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Zillow Ranks Providence Hottest U.S. Rental Market for Summer 2026
Zillow ranked Providence first among U.S. metros for summer 2026 based on rising rents, falling vacancies and limited concessions. New York and San Francisco placed second and third. The list reflects stronger competition in Northeast and coastal California cities where new housing supply has lagged national trends.
Jul 8, 1:13 PM·1m read1 source
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Business Insider reported that Zillow ranked Providence, Rhode Island, the hottest U.S. rental market heading into summer 2026. The city posted 5 percent annual rent growth, a 12.9 percent share of concessions and a 5.1 percent vacancy rate forecast.
New York followed in second place with 4.8 percent concession share and a 4. San Francisco ranked third at 5.2 percent concessions and 4.3 percent vacancy. Hartford, Connecticut, placed fourth with 3.
Los Angeles ranked fifth at 2.4 percent concessions. Chicago came sixth with 5. Boston, Milwaukee, Virginia Beach and San Jose completed the top 10.
Boston recorded 2. Milwaukee posted 4.1 percent growth and 27.5 percent concessions. Virginia Beach showed 4.8 percent growth. San Jose had 4.3 percent.
Zillow measured the rankings by metros where rents rose quickly, vacancies declined and concessions such as waived fees or free months were offered least often. Providence, with a population of about 195,000, recorded the lowest concession share among the top 10.
"The US built more new units in 2024 than any year in the past half-century, but that boom largely bypassed the Northeast and coastal California, which is exactly why rental competition there is so intense," Zillow senior economist Kara Ng said.
Ng added that in the hottest markets more people want to live there than there are homes to rent. Business Insider reported that the 2024 national housing construction increase largely missed the Northeast and coastal California, leaving tighter supply in those regions.
