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Rhode Island: The Ocean State
Rhode Island has an estimated population of 1,098,163 residents, making it the seventh-least populous state in the nation. Although, as the smallest state by land area, it is also the second-most densely populated. Providence serves as both the capital and largest city of Rhode Island.
Rhode Island is home to many notable landmarks. These include the Rhode Island State House, the Breakers, Belcourt Castle, Marble House, the Newport Casino, and Scenic Route 1A. There are also several museums in the state, such as the RISD Museum, the John Brown House Museum, the Museum of Natural History and Planetarium, and the National Museum of American Illustration.
Performing arts companies that call Rhode Island home include Opera Providence, the State Ballet of Rhode Island, and the Rhode Island Philharmonic Orchestra. Colleges and universities in Rhode Island include Brown University, Providence College, the University of Rhode Island, the New England Institute of Technology, and Rhode Island College.
Understanding Rhode Island's Rental Market
Rhode Island has a relatively expensive housing market. Even during the pandemic, home prices continued to rise. The median sale price
for a home in the Ocean State is $365,000, signifying a 12.3% year-over-year change. Perhaps this is why there are many renters in this state, too. In fact, renters make up 39.2% of Rhode Island's total population.
Image via towncharts.com
In terms of rent, landlords can charge a decently high rate in this state. The median rent in 2019 was $1,043, which was only slightly below the national median of $1,097 at the time. Rent has also been increasing in the Ocean State since 2017.
Image via deptofnumbers.com
Vacancies, though, are more common. In 2019, the state vacancy rate was 6.98%, the highest it had been since 2013. Still, with a large renter population and high rent, Rhode Island makes for an attractive rental market.
Beyond that, Rhode Island is also known to be a somewhat landlord-friendly state. There is no rent control here, and landlords have more flexibility when it comes to fees.
Why You Need Rhode Island Property Management Services
There is no question that Rhode Island has a good rental market. With a large renter population, high rent, and landlord-friendly laws, it's certainly on many property investors' watch lists. However, there is more to property management than just earning rental income. Landlords must put in a lot of work into their properties or risk losing tenants or, worse yet, breaking the law.
This is where a Rhode Island rental management company comes in handy.
With a property manager, landlords can pass on most of their duties to an experienced and licensed professional. A property manager or management company can take over your usual responsibilities. This will leave you with more time and less stress while still earning rental income.
What can a property management company offer you?
- Rental property advertising
- Property showings
- Tenant screening
- Lease preparations
- Property inspections
- Rent collection
- Lease terms enforcement
- Maintenance management
- Tax prep assistance
- Eviction assistance
Searching for Property Management in Rhode Island
Are you searching for property management companies in Rhode Island? Being a landlord comes with its fair share of challenges, not to mention taking up most of your time. Rental Choice aims to help property owners like you easily find a property management company. Search our online directory today!