IRR-Providence Mid-Year Viewpoint 2015 Local Market Report - Multifamily
Vacancy in the metro Providence apartment market dropped in 1st half of 2015. The vacancy rate fell to 5.0% among Urban Class A properties. This trend was similar to increases experienced across Class B/C properties in suburban markets. With that said, market rents remain competitive, as Class A properties are drawing higher rents than other northeast markets.
Land for apartment development is available, however, the rental rates for the most part will not support much new construction.
Overall, considering the population of Rhode Island, which is less than 1,000,000, the multifamily housing market is essentially in equilibrium.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.