After dipping 120 basis points from last quarter, Providence-Warwick, RI-MA has dropped out of the top 10 for annual rent growth among the nation’s 50 largest apartment markets. The Northeast market grew rents 3.4% annually in 3rd quarter 2019, compared to 4.6% at mid-year. Though Providence continues to grow rents quicker than the national norm of 3%, it has now fallen below its five-year rent growth average. Markets that outpaced Providence to land in the top 10 all grew rents at or above 4.0% in 3rd quarter 2019. Among those markets were some fixtures of late, such as Phoenix and Las Vegas, and newcomers like Charlotte and Nashville. Apart from decelerating rent growth, Providence remains healthy. With occupancy at 97.2%, it continues to have one of the fullest apartment markets in the nation, and the market should continue to see a very constrained amount of new supply over the next year.
