected to finish 2024 at $1,699 in the Providence metro.
Distribution / Warehousing
The average Asking Rent was $7.42 in the Providence metro
- Rent in the Providence metro was up 1.0% from Q2 2024.
- Providence metro had its fastest rent rate of increase in five quarters.
- Rent has risen in every quarter since Q1 2021 in the Providence metro.
Office
The average Asking Rent was $21.11 in the Providence metro
- Rent in the Providence metro was up 0.2% from Q2 2024.
- Rent is expected to finish 2024 at $21.15 in the Providence metro.
Retail
The average Asking Rent was $21.95 in the Providence metro
- The Providence metro had the fastest rent growth in the Northeast region, fifth most rapid in the nation.
- Providence metro had its fastest rent rate of increase since Q2 2008.
- Rent is expected to finish 2024 at $22.03 in the Providence metro.