ZIP Code · RI

ZIP 02840

Part of Newport, RI

Pop. 23,448·Newport County·3rd most expensive ZIP in Rhode Island

Median rent (all units)

$3,022/mo

Year-over-Year

+10.2%

Month-over-Month

+1.1%

vs US Median

+$1,090

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 02840 · $3,022

More expensive than 91% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,800

1 BR

$1,810

2 BR

$2,380

3 BR

$3,220

4 BR+

$3,700

Research median

$2,380/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

October. Asking rents in ZIP 02840 usually run 6.1% below trend in October and 6% above it in May, about $366 a month apart at today's median. Based on 11 years of data.

Compared with the peak

Rent in ZIP 02840 is at its highest level since Zillow's records here began in January 2015.

Past year vs. the rest of Rhode Island

Rent in ZIP 02840 changed +10.2% over the year to September 2026. Across the 25 Rhode Island ZIP codes Zillow tracks, the typical change was +4.8%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 02840 rose 69.5% while median household income rose 29.1% ($66,805 to $86,250). Rent outpaced income.

Since before the pandemic

Rent in ZIP 02840 is 97.8% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 3 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($86,250) is $2,156 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,810); a 2-bedroom is $2,380.

From Zillow's monthly rent index (ZORI) for ZIP 02840. 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.

Annual cost

$36,264/yr

At $3,022/mo median

Location

CityNewport

StateRI

CountyNewport County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 10.2% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+10.2% YoY, +1.1% MoM), not inventory.

Demographics

Who lives here

ZIP 02840 (Newport, RI) is roughly split between renters and owners, skews toward younger working-age adults, 57.2% of residents hold a bachelor's degree or higher.

Population

23,448

Median income

$86,250

Median age

40.3

Renters

50.2%

Age distribution

14.2%

30.3%

20.9%

23.5%

Under 1814.2%

18–3430.3%

35–5420.9%

55–6411.1%

65+23.5%

Gender

45.4%

54.6%

Male45.4%

Female54.6%

Race & ethnicity

76%

White76%

Black6.2%

Hispanic10.5%

Asian2.3%

Other5%

Education (25+)

18%

20.8%

57.2%

No HS diploma3.9%

HS diploma18%

Some college20.8%

Bachelor's+57.2%

Housing tenure

49.8%

50.2%

Owner49.8%

Renter50.2%

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

2021 vs 2026

How ZIP 02840 in Newport, RI has changed in 5 years

Rent

$1,894 → $3,022

up 59.6%

Income

$77,042 → $86,250

up 12.0%

Population

23,460 → 23,448

down 0.1%

Renter share

53.7% → 50.2%

-3.5 pts

Bachelor's+

54.5% → 57.2%

+2.7 pts

Median age

37.7 → 40.3

+2.6 yrs

Compared with 2021, rent in ZIP 02840 in Newport, RI has climbed by $1,128 per month, settling near $3,022 after starting the period at $1,894. On the earnings side, the typical household in ZIP 02840 in Newport, RI now reports about $86,250, up from $77,042 in 2021. Rent outpaced income growth by roughly 47.6 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. About 50.2% of households rent today, against 53.7% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 54.5% to 57.2%. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 02840 in Newport, RI reflects that arc in its own way.

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About renting in ZIP 02840

Last updated: October 17, 2026

ZIP code 02840 covers Newport, RI. The median rent here is $3,022/mo as of October 2026. A 1-bedroom rents for a median of $1,810/mo. A 2-bedroom rents for a median of $2,380/mo.

At 42% of local median household income ($86,250/yr), ZIP 02840 ranks as moderate compared to the national benchmark of 30%. Rents have increased 10.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 02840?

To keep rent at or below 30% of gross income, you would need to earn at least $121,000/year (about $58/hour full-time) to afford the median rent of $3,022/mo in ZIP 02840. The local median household income is $86,250/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 02840?

Rent in ZIP 02840 has risen 10.2% over the past year as of September 2026. That is the highest level since Zillow's records here began in January 2015.

When is the cheapest time to rent in ZIP 02840?

Asking rents in ZIP 02840 are usually lowest in October, about 6.1% below their yearly trend, and highest in May, about 6% above it. At today's median that is a gap of roughly $366 a month. This pattern comes from 11 years of Zillow rent data.

Has rent outpaced income in ZIP 02840?

Yes. From 2019 to 2024, rent in ZIP 02840 rose 69.5% while median household income rose 29.1%, from $66,805 to $86,250. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 02840 compare to other ZIPs in Rhode Island?

ZIP 02840 is one of the pricier among Rhode Island ZIP codes for rent, ranking #3 of 32 at $3,022/mo. Over the year to September 2026, rent in ZIP 02840 changed +10.2%, against a typical +4.8% across the 25 Rhode Island ZIP codes Zillow tracks.