News Summary

• Rents in Providence, Rhode Island have climbed 5 percent over the past year, while landlords are offering concessions on just 12.9 percent of listings.
• The typical asking rent in Providence now sits at $2,154 per month, meaning renters would need to earn roughly $86,000 annually to comfortably afford housing there.
• Zillow economists say the trend reflects a broader divide opening up across the US housing market.
• While many Sun Belt cities that saw huge apartment construction booms during the pandemic have lower prices that favor renters and buyers, cities that failed to build enough housing are becoming dramatically more expensive.