Cranston, Rhode Island Rental Market Trends

Disclaimer:

Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Cranston, Rhode Island rental market.

Cranston, Rhode Island

Average Apartment Rent

$1,860

Y-o-Y Change in Average
Apartment Rent

2.3%

As of November 2024

Compared to a year ago, Cranston, Rhode Island apartments have recorded a 2.3% rent increase.

Cranston, Rhode Island Average apartment rent trend

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
Cranston $1,526 $1,550 $1,630 $1,676 $1,675 $1,830 $1,819 $1,785 $1,857 $1,860
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
Cranston
National
Nov 2021
$1,526
$1,596
Mar 2022
$1,550
$1,635
Jul 2022
$1,630
$1,708
Nov 2022
$1,676
$1,726
Mar 2023
$1,675
$1,714
Jul 2023
$1,830
$1,739
Nov 2023
$1,819
$1,733
Mar 2024
$1,785
$1,727
Jul 2024
$1,857
$1,752
Nov 2024
$1,860
$1,748

Cranston, Rhode Island Average Apartment Rent

Cranston, Rhode Island Apartment rent ranges

Under $500
$500 - $700
$700 - $1000
$1,000 - $1,500
$1,500 - $2,000
Over $2,000

At 55.67%, apartments priced $1,500 - $2,000 represent the bulk of Cranston, Rhode Island rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 15.12%.

Cranston, Rhode Island Housing tenure**

Renter occupied housing units 11,101
Owner occupied housing units 21,333

Renters take up 34% of Cranston, Rhode Island real estate, occupying a total of 11,101 units, while homeowners live in 21,333 properties.

Median number of rooms of renter-occupied housing units**

4.1

Renter median household income**

$50,280

Average household size of renter-occupied housing units**

2.14

Rental vacancy rate**

1.8%

Cranston, Rhode Island Renter-occupied housing units by no. of bedrooms**

No bedrooms 235
1 bed 3,826
2 beds 4,664
3 beds 1,939
4 beds 304
5 or more beds 133

There are 4,664 rentals in Cranston, Rhode Island with 2 beds making up the highest share of the market, at 42%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 133 units. Overall, the median number of rooms in Cranston, Rhode Island homes for rent is 4.1.

Cranston, Rhode Island Renter-occupied units by age of householder**

15 - 24 years 480
25 - 34 years 2,614
35 - 44 years 2,085
45 - 54 years 1,409
55 - 59 years 772
60 - 64 years 1,379
65 - 74 years 1,198
75 - 84 years 704
85 years and over 460

Most condos for rent in Cranston, Rhode Island are occupied by residents in the 25 - 34 years age group (24%), followed by those in the 35 - 44 years age group (19%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 4%.

Cranston, Rhode Island Renter-occupied housing units by family type**

Family households 5,217
Non-Family Households 5,884

Cranston, Rhode Island Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 2,668
No related children of the householder under 18 8,433

A total of 5,217 apartments for rent in Cranston, Rhode Island, or 47% of all rentals are family households. Additionally, 24% of rental homes include children under the age of 18 – that’s 2,668 units. All in all, the median size of a renter-occupied household in Cranston, Rhode Island is 2.14.

Cranston, Rhode Island Renter-occupied housing units by educational attainment**

Less than high school graduate 1,301
High school graduate (including equivalency) 3,244
Some college or associate's degree 3,770
Bachelor's degree or higher 2,786

In terms of education, renters holding bachelor degrees or higher make up 25% of the rental market. In contrast, residents with less than a high school degree reside in 12% of the homes for rent in Cranston, Rhode Island.

Cranston, Rhode Island Renter-occupied units by year structure built**

Built 2010 - 2019 192
Built 2000 - 2009 484
Built 1990 - 1999 358
Built 1980 - 1989 952
Built 1970 - 1979 1,730
Built 1960 - 1969 1,719
Built 1950 - 1959 1,616
Built 1940 - 1949 867
Built 1939 or earlier 3,183

The highest share of Cranston, Rhode Island apartment rentals, namely 29% or 3,183 units, were Built 1939 or earlier, followed by those Built 1970 - 1979 (16%, 1,730 units), and the ones Built 1960 - 1969 (15%, 1,719 units).

Cranston, Rhode Island Renter-occupied units by year householder moved in**

Moved in 2021 or later 596
Moved in 2018 to 2020 2,517
Moved in 2010 to 2017 6,058
Moved in 2000 to 2009 1,269
Moved in 1990 to 1999 403
Moved in 1989 or earlier 258

Median year renter moved into unit 2015

Most Cranston, Rhode Island renters (55%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Cranston, Rhode Island condos for rent is 2015.

Cranston, Rhode Island Renter-occupied housing units by vehicles available**

No vehicle available 1,796
1 vehicle available 5,273
2 vehicles available 3,348
3 vehicles available 606
4 or more vehicles available 78

When it comes to transportation options, 48% of Cranston, Rhode Island renters have 1 vehicle available per household, 30% of them have 2 vehicles available, and 16% have No vehicle available.

Cranston, Rhode Island Means of transportation to work of householders living in renter-occupied housing units**

Car, truck, or van - drove alone 8,596
Car, truck, or van - carpooled 1,181
Public transportation (excluding taxicab) 434
Walked 247
Taxicab, motorcycle, bicycle, or other means 363
Worked at home 394

Cranston, Rhode Island Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 20,663
Moved within same county 1,926
Moved from different county within same state 342
Moved from different state 483
Moved from abroad 201

Cranston, Rhode Island Average apartment rent by zip codes


The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Cranston, Rhode Island apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.

*Average single-family rent calculated from point2homes.com data.

**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates

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