Providence RI Market

[Richie Pace]

Hello again BP community! 

I wanted to see if anyone has any experience/insight into the Providence RI rental market. I am looking into some multi family (2-3plex) in the city and there seems to be some decent deals out there but I wanted to see if anyone has any info on the general market and/or the tenant base and what to expect.

[Christian Allen]

@Richie Pace the Providence market is very neighborhood dependent.  Many people are drawn in by the low prices of most of the small multifamily inventory but without knowing what the neighborhood is like and what tenant base it draws you can be buying into some headaches.  I would say this applies to any real estate as the number 1 factor is often said to be location.  

Providence covers most of the tenant bases, white collar, blue collar, student, section 8 etc.  Determine what "niche" works for you.  I personally own a few rentals in the city which all attract "young professionals" based on the close proximity of restaurants, bars, and universities.  

Overall I would say the market is pretty strong right now.  Every time I post an ad for a rental I get 25+ hits within the first couple of days.  The supply is very low for the demand in most of the city.  

If you have questions about a specific neighborhood or area, feel free to PM me.  I've lived in the city for 4 years and have a pretty good feel for what to expect.