Rhode Island Residential Rent and Rental Statistics
The median monthly gross residential rent in Rhode Island was $1,043 in 2019 according to the Census ACS survey.1 Average gross rent was $1,019 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Rhode Island median and average rent data will be released in September of 2021.
Data is also available below for Rhode Island rental vacancy rates, Rhode Island rent as a percent of median income and the fraction of renters in Rhode Island.
Real Gross Rent in Rhode Island (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Rhode Island Median Gross Rent | $1,043 | +2.66% | +5.04% |
Rhode Island Real Gross Rent Trends
At $1,043, real median gross rent in Rhode Island was at its highest level in 2019 since the series began in 2005. At $1,019, real average gross rent in Rhode Island was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Rhode Island: Median, Average, US Median
Real Gross Rent History for Rhode Island
| Date | US Median | Rhode Island Median | Rhode Island Average |
|---|---|---|---|
| 2019 | $1,097 | $1,043 | $1,019 |
| 2018 | $1,077 | $1,016 | $1,002 |
| 2017 | $1,043 | $970 | $969 |
| 2016 | $1,027 | $993 | $994 |
| 2015 | $1,017 | $995 | $973 |
| 2014 | $986 | $986 | $966 |
| 2013 | $953 | $967 | $960 |
| 2012 | $940 | $934 | $924 |
| 2011 | $941 | $945 | $960 |
| 2010 | $955 | $970 | $969 |
| 2009 | $960 | $1,014 | $992 |
| 2007 | $927 | $975 | $953 |
| 2005 | $910 | $969 | $943 |
Rhode Island Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Rhode Island was 6.98% according to Census ACS data.
Rental Vacancy Rate in Rhode Island
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Rhode Island | 6.98% | +0.65% | +2.41% |
Trends in Rhode Island Rental Vacancy Rate
The rental vacancy rate in Rhode Island peaked in 2010 at 9.47%. Since then it has fallen by 2.49% to 6.98%. Data records for this series originated in 2005. From a 2016 post peak low of 4.57%, the rental vacancy rate has increased by 2.41%.
Rental Vacancy Rate: Rhode Island, US
Historical Rental Vacancy Rate data for Rhode Island
| Date | US | Rhode Island |
|---|---|---|
| 2019 | 5.97% | 6.98% |
| 2018 | 6.15% | 6.33% |
| 2017 | 6.18% | 4.87% |
| 2016 | 5.89% | 4.57% |
| 2015 | 5.85% | 6.43% |
| 2014 | 6.32% | 6.18% |
| 2013 | 6.49% | 6.98% |
| 2012 | 6.77% | 5.52% |
| 2011 | 7.40% | 5.80% |
| 2010 | 8.17% | 9.47% |
| 2009 | 8.43% | 6.80% |
| 2007 | 7.87% | 7.77% |
| 2005 | 7.74% | 6.82% |
Rhode Island Rent as a Fraction of Income
Using median household income data for Rhode Island, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Rhode Island, median monthly gross rent as a fraction of median household income was 17.59% in 2019 according to the ACS.
Rhode Island Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Rhode Island | 17.59% | -1.03% | -1.19% |
Trends in Rhode Island Rent as a Fraction of Income
The fraction of median Rhode Island household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 20.42%. Since then it has fallen by 2.83% to 17.59%.
Fraction of Income towards Rent: Rhode Island, US
Historical Data for Annual Rent as a Fraction of Income in Rhode Island
| Date | US | Rhode Island |
|---|---|---|
| 2019 | 20.03% | 17.59% |
| 2018 | 20.50% | 18.61% |
| 2017 | 20.13% | 17.68% |
| 2016 | 20.43% | 18.77% |
| 2015 | 20.63% | 19.38% |
| 2014 | 20.89% | 20.42% |
| 2013 | 20.78% | 19.71% |
| 2012 | 20.65% | 19.31% |
| 2011 | 20.70% | 19.58% |
| 2010 | 20.50% | 19.93% |
| 2009 | 20.12% | 19.73% |
| 2007 | 18.66% | 18.59% |
| 2005 | 18.89% | 18.07% |
Renter Fraction in Rhode Island
You can calculate the renter fraction in Rhode Island in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Rhode Island as a fraction of total Rhode Island households. In 2019 38.32% of households were renters according to Census ACS data.
Rhode Island Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Rhode Island | 38.32% | +0.14% | -3.65% |
Trends in the Rhode Island Renter Fraction
The Rhode Island household renter fraction peaked in in 2016 at 41.97% and is now 3.65% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Rhode Island, US
History of Rhode Island Renter Fraction
| Date | US | Rhode Island |
|---|---|---|
| 2019 | 35.89% | 38.32% |
| 2018 | 36.05% | 38.18% |
| 2017 | 36.13% | 39.15% |
| 2016 | 36.88% | 41.97% |
| 2015 | 36.97% | 40.95% |
| 2014 | 36.90% | 41.20% |
| 2013 | 36.50% | 39.61% |
| 2012 | 36.09% | 40.01% |
| 2011 | 35.42% | 39.42% |
| 2010 | 34.65% | 39.22% |
| 2009 | 34.13% | 36.59% |
| 2007 | 32.80% | 36.40% |
| 2005 | 33.10% | 37.29% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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