Providence, RI Rental Market Trends
Last updated: March 31, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau
Highlights
The average rent for an apartment in Providence is $2,468, a 0.75% increase compared to the previous year, when the average rent was $2,449.
Studio Apartments at $1,922 offer the most budget-friendly option with 732 square feet, ideal for single renters prioritizing location over space.
One-bedroom apartments provide 698 square feet for $2,304, balancing privacy and affordability.
Two-beedroom units at $2,732 offer 976 square feet, perfect for roommates or small families.
Three-bedroom apartments deliver maximum space (1,103 sq ft) for $3,624, suitable for larger households.
Average rent in Providence, RI
Last updated: March 31, 2026
| Average Rent | Average Apartment Size | |
|---|---|---|
| All Rentals | $2,468 | 829 sq. ft. |
| Studio | $1,922 | 732 sq. ft. |
| 1 Bed | $2,304 | 698 sq. ft. |
| 2 Beds | $2,732 | 976 sq. ft. |
| 3 Beds | $3,624 | 1,103 sq. ft. |
Providence, RI rent trends
Rental prices in Providence, RI have increased by 0.75% over the past year. The average rent moved from $2,449 to $2,468.
What's the typical rent budget in Providence, RI?
The largest share of rentals in Providence, RI (28%) fall between $2,001-$2,500 per month. This suggests that most people succesfully find suitable apartments within this price.
Do most people rent or own in Providence, RI?
41,361 or 59% of the households in Providence, RI are renter-occupied while 28,952 or 41% are owner-occupied.
Most affordable neighborhoods in Providence?
Wayland $1,954/month
Olneyville $2,135/month
Federal Hill $2,203/month
All of these neighborhoods fall below the city wide average of $2,468/month.Average Rent in Providence, RI By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Downtown Providence | $2,682 |
| Fox Point | $2,276 |
| Federal Hill | $2,203 |
| Olneyville | $2,135 |
| Wayland | $1,954 |
/
Providence | Rent Comparison by Neighborhood
Rent in Downtown Providence is 22% higher than in Federal Hill
$2,682
Downtown Providence rent is 9% higher than Providence average
Average Rent
$2,682
$2,203
Federal Hill rent is 11% lower than Providence average
Average Rent
$2,203
How Providence Compares to Other Cities
| City | Average Rent |
|---|---|
| Providence | $2,468 |
| Cranston | $2,046 |
| Warwick | $1,968 |
| East Providence | $2,091 |
| Pawtucket | $1,882 |
| Fall River, MA | $2,052 |
| Attleboro, MA | $2,116 |
| Woonsocket, RI | $1,417 |
| Taunton, MA | $2,049 |
| Newport, RI | $2,201 |
| North Kingstown, RI | $2,425 |
Where this data comes from
The rental statistics on this page were compiled by RentCafe.com, a nationwide apartment search website trusted by millions of renters to find apartments and houses for rent throughout the U.S.
Rent prices, trends, and apartment sizes were calculated based on data from our sister company, Yardi Matrix, an apartment market intelligence solution that covers approximately 90% of the U.S. metro area population. The data includes comprehensive information on all Providence apartment buildings with 50 or more units, totaling 23.5 million apartments across 181 U.S. markets.
Housing composition data was sourced from the U.S. Census Bureau, using the most recently available information by tenure.