Providence asking rents had highest hike in the nation over last year, report says.

Three constants in life: death, taxes and rent going up.

Providence experienced the highest year-over-year change in rent price in the U.S., according to an April 2024 report by Rent, an apartment marketing website. Looking at the change from March 2023 to March 2024, the metro's median rent price is $2,618 representing a year-over-year increase of 16.18%.

"Providence is currently the ninth most expensive metro in this study at $2,743, placing it between Seattle and Denver. Buffalo, NY, and Hartford, CT, were the other Northeastern metros in the study among the largest gainers, at 6.11 percent and 6.34 percent growth on a yearly basis each," Rent wrote.

Providence rent increases over the past 5 years

In February 2019, the asking rent price in Providence was $1,845.50, according to Rent.

That same month the next year, the asking rent price was $1,954. In February of 2021, however, the asking rent price did drop to $1,908.50.

More: How unaffordable is housing in Rhode Island? This report lays it out.

Any saving to renters were lost the next year. In February 2022, the asking rent price shot up to $2,183.50. The February the year after that, it went up to $2,312.

Now, the average rent price jumped to $2,743.

Where do other metros rank?

The metro with the second highest jump in prices was Jacksonville, Florida with an increase of 10.5% and an median asking rent of $1,804.

Locally, Hartford ranked at No. 11 for year over year increases at 6.34% and an median asking rent of $2,160. The Boston metro ranked at No. 22 for year over year increases at 2.6%, but had a high median asking rent at $3,940. Overall, the Massachusetts median asking rent was the highest in the nation at $3,243, according to Rent.

Rin Velasco is a trending reporter. She can be reached at rvelasco@gannett.com.

This article originally appeared on wickedlocal.com: Providence rents rose 16% over a year, highest hike in US, report says