How many renters live in Hope Valley, Rhode Island?
The City of Hope Valley has 2,209 people living in 705 households.
There are 653 renters living in 172 renter households in this City. Renters make up 29.56 percent of the population living in Hope Valley.
What is the rental market like in Hope Valley, Rhode Island?
There are an estimated 744 housing units in the Hope Valley area. Of these, 172 units are rental homes, making up 23 percent of the housing market. For every renter household in Hope Valley, Rhode Island, there are 1 rental units.
What is the vacancy rate for rentals in Hope Valley?
The rental vacancy rate in Hope Valley is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Hope Valley for each bedroom size?
Occupied Rental Units by Size in Hope Valley
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 14 | 123 | 35 | 0 |
Occupied Rental Units by Size in Hope Valley
A large number of apartments in Hope Valley have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Hope Valley are overburdened by housing costs?
Among renter households in this market, 80 percent have housing cost burden. Further, 8 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Hope Valley
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,289 to $2,536. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,289 |
| One BR | $1,398 |
| Two BR | $1,693 |
| Three BR | $2,047 |
| Four BR | $2,536 |
2024 Fair Market Rents in Hope Valley, Rhode Island
How many units are rented at Fair Market Rent (FMR) in Hope Valley?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| One BR | 14 | 100 percent |
| Two BR | 123 | 100 percent |
Rental Units Below FMR in Hope Valley, Rhode Island
How many affordable rental units are in Hope Valley?
Income Based Apartments in Hope Valley, Rhode Island
Hope Valley features 114 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Hope Valley, Rhode Island
There are 23 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hope Valley.
Housing Choice Vouchers in Hope Valley, Rhode Island
On average, Section 8 Housing Choice vouchers pay Hope Valley landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Hope Valley.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hope Valley, Rhode Island for a two-bedroom apartment is between $1,449 and $1,771.
Sourced from federal housing data and AffordableHousingOnline.com research.
