Providence, RI: The Renaissance City
With 190,934 residents, Providence is the most populous city in and the capital of Rhode Island. Colleges and universities located in the city include Brown University, Johnson & Wales University, and Rhode Island College.
Providence is known for its diverse population, LGBTQ community, and thriving arts and culture scene. The Tony Award-winning theater group Trinity Repertory Company resides in Providence. Other performing arts groups that call the city home include the Providence Black Repertory Company and the Rhode Island Philharmonic Orchestra. There are also several notable facilities in Providence such as the Providence Performing Arts Center and the Veterans Memorial Auditorium.
Residents and visitors alike also enjoy the many parks and open spaces in Providence. Some of these are Waterplace Park, Prospect Terrace Park, and Roger Williams Park. Other attractions include RISD Museum, the Roger Williams Park Zoo, Providence Children’s Museum, and WaterFire.
How Is Providence’s Rental Market?
Providence has a very attractive rental market. The median home listing price in this city is $339,900, which is above the national median. As such, it does not come as a surprise that Providence has a high renter population. In fact, 63.9% of the city’s residents rent their homes.
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In addition to a wide pool of renters, Providence also has high rent. The average rent for an apartment in this city is $2,158. This means rental property owners stand to earn a lot in rental income. Very few apartments also fall below the $1,000 mark. Forty percent of apartments in Providence have a rental rate between $1,501 and $2,000, while 45% command a rate above $2,000.
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Furthermore, Providence has a moderate vacancy rate. In 2019, the vacancy rate in this Rhode Island city was 5.80%, which was slightly below the national rate at the time. To top it all off, Rhode Island is fairly landlord-friendly, especially with its lack of rent control laws.
Why Go With a Providence Property Management Company?
Anyone with a rental property knows that managing one is a difficult undertaking. Landlords have to carry out a plethora of tasks and shoulder a lot of responsibility. For many, rental property management just isn’t suitable.
This is where a Providence rental management company comes in. An experienced management company can take over all of the roles of a landlord. This includes advertising your property, screening tenants, collecting rent, enforcing lease terms, and managing maintenance requests.
How do you know it’s time to hire a rental management company?
- You have little to no time to manage your rental home or unit;
- You don’t know how to manage a rental property;
- Your rental property is located far from where you live;
- You own several rental properties that you can’t manage all at once; and/or,
- You simply dislike the idea of hands-on rental management.
Find Excellent Property Management in Providence
There are countless landlords looking for professional help in Providence. If you are one of them, Rental Choice is the place to start. Using our online directory, you can look for the best property management companies in the city or state of your choosing. You can also click on each company to learn more about what they offer and how you can get in touch with them. Begin browsing today!
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