Providence Tops Zillow’s Summer Rental Market List; Mortgage Rates Climb to 6.41%
Zillow’s hottest rental markets report names Providence No.1 for Summer 2026 with 5% annual rent growth, $2,154 typical rent and 12.9% concessions. Zillow’s lender marketplace shows 30-year fixed rates up 16 bps to 6.41%, 15-year fixed at 5.80% and 5/1 ARM at 6.63%.
1. Providence Leads Summer 2026 Rental Heat Index
Zillow’s latest rental heat index crowns Providence as the hottest market, with rents up 5% year-over-year, an average asking rent of $2,154 and just 12.9% of property managers offering concessions—the lowest rate among the top ten markets—reflecting tight supply in the Northeast.
2. Mortgage Rates Rise Across Zillow Lender Marketplace
Data from Zillow’s lender platform show national 30-year conforming fixed rates rising 16 basis points week-over-week to 6.41%, the 15-year fixed rate climbing to 5.80% and the 5/1 adjustable-rate mortgage reaching 6.63%, indicating a broad uptick in borrowing costs since last Monday.