While home prices have declined, rental prices have accelerated in some areas. Given the current rentals in the area you are most likely within the ball park. Be aware that the listed rent price is open to negotiations and the best barometer is not what is currently for rent, but the actual leased price of the most recent rentals. Since you are investigating purchasing in Providence, I'm assuming you have already visited the site. Please be aware that your best avenue of protection is to bring your own agent with you on the first visit. I always caution my clients to contact me prior to visiting any new home development. You're probably asking what advantage it is to call me instead of just going alone: 1. The onsite agent represents only the seller, which is clearly stated in their contract. 2. My representation is free to you as the seller pays my commission (no they won't knock off the commission from your price if you go by yourself). Often there are incentives that I can share with you that would not be available to you by yourself. 3. You have someone to make sure that what the lender is offering is actually to your advantage. If you have presently not registered with Providence, or if it has been over 30 days ago, please call me for help prior to proceeding. I currently subscribe to Salestraq which covers all new housing and would welcome the opportunity to help you discover the best options to meet your goals. All of this at no additional cost to you.
Looking foward to helping you!
Many properties in Providence with similar square footage have been leased out recently for $1395/month. There is one available for lease currently that is 1676 square feet for $1400/month. There is another one currently availabel for lease that is 2061 square feet for $1600/month. So I think your price for $1450/month for 1713 square feet is pretty average for that area and size.
If you are thinking about purchasing a home in Providence, please consider calling me and using me as your buyer representation. I would be more than happy to fully represent you and negotiate a great deal for you. I can also help you rent out the property and obtain a tenant if you need one. I would be willing to do all of this at no charge to you. Please call me so we can discuss your situation thoroughly. My contact info is below. I hope to speak with you.
Prudential Americana Group