The Providence Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.
Active Listings – Our first data set is the month-over-month change in the total number of active rental listings advertised on the TurboTenant platform. Factors such as seasonality will impact this number, with the rental season peaking January through August. Due to the pandemic, eviction moratoriums, and stay-at-home orders, more month over month fluctuations were reported in nearly every market we analyze. Traditionally, this data point helps us gauge the rental supply in each market and provides a more in-depth seasonality analysis. Through the lens of 2020, inconsistencies in baselines were noted. As we compare 2021 to 2020, we will work to glean insights into if and when the rental market is beginning to normalize and mirror moving and inventory trends of years past.
Renter Leads – Our second data set is the month-over-month change in the total number of renter inquiries to a TurboTenant property listing. This data point is the demand side of our supply data point above.
Average Number of Renter Leads Per Property – Our third data point brings together the first two to give us a better understanding of the competitive landscape in each location. We compare the total number on a month-over-month basis.
Average Rent Price – Our fourth data point is the average rent price for a two-bedroom listing. Our analysis begins in January of 2020 and will continue throughout 2021. We want to understand how factors such as outmigration, changes in remote work and school, and eviction moratoriums impact rent prices in any given market.
Providence City Rental Market Trend Highlights for March 2021
In the first quarter of 2020, active listings reported for Providence were volatile and have continued trending that way into 2021. In the second part of 2020, August and November showed promising gains, posting 175% and 138% month-over-month growth. The year ended on a positive note, but January wiped out most of December’s gains reporting a 9% loss. For 2021, February and March trended up over January’s listing count, but April and May reported a drop in active listings.
Renter Leads and Average Leads Per Property
Demand on the renter side outpaced supply in 2020 and into 2021. January 2021 reported the highest number of leads per property at 163, a 14-month high. While 2020 was volatile, leads never dipped into single digits with many months posting more than 50 leads per property on average. Demand-wise, February 2021 experienced a dip in leads per property, with a solid and stable increase in both March and April. May showed those numbers begin to fall again though, with the average sitting at 30.
Year-over-year the average rent amount for a two-bedroom listing in Providence sits at $1,450 as of June 2021 – about $200 less than it was in 2020. January of 2021 saw nearly a $350 year-over-year increase, but has since decreased and is trending between $200-$300 lower than 2020 numbers. Demand on the renter side also waned in February and March, perhaps driving landlords to lower the monthly rent amount to fill vacancies.
We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.
If you are in the process of filling your properties, 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.