Top Locations for Commercial Space for Lease in Rhode Island
The Best Places to Buy Rental Investment Property in Rhode Island
In this edition of the Kirby & Kirby report, we will be exploring the top locations for investing in property in Rhode Island. Our list includes three towns: East Providence, Pawtucket, and Central Falls. To compile this information, we carefully analyzed data from various studies on the best investment property destinations, median sale prices, and our own proprietary Kirby & Kirby data.
Our exclusive data provides insights into the average number of leads received by rental properties and the average time they spend on the market. These valuable metrics help investors evaluate the rental market's strength and estimate potential vacancy rates.
Rhode Island, the smallest state by area and the seventh least populated boasts a high population density. It's often referred to as "The Ocean State" due to the significant presence of large bays and inlets, which cover approximately 14% of its total area. Narragansett Bay, a prominent feature of Rhode Island's topography, is home to over 30 islands.
Despite its small size, landlords in Rhode Island receive a remarkable number of leads per property, ranging from 72 to 156, and properties typically spend less than two weeks on the market in all three towns.
Rhode Island's state motto is "hope," and we sincerely hope that you consider these three towns in The Ocean State as excellent opportunities for rental property investments.
Number 3: Central Falls, Rhode Island.
Central Falls, with an area of only 1.29 square miles, holds the distinction of being the smallest and most densely populated city in Rhode Island. Surprisingly, this tiny town is even denser than Boston, making it the fourth most densely populated town in all of New England. The high demand for housing is evident from the impressive number of leads that landlords are receiving - an average of 72 per property.
Furthermore, properties tend to be on the market for a mere 12 days, indicating strong demand and quick turnover. The real estate market in Central Falls also boasts impressive figures, with a median sale price of $290k and an average rent of $1350. Home values have experienced a respectable 6% increase year over year. While the population and employment growth remain steady at 0%, the city's housing market continues to flourish.
Pawtucket, RI - a charming city that holds the #2 spot on the list.
Pawtucket, the fourth largest city in Rhode Island, is home to approximately 75,000 residents. Renowned as the birthplace of the American Industrial Revolution, Pawtucket holds a significant place in history. Two centuries ago, Samual Slater harnessed the power of the Blackstone River and Pawtucket Falls, revolutionizing the production of cotton thread by introducing machine spinning.
Today, you can explore the historic Slater Mill, along with three highly acclaimed theater companies and exceptional recreational facilities. Pawtucket is an idyllic community that offers a perfect balance of living, working, and recreational opportunities.
Investing in rental properties in this charming town yields an average of 129 leads per property, with an average time on the market of less than two weeks. The housing market in Pawtucket remains strong, with a notable 6% yearly increase in home values.
Key Statistics:
Population Growth: 0%
Employment Growth: 0%
Increase in Home Values: 6.0%
Median Home Price: $235,000
Average Rent: $1,340
Average Number of Leads per Property: 129
Number of Days on the Rental Market: 13
Number 1: East Providence, Rhode Island
East Providence, the fifth largest city in Rhode Island, boasts a population of just under 50,000. Nestled between the Providence and Seekonk Rivers, with the Seekonk area of Massachusetts to the east, this charming city spans 16.6 square miles, encompassing 13.4 square miles of land and 3.2 square miles of water. East Providence is a stone's throw away from the capital city of Providence, offering a host of comparable amenities.
With its quaint, affordable, and safe neighborhoods, East Providence is an ideal place to call home. The median sale price for homes stands at $250k, while the average rent price is $1573. Moreover, residing here grants you convenient access to the vibrant southern New England region.
East Providence is known for its welcoming atmosphere towards new investments, as reflected in the average number of leads per property, which totals 156. Impressively, properties spend an average of only 11 days on the market, showcasing the city's robust development mindset.
While searching for the perfect investment property, consider TurboTenant to elevate your landlord experience. With our user-friendly and complimentary online rental applications, as well as comprehensive tenant screening services, we can help you find the ideal tenant for your property and streamline the rental process.
Population growth: 0%
Employment growth: 0%
Increase in home values: 2.7%
Median Home Price: $250k
Average Rent: $1573
Average Number of Leads per Property: 156
Number of days on the rental market: 11
Discover unbeatable real estate investment opportunities in Rhode Island! Don't miss out on the chance to embark on your property investment journey in The Ocean State with the expert guidance of Kirby & Kirby. Our team of seasoned professionals, armed with exclusive market insights and data, will empower you to make informed decisions and maximize your return on investment.
Reach out to Kirby & Kirby today to begin unlocking the potential of these promising markets in East Providence, Pawtucket, and Central Falls. We are committed to delivering the highest level of service and expertise, ensuring your success every step of the way.
