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City Report · RI

Providence

Pop. 191,767·11th most expensive in Rhode Island·Providence rents are up 8.4% over the past year
Median rent (all units)
$2,281/mo
Year-over-Year
+8.4%
Month-over-Month
-0.5%
vs US Median
+$319
Falling (Monthly)
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Most AffordableMost Expensive
Providence · $2,281
More expensive than 72% of US cities · National median $1,962/mo
Rent Reality Score
54/100
Fairly priced
OverheatedFairGreat value

Rents are 2% below what Providence's 10-year trend predicts — a better deal than its own history suggests.

Actual rent
$2,281/mo
Expected by trend
$2,328/mo
The Rent Reality Score compares today's median rent to where Providence's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,341
1 BR
$1,440
2 BR
$1,757
3 BR
$2,119
4 BR+
$2,584
Fair Market Rent (HUD)
$1,757/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $2,281 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$27,372/yr
At $2,281/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 8.4% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+8.4% YoY, -0.5% MoM), not inventory.
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Demographics

Who lives here

Providence, RI is majority renter-occupied, skews toward younger working-age adults, 34.6% of residents hold a bachelor's degree or higher.

Population
191,767
Median income
$68,119
Median age
32.8
Renters
58.6%
Age distribution
20.1%
34%
24.5%
Under 1820.1%
18–3434%
35–5424.5%
55–649.9%
65+11.6%
Gender
49.1%
50.9%
Male49.1%
Female50.9%
Race & ethnicity
37.4%
45.3%
White37.4%
Black11.5%
Hispanic45.3%
Asian6.2%
Education (25+)
17.9%
27.8%
19.6%
34.6%
No HS diploma17.9%
HS diploma27.8%
Some college19.6%
Bachelor's+34.6%
Housing tenure
41.4%
58.6%
Owner41.4%
Renter58.6%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Providence, RI has changed in 5 years

Rent
$1,591 → $2,281
up 43.4%
Income
$55,787 → $68,119
up 22.1%
Population
188,812 → 191,767
up 1.6%
Renter share
59.9% → 58.6%
-1.3 pts
Bachelor's+
33.3% → 34.6%
+1.3 pts
Median age
32.1 → 32.8
+0.7 yrs

Five years ago, renters in Providence, RI paid around $1,591 a month. That figure now sits near $2,281, up 43.4% from the 2021 baseline. Median household income climbed from $55,787 to $68,119 between 2021 and 2024, a 22.1% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Providence, RI adding about 2,955 residents over the five-year window, up 1.6% on net. Taken together, the five-year picture in Providence, RI reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

Community

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View Providence rent history (2015–2026) →
Salary vs rent

Can you afford rent in Providence on your salary?

At $2,281/mo, how Providence rent compares to typical pay (30% rule).

By apartment size

Providence rent by bedroom count

Median rent for each apartment size in Providence. Click any size for full breakdown.

Local insights

Tips for renters in Providence

About renting in Providence, RI

Last updated: August 17, 2026

The median rent in Providence is $2,281/mo as of August 2026. A studio apartment averages $1,341/mo while a 2-bedroom runs $1,757/mo. One-bedroom apartments average $1,440/mo and 3-bedroom units go for $2,119/mo.

At 40% of local median household income ($68,119/yr), Providence ranks as moderate compared to the national benchmark of 30%. Rents have increased 8.4% over the past year.

FAQ

Frequently asked questions

Is Providence an affordable city for renters?

Providence is considered moderate for renters. At $2,281/mo, rent takes approximately 40% of the local median household income ($68,119/yr). The standard benchmark is 30%. Providence slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Providence?

To keep rent at or below 30% of gross income, you would need to earn at least $91,000/year (~$44/hour full-time) to afford the median rent of $2,281/mo in Providence. The local median household income is $68,119/yr, meaning the typical Providence household falls short of that threshold.

Is rent going up or down in Providence?

Rent in Providence has increased 8.4% over the past year as of August 2026, putting upward pressure on renter budgets.

Which Providence neighborhoods have the lowest rent?

The most affordable ZIP codes in Providence are 02907 ($1,847/mo), 02904 ($1,911/mo), and 02909 ($1,979/mo). Citywide, the median rent in Providence is $2,281/mo.

How does Providence rent compare to other cities in Rhode Island?

Providence is middle-of-the-pack for Rhode Island for rent, ranking #11 out of 24 tracked cities at $2,281/mo.

Which nearby cities are cheaper to rent in than Providence?

Several nearby cities have lower median rents than Providence ($2,281/mo): Central Falls ($1,694/mo), North Providence ($1,896/mo), Pawtucket ($1,912/mo).

What percentage of Providence residents rent vs. own?

According to Census data, approximately 58.6% of Providence households are renters, while 41.4% are owner-occupied. With a majority renter population, Providence has a strong rental market.

How does Providence rent compare to the national average?

Providence's median rent of $2,281/mo is $319 (16%) above the US national median of $1,962/mo. Within Rhode Island, it ranks #11 out of 24 tracked cities.
Income Affordability
40%
MODERATE

At $2,281/mo, rent takes ~40% of Providence's median household income ($68,119/yr). The standard benchmark is 30%.

Providence 40%Benchmark 30%
State income tax3.75–5.99%
Run the Providence affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Providence, RI

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