Providence, RI Rental Market
Providence is home to Brown University and the Rhode Island School of Design (RISD) — two globally recognized institutions that together anchor one of the most vibrant arts, creative, and academic communities in New England. The Lifespan health system, including Rhode Island Hospital and Miriam Hospital, is the state's largest private employer and provides a major source of professional-income tenant demand. Providence's Amtrak Acela connection to Boston (under an hour) and New York makes it an increasingly attractive lower-cost alternative to both cities for remote and hybrid workers.
Get a rent estimate for an address in ProvidenceAverage Rent in Providence, RI
$1,550
per month · 2026-06
Market Score
Key Facts — Providence, RI Rental Market
- Average rent in Providence, RI:$1,550/mo
- Median rent:$1,426/mo
- Rent range:$775 – $3,400/mo
- Most common rental (2 bedrooms):$1,375/mo
- Active listings:920
- Avg days to lease:28 days
- Year-over-year change:+3.8%
- Median home value:$320,000
- Est. gross annual yield:5.8%
- Data as of:2026-06
Rent by Bedroom in Providence, RI
Average monthly rent for each bedroom type based on current active listings in Providence.
| Bedroom Type | Avg Rent/mo |
|---|---|
1 Bedroom | $1,125/mo |
2 Bedrooms | $1,375/mo |
3 Bedrooms | $1,725/mo |
4 Bedrooms | $2,150/mo |
5 Bedrooms | $2,450/mo |
Providence Rental Market Statistics
Key indicators from the current Providence, RI rental market.
920
Available now in Providence
28
From list to lease
$1.22
Average across listings
1,275 sq ft
Typical rental size
$775 – $3,400
Min to max active listings
+3.8%
Avg rent vs. prior year
Investing in Providence, RI Rental Properties
Estimated returns based on current market rents and median home values. Perform full due diligence before investing.
Median Home Value
$320,000
Typical purchase price in Providence
Est. Gross Annual Yield
5.8%
Before expenses & vacancy
Avg Monthly Income
$1,550
At average market rent
Gross yield = (avg rent × 12) ÷ median home value. Does not include expenses, financing, vacancies, or management fees. Analyze a specific property in Providence for a full cash-flow breakdown including all costs.
Providence, RI Rental Market FAQ
Common questions about renting and investing in Providence, RI.
What is the average rent in Providence, RI?
The average rent in Providence, RI is $1,550 per month as of 2026. One-bedroom apartments average $1,125/mo, two-bedrooms average $1,375/mo, and three-bedroom homes average $1,725/mo. College Hill near Brown and RISD commands the highest rents, while the Wayland Square, Federal Hill (Providence's "Little Italy"), and the Jewelry District near Brown's medical campus attract professional tenants at moderate price points.
Is Providence, RI a good place to invest in rental property?
Providence offers a 5.8% estimated gross annual yield with 3.8% year-over-year rent growth. Brown University, RISD, and the Lifespan healthcare system create a layered, institutional-grade tenant base. Providence's Acela connection to Boston and NYC is attracting an increasing number of remote workers priced out of those markets, supporting rent growth momentum. Median home values near $320,000 provide significantly better entry points than comparable Boston or Cambridge neighborhoods.
How competitive is the Providence, RI rental market?
Providence has approximately 920 active listings and averages 28 days on market — one of the more competitive markets in southern New England. College Hill and the East Side neighborhoods near Brown/RISD see intense August demand driven by the academic lease cycle. The Jewelry District and Downcity area attract young professionals and creative industry tenants year-round. Federal Hill is emerging as a premium neighborhood for food-and-culture-oriented renters willing to pay a slight premium for walkability.
Explore Nearby Markets
Ready to Analyze a Property in Providence?
Get an instant rent estimate, cash-flow projection, and comparable rentals for any address in Providence, RI.
Analyze Now — It's Free