Are you paying too much for rent? Here’s why you’re not alone no matter where you live

PROVIDENCE, R.I. (WLNE) — As rising interest rates and surging property values prevent families from buying a home, the demand for rentals has soared.

According to Realtor.com, as of June 2022, the average rent cost for the Providence-Warwick metro area went up 23% compared to last year. However, it isn’t just our metro areas.

ABC 6 News spoke with Rhode Islanders from the north and western parts of the state to find out their rental situations.

Smithfield residents Yecenia Acevedo and Nick Waterman are experience the rate hikes first hand.

“Currently, I pay $1,500. I used to pay $1,300, so it’s gone up a lot in a short period of time,” Acevedo said.

“My rent went up $300, at the same time my grocery bill went up about $100, so it was about a $400 hike overall,” added Waterman.

While others, like Michael from Cranston, are living with family to save up and hope for a potential drop in prices.

“I’m looking for an extra part time job right now, so I can have enough money to move out of my house. A lot of the studio apartments I’m looking at are like $1,300 right now,” said Michael.

Right now, seven out of the state’s 39 cities and towns meet the 10% affordable housing threshold. Those communities are Woonsocket, Providence, Central Falls, Newport, New Shoreham, Burrillville and East Providence.

Rhode Island Secretary of Housing Joshua Staal explained what’s being done to create this threshold in the other 32 communities.

“We need to one, fix the existing housing stock to build more units and three, stabilize households. So, we’re doubling down on our efforts to a state and a Department of Housing to reach out to every single mayor, every single town manager, the planning departments to find solutions, solutions that fit for every town,” he said.

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