Rent prices are up all across the United States. According to a May Zumper report, the national median rent for a one-bedroom apartment is $1,487. In New York and Los Angeles, the figure jumps to $4,280 and $2,300, respectively.
Mondobc analyzed rent estimate data from Apartment List for April 2023 to April 2024, filtering metropolitan statistical areas, as defined by the Census Bureau, by those with at least 500,000 residents to find the metros in the Northeast with the biggest rent increases for a one-bedroom apartment.
The New York City tri-state area didn’t even rank in the top five. The New York-Newark-Jersey City metro area saw the average rent for a one-bedroom apartment go from $1,991 in 2023 to $2,008 in 2024, an increase of only $17 or 0.9%.
Connecticut has the most metro areas with the biggest rent increase for one-bedroom apartments — four out of the top five. This includes one statistical area that covers part of northeastern Connecticut and a swath of Massachusetts including Worcester. Connecticut is also the only state in the Northeast region to have multiple metro areas in the top 20.
The state provides residents with easy access to major cities such as New York City, Boston, and Providence, Rhode Island.
The Northeast metro with the biggest rent increase year over year: Providence-Warwick, Rhode Island
Rent for 1-bedroom apartments in the Providence-Warwick, Rhode Island, metro area increased by 5.1% from April 2023 to April 2024.
The average price went from $1,053 to $1,107.
That’s up 37.3% from April 2019, when the average rent was $806.
Located on the coast of Narragansett Bay in Rhode Island, Providence and Warwick are the state’s two largest cities.
Providence is a hub for the health-care and education industries and home to several higher-learning institutions such as Brown University and the Rhode Island School of Design.
Rhode Island’s main airport, T.F. Green Airport, is 12 miles south of downtown Providence in Warwick.
The area is best known for its beautiful beaches and historic sites, such as Rocky Point Park and the Conimicut Lighthouse.
