Is rent control a winning message in mayor's race? For David Morales, the answer is yes
The fun fact that Providence is the "least affordable city" for renters in the United States comes from a Redfin analysis from January. Providence does not have the highest rents but the largest gap between asking rent and median renter incomes, according to the ranking. Redfin found a Providence median rent last December of $2,145 and a $35,392 gap between the annual median income needed to afford that rent and what people here earn. That gap was driven by a 12.6% jump from 2023 to 2024 in the annual income needed to afford an apartment in Providence, the largest of any metro area. The figures show Providence rents rising toward levels in Boston ($2,660), New York ($2,805) and other big cities without the soaring incomes or new construction there to compensate.
