Huntington Exchange Providence
101 Cedar St,
Providence, RI 02903
2-3 Beds | $1,875 - 3,200
Rental Market Trends in Providence, RI
What is the average rent in Providence, RI?
$1,972/month
Average Rent
712 Sq Ft
Average Apartment Size
+0.8%
Increase in the Last Year
As of November 2024, the average rent in Providence, RI is $1,972 per month. This is 26% higher than the national average rent price of $1,559/month, making Providence one of the most expensive cities in the US. When you rent an apartment in Providence, you can expect to pay about $1,724 per month for a studio, $1,972 for a one-bedroom apartment, and around $2,568 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,722 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Providence, RI?
In the past year, rent has increased by 0.8%, which averages out to $16 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated November 2024
Legend
2023
2024
Rent Ranges in Providence, RI
Last Updated November 2024
Above $2,000
Most rental prices fall within this range
Percentage*
Rent Range
1%
Below $700/month
6%
$700 - $1,000/month
18%
$1,001 - $1,500/month
28%
$1,501 - $2,000/month
47%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Providence?
Based on current rent prices, Mount Pleasant, Elmhurst and Blackstone are the most affordable neighborhoods in Providence.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Providence?
Based on current rent prices, College Hill, Downtown Providence and East Side are the most expensive neighborhoods in Providence.
Neighborhood
Average Rent
Average Sq Ft
Which Providence neighborhoods have the most rentals available?
The neighborhoods in Providence with the most apartments available are Downcity, Downtown Providence and East Side .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Providence, RI?
Because the average rent in Providence is $1,972, you’ll want to make about $6,573 per month or $78,876 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Providence, RI compare to other nearby cities and neighborhoods?
Use the tool below to compare Providence, RI to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
-
$1,344/month
One Bedroom
$924/month
$1,880/month
Two Bedroom
-
$2,199/month
Three Bedroom
-
$3,900/month
Nearby City Rent Trends
Apartment communities in Providence we think you'll love
Property Management Companies in Providence, RI
Picerne Real Estate Group
-
47
Communities
-
13,813
Units
-
21
Cities
5 Communities in Providence
Brady Sullivan Properties
-
28
Communities
-
3,889
Units
-
18
Cities
4 Communities in Providence
Diversified Funding, Inc.
-
14
Communities
-
1,333
Units
-
13
Cities
3 Communities in Providence
Bozzuto
-
349
Communities
-
107,024
Units
-
151
Cities
2 Communities in Providence
A.R. Building Company
-
54
Communities
-
9,237
Units
-
43
Cities
2 Communities in Providence
John M Corcoran & Co
-
48
Communities
-
9,736
Units
-
34
Cities
2 Communities in Providence
Forest Properties
-
26
Communities
-
4,751
Units
-
22
Cities
2 Communities in Providence
Navarino Property Group
-
21
Communities
-
2,160
Units
-
17
Cities
2 Communities in Providence
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.