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Rental market trends in Providence, RI

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Average Rent in Providence, RI

Average Rent in Providence, RI

Avg. RentAnnual Change
Studio - $1,4370%
1 Bed - $2,075+3%
2 Beds - $2,757+19%
Last updated 7/24/2024

Average Apartment Cost in Providence, RI

The average rent for apartments in Providence, RI, is between $1,437 and $2,757 in 2024. For a studio apartment in Providence, RI, the average rent is $1,437. When it comes to 1-bedroom apartments, the average rent in Providence, RI, is $2,075. For a 2-bedroom apartment, the average rent is $2,757.

Apartment Rent Ranges in Providence, RI

Apartment PricesProportion
0%
8%
11%
34%
47%

Neighborhood Apartment Rent Trends in Providence, RI

NeighborhoodStudio Avg RentAnnual Change
Mt. Hope$3,449+5%
Downtown Providence$2,4010%
Fox Point$1,650+27%
College Hill$1,3750%
East Side$1,337-1%
Wayland$1,2500%
Neighborhood1 Bed Avg RentAnnual Change
College Hill$2,529+45%
Elmwood$2,500--
Fox Point$2,400+66%
East Side$2,000+3%
Wayland$2,0000%
Washington Park$1,900--
Mount Pleasant$1,800--
Smith Hill$1,750--
Federal Hill$1,650-8%
West Side$1,650-8%
Jewelry District$1,625--
Mt. Hope$1,600--
Olneyville$1,400--
Silver Lake$1,400--
Wanskuck$1,200--
West End Providence$1,100-48%
Neighborhood2 Beds Avg RentAnnual Change
College Hill$3,398+36%
Downtown Providence$3,135-12%
Smith Hill$2,999-3%
East Side$2,800+11%
Wayland$2,725-3%
Blackstone$2,500-14%
West End Providence$2,400+7%
Elmhurst$2,250-6%
Elmwood$2,200--
Fox Point$2,000--
Mt. Hope$1,900+6%
Federal Hill$1,875+4%
West Side$1,875+4%
Charles$1,850+16%
Lower South Providence$1,850--
Olneyville$1,800--
Manton$1,550--
Mount Pleasant$1,5000%
Wanskuck$1,400-18%

How Other Cities Compare to Providence, RI

CityStudio Avg RentAnnual Change
Charlestown$4,206-37%
Medford$4,134+1%
Boston$3,382-1%
Cambridge$3,170+9%
Chestnut Hill$3,160-9%
Jamaica Plain$2,900+2%
Brookline$2,633+6%
Allston$2,350+3%
Watertown$2,300+10%
Dorchester$2,288--
Quincy$2,270-5%
Somerville$2,197-23%
Brighton$2,050-32%
Roxbury$1,9000%
Worcester$1,654+3%
City1 Bed Avg RentAnnual Change
Charlestown$4,749-11%
Boston$4,0800%
Cambridge$3,603-7%
Chestnut Hill$3,535+1%
Jamaica Plain$3,3460%
Brighton$3,3220%
Roxbury$3,273-2%
Somerville$3,005-7%
South Boston$2,937+1%
Brookline$2,795+1%
Watertown$2,749+20%
Quincy$2,716-1%
Allston$2,600+4%
Dorchester$2,600--
Norwood$2,243-26%
Worcester$1,8120%
City2 Beds Avg RentAnnual Change
Charlestown$6,695-4%
Boston$5,617+6%
Cambridge$4,902+4%
Allston$4,900+29%
Brighton$4,774+49%
Chestnut Hill$4,577+5%
Dorchester$4,400--
Watertown$4,325+57%
Roxbury$3,666-10%
Brookline$3,6500%
Somerville$3,500-3%
South Boston$3,447-2%
Quincy$3,345+5%
Jamaica Plain$3,000-29%
Norwood$2,799-16%
Worcester$2,179+9%

Providence, RI Rent Trends

Studio1 Bed2 Beds
Jul 2023Aug 2023Sep 2023Oct 2023Nov 2023Dec 2023Jan 2024Feb 2024Mar 2024Apr 2024May 2024Jun 2024Jul 2024
$1437$1550$1550$1550$1475$1600$1600$1550$1700$1550$1725$1437$1437
$2022$2025$2025$1912$1947$2000$1975$2000$2025$2050$2022$2075$2075
$2325$2475$2450$2527$2412$2420$2347$2337$2250$2225$2275$2275$2275
$2875$2500$2777$2950$2902$2600$2450$2600$2925$3060$3125$3275$3275

Neighborhood Information for Providence, RI

What are the most affordable neighborhoods in Providence, RI?

The most affordable neighborhoods in Providence are West End Providence, where the average 1-bedroom apartment rent goes for $1,100, Wanskuck, where renters pay $1,200 on average for a 1-bedroom apartment, and Olneyville, where the average 1-bedroom apartment rent goes for $1,400. If you're looking for other great deals, check out the listings in Silver Lake ($1,400 for a 1-bedroom apartment) or Mt. Hope ($1,600 for a 1-bedroom apartment), compared to the $2,075 average for an Providence 1-bedroom apartment.

What are the most expensive neighborhoods in Providence, RI?

The most expensive neighborhoods in Providence are Downtown Providence, where the average rent for a 1-bedroom apartment is just $3,806. offering similar apartments at an average of College Hill, $2,529, and Elmwood, $2,500. For additional value-for-money options, consider Fox Point ($2,400 for a 1-bedroom apartment) or East Side ($2,000 for a 1-bedroom apartment). These prices represent a significant saving when compared to the Providence average for a 1-bedroom apartment, which stands at $2,075.

What are the most popular neighborhoods in Providence, RI?

The most popular neighborhoods in Providence are Downtown Providence, where the average 1-bedroom apartment rent goes for $3,806, Smith Hill, where renters pay $1,750 on average for a 1-bedroom apartment, and College Hill, where the average 1-bedroom apartment rent goes for $2,529. If you're looking for other popular neighborhoods, check out the listings in Jewelry District ($1,625 for a 1-bedroom apartment) or Federal Hill ($1,650 for a 1-bedroom apartment), compared to the $2,075 average for an Providence 1-bedroom apartment.

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