Rents are 4% below what Providence's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $2,190 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 →
12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in Providence usually run 0.9% below trend in December and 0.5% above it in May, about $31 a month apart at today's median. Based on 11 years of data.
Rent in Providence is at its highest level since Zillow's records here began in January 2015.
Rent in Providence changed +5.4% over the year to September 2026. Across the 19 Rhode Island cities Zillow tracks, the typical change was +4.9%.
From 2019 to 2024, rent in Providence rose 43.9% while median household income rose 49.4% ($45,610 to $68,119). Income kept ahead of rent.
Rent in Providence is 51.8% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 4 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($68,119) is $1,703 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,440); a 2-bedroom is $1,757.
The priciest of 7 ZIP codes in Providence, 02906 ($2,606/mo), costs 43% more than the cheapest, 02907 ($1,827/mo).
North Providence, 3 miles away, rents for 17% less ($1,826/mo), about $4,400 a year in savings.
From Zillow's monthly rent index (ZORI) for Providence. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Providence, RI has changed in 5 years
Five years ago, renters in Providence, RI paid around $1,552 a month. That figure now sits near $2,190, up 41.1% 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.
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At $2,190/mo, how Providence rent compares to typical pay (30% rule).
Providence rent by bedroom count
Median rent for each apartment size in Providence. Click any size for full breakdown.
Tips for renters in Providence
Last updated: October 17, 2026
The median rent in Providence is $2,190/mo as of October 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 39% of local median household income ($68,119/yr), Providence ranks as moderate compared to the national benchmark of 30%. Rents have increased 5.4% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Providence?
At $2,190/mo, rent takes ~39% of Providence's median household income ($68,119/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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