News

A new law went into effect on January 1, 2022, that requires owners of rental property to have a general liability insurance policy in place with minimum coverage of $100,000 to cover people who are injured in or on the rental property as a result of the landlord’s negligence. The law states that the landlord “shall provide a copy of the declaration page showing the policy” with the written lease to the tenant along with the rental at the start of the tenancy and each time that the insurance policy is renewed.

On January 11th the Rhode Island Association of REALTORS® Executive Committee approved revisions to a number of forms including the Sales Disclosure for Multi-Unit Properties and Buyer’s Request for Repairs form. The revised forms will be sent to the forms vendors in early February. 

Each quarter, the Realtor Foundation: Rhode Island accepts applications for grants from local non-profit organizations that share its mission to provide resources to help create more productive and enriched communities. Recently, it awarded $10,000 in grants to four applicants who applied for funds during the Foundation’s fourth-quarter grant cycle.

Warwick, R.I. – January 20, 2022 -- Data from State-Wide Multiple Listing Service, a subsidiary of the Rhode Island Association of Realtors, shows that there was less than a one-month supply of homes available for sale at the end of December, far below the six-month supply that typically characterizes a market balanced between supply and demand. December was the second month this year that inventory levels fell below the one-month mark. 

A new law requires all rental properties, units, or rooms that will be listed on a hosting platform, such as Airbnb, Vacation Rental by Owner, etc., and rented for not less than thirty (30) nights, to register with the Rhode Island Department of Business Regulation by a date in 2022, not yet determined.

Rhode Island has received $50 million in funds for struggling Rhode Island homeowners. RIHousing's Homeowner Assistance Fund Program (HAF-RI) provides financial assistance to eligible homeowners struggling to pay their mortgage payments, utilities, and more.