Providence Multifamily Market

[John Stanford]

Hello BP Community,

Does anyone have any knowledge or insight on the Providence market they can share? I have some experience in the Boston market but am curious about Providence. What is the market on small multis (3-6 units) and what are market rents on 2 and 3 bed units? 

Appreciate any feedback and what networking groups may be around there. Thanks!

[Sam Albert]

@John Stanford Hi John, I’m a Realtor here in PVD, and know the city like the back of my hand. Is there anything more specific that you want to know?

To answer your question: the market for 3-6 units is really good in Providence. Although the average sales prices for multis has increased,($373,000 in 2021 compared to $315,000 in 2020), the ROIs have still remained steady. The issue is 3 units are tough to come by 4-6 units, are even tougher in Providence.

The approximate rent for a renovated 2 bed in Providence (from what I’m seeing) is $1300-$1400. For a renovated 3 bed, I would say $1350-$1500. This all depends on neighborhood and Area, of course. A 3 bedroom apartment in the middle of West End may go for at least $1800.

Let me know if you have any other questions! Providence is changing rapidly, and is definitely a solid place.