Department of Numbers

Rhode Island Residential Rent and Rental Statistics

The median monthly gross residential rent in Rhode Island was $941 in 2017 according to the Census ACS survey.1 Average gross rent was $940 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Rhode Island median and average rent data will be released in September of 2019.

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.

Show dollars as: Nominal Real

Real Gross Rent in Rhode Island (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Rhode Island Median Gross Rent $941 -2.28% -1.57%

Rhode Island Real Gross Rent Trends

Median gross rent for Rhode Island peaked in real terms in 2006 at $1,000 and is now $59 (5.90%) lower. From a recent low of 906.0 in 2012, real median gross rent has now increased by $35 (3.86%). Average gross rent for Rhode Island peaked in real terms in 2006 at $980 and is now $40 (4.08%) lower. From a recent low of 897.0 in 2012, real average gross rent has now increased by $43 (4.79%).

Real Gross Rent in Rhode Island: Median, Average, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Rhode Island

Date US Median Rhode Island Median Rhode Island Average
2017 $1,012 $941 $940
2016 $996 $963 $964
2015 $987 $965 $943
2014 $956 $956 $937
2013 $924 $938 $931
2012 $912 $906 $897
2011 $912 $917 $931
2010 $927 $941 $940
2009 $931 $984 $962
2008 $947 $976 $961
2007 $899 $946 $924
2006 $909 $1,000 $980

Rhode Island Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Rhode Island was 4.87% according to Census ACS data.

Rental Vacancy Rate in Rhode Island

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Rhode Island 4.87% +0.30% -1.31%

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 4.60% to 4.87%. Data records for this series originated in 2005. From a 2016 post peak low of 4.57%, the rental vacancy rate has increased by 0.30%.

Rental Vacancy Rate: Rhode Island, US

Rental vacancy rate in Rhode Island

Historical Rental Vacancy Rate data for Rhode Island

Date US Rhode Island
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%
2008 7.86% 7.42%
2007 7.87% 7.77%
2006 7.70% 7.25%

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 17.68% in 2017 according to the ACS.

Rhode Island Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Rhode Island 17.68% -1.09% -2.74%

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 2.74% to 17.68%.

Fraction of Income towards Rent: Rhode Island, US

Percent of median household income going towards median monthly gross rent in Rhode Island

Historical Data for Annual Rent as a Fraction of Income in Rhode Island

Date US Rhode Island
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%
2008 19.00% 18.31%
2007 18.66% 18.59%
2006 18.90% 19.45%

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 2017 39.15% of households were renters according to Census ACS data.

Rhode Island Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Rhode Island 39.15% -2.82% -2.05%

Trends in the Rhode Island Renter Fraction

The Rhode Island household renter fraction peaked in in 2016 at 41.97% and is now 2.82% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Rhode Island, US

Fraction of renters in Rhode Island

History of Rhode Island Renter Fraction

Date US Rhode Island
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%
2008 33.36% 37.58%
2007 32.80% 36.40%
2006 32.73% 37.01%

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.