News

Starting on January 1, 2025, a new law will make it easier for tenants to understand the full cost of a rental.  Rhode Island Public Laws 308 and 309, which are identical, will require a landlord to disclose all fees to a tenant as part of a written rental agreement or a separate disclosure if there is no written rental agreement.  The fees must be mentioned in the same section as rent.

On October 17, 2024, the Rhode Island Association of REALTORS® sent updates that incorporate these changes to the forms vendors.  Keep in mind that different forms vendors post updates at different times.

Warwick, R.I. – October 17, 2024 – The median price of single-family homes sold in September climbed 6.6% year-over-year, continuing a trend in Rhode Island that began in February 2017. The Rhode Island Association of Realtors reported sales statistics today showing that last month’s median sale price of $485,000 was $30,000 higher than September 2023.

Do you plan to base your listing or cooperating compensation on a net sales price?   Make sure to explain clearly how the net will be calculated in your agreement, whether you’re negotiating a listing agreement, buyer contract or purchase and sales agreement.  Failure to do so can result in disagreements about what expenses will be deducted from the gross sales price.   Conflicting interpretations can delay the closing until all parties agree.

Warwick, R.I. – September 20, 2024 – The median price of single-family homes sold last month in Rhode Island rose 9% year-over-year to $490,563 according to a report released today by the Rhode Island Association of Realtors. Sales activity also increased from August 2023, rising 10.7%.

Are you working with a buyer who plans to use a property for rentals?   The buyer should be aware of state and local registration requirements that apply.   Here is a comparison of three state registries.

Starting on June 24, 2024, a new Rhode Island law increased the amount of notice that landlord must provide a tenant before raising rent. Here is how the rent increase notice periods have changed for dwelling units....

Rhode Island law requires property owners to register their rental properties with a newly created Rhode Island Department of Health public Rental Registry by October 1, 2024.  Judah Boulet, Chief of Program Development for Lead Poisoning Prevention, has clarified that rumors that the deadline has been postponed until 2025 are NOT true.  Mr. Boulet also sent the following blast email to all lead inspectors.  Please alert your customers and clients.

Do you own, lease or manage a rental unit?   Rhode Island law now requires property owners to register their rental properties with a newly created Rhode Island Department of Health (RIDOH) public Rental Registry. 

All rental dwelling units must be registered including units that were built before, during or after 1978. Landlords - file this affadavit with the court if you wise to evict a tenant for nonpayment of rent but your lead inspection is not complete.

Warwick, R.I. – August 19, 2024 – The Rhode Island Association of Realtors recently released home sales data that showed the median price of single-family homes once again broke records in July, topping out at $495,000, a 12.5% gain from 12 months earlier. The number of listings on the market also rose from last year, rising 16.2%, helping to spark a 21.2% increase in sales activity. Pending sales, a leading indicator of future sales activity, stabilized after 30 consecutive months of decline.

August 2, 2024 – The median price of single-family homes sold in the second quarter rose to $470,130, a 9.3% increase from a year earlier. Sales activity fell by roughly the same percentage, dropping 8.7% year-over-year.  Stiff competition caused by pent-up demand shortened the average time homes stayed on the market before going under contract to just four weeks.