Providence, Rhode Island Rental Market Trends

Disclaimer:

Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Providence, Rhode Island rental market.

Providence, Rhode Island

Average Apartment Rent

$2,579

Y-o-Y Change in Average
Apartment Rent

1.7%

As of November 2024

Compared to a year ago, Providence, Rhode Island apartments have recorded a 1.7% rent increase.

Providence, Rhode Island Average apartment rent trend

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
Providence $2,171 $2,191 $2,318 $2,343 $2,483 $2,489 $2,471 $2,456 $2,528 $2,579
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
Providence
National
Nov 2021
$2,171
$1,596
Mar 2022
$2,191
$1,635
Jul 2022
$2,318
$1,708
Nov 2022
$2,343
$1,726
Mar 2023
$2,483
$1,714
Jul 2023
$2,489
$1,739
Nov 2023
$2,471
$1,733
Mar 2024
$2,456
$1,727
Jul 2024
$2,528
$1,752
Nov 2024
$2,579
$1,748

Providence, Rhode Island Average Apartment Rent

Providence, Rhode Island Apartment rent ranges

Under $500
$501 - $700
$701 - $1000
$1,001 - $1,500
$1,501 - $2,000
Over $2,000

At 72.56%, apartments priced Over $2,000 represent the bulk of Providence, Rhode Island rentals, while condos priced $700 - $1000 hold the lowest share of the market – 0.3%.

Providence, Rhode Island Housing tenure**

Renter occupied housing units 41,507
Owner occupied housing units 27,603

Renters take up 60% of Providence, Rhode Island real estate, occupying a total of 41,507 units, while homeowners live in 27,603 properties.

Median number of rooms of renter-occupied housing units**

4.2

Renter median household income**

$42,933

Average household size of renter-occupied housing units**

2.36

Rental vacancy rate**

6.2%

Providence, Rhode Island Renter-occupied housing units by no. of bedrooms**

No bedrooms 3,180
1 bed 10,755
2 beds 16,558
3 beds 9,229
4 beds 1,371
5 or more beds 414

There are 16,558 rentals in Providence, Rhode Island with 2 beds making up the highest share of the market, at 40%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 414 units. Overall, the median number of rooms in Providence, Rhode Island homes for rent is 4.2.

Providence, Rhode Island Renter-occupied units by age of householder**

15 - 24 years 3,039
25 - 34 years 12,113
35 - 44 years 7,532
45 - 54 years 6,069
55 - 59 years 3,302
60 - 64 years 2,581
65 - 74 years 3,540
75 - 84 years 2,423
85 years and over 908

Most condos for rent in Providence, Rhode Island are occupied by residents in the 25 - 34 years age group (29%), followed by those in the 35 - 44 years age group (18%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.

Providence, Rhode Island Renter-occupied housing units by family type**

Family households 18,567
Non-Family Households 22,940

Providence, Rhode Island Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 11,356
No related children of the householder under 18 30,151

A total of 18,567 apartments for rent in Providence, Rhode Island, or 45% of all rentals are family households. Additionally, 27% of rental homes include children under the age of 18 – that’s 11,356 units. All in all, the median size of a renter-occupied household in Providence, Rhode Island is 2.36.

Providence, Rhode Island Renter-occupied housing units by educational attainment**

Less than high school graduate 7,597
High school graduate (including equivalency) 12,325
Some college or associate's degree 7,736
Bachelor's degree or higher 13,849

In terms of education, renters holding bachelor degrees or higher make up 33% of the rental market. In contrast, residents with less than a high school degree reside in 18% of the homes for rent in Providence, Rhode Island.

Providence, Rhode Island Renter-occupied units by year structure built**

Built 2010 - 2019 753
Built 2000 - 2009 1,450
Built 1990 - 1999 2,257
Built 1980 - 1989 3,180
Built 1970 - 1979 4,790
Built 1960 - 1969 2,628
Built 1950 - 1959 2,600
Built 1940 - 1949 2,556
Built 1939 or earlier 21,142

The highest share of Providence, Rhode Island apartment rentals, namely 51% or 21,142 units, were Built 1939 or earlier, followed by those Built 1970 - 1979 (12%, 4,790 units), and the ones Built 1980 - 1989 (8%, 3,180 units).

Providence, Rhode Island Renter-occupied units by year householder moved in**

Moved in 2021 or later 2,629
Moved in 2018 to 2020 13,525
Moved in 2010 to 2017 19,408
Moved in 2000 to 2009 4,116
Moved in 1990 to 1999 1,426
Moved in 1989 or earlier 403

Median year renter moved into unit 2016

Most Providence, Rhode Island renters (47%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Providence, Rhode Island condos for rent is 2016.

Providence, Rhode Island Renter-occupied housing units by vehicles available**

No vehicle available 10,287
1 vehicle available 20,944
2 vehicles available 8,417
3 or more vehicles available 1,859

When it comes to transportation options, 50% of Providence, Rhode Island renters have 1 vehicle available per household, 25% of them have No vehicle available, and 20% have 2 vehicles available.

Providence, Rhode Island Means of transportation to work of householders living in renter-occupied housing units**

Car, truck, or van - drove alone 27,663
Car, truck, or van - carpooled 4,343
Public transportation (excluding taxicab) 2,284
Walked 3,287
Taxicab, motorcycle, bicycle, or other means 1,564
Worked at home 4,499

Providence, Rhode Island Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 79,283
Moved within same county 9,820
Moved from different county within same state 936
Moved from different state 4,613
Moved from abroad 1,592

Providence, Rhode Island Average apartment rent by zip codes


The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Providence, Rhode Island apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.

*Average single-family rent calculated from point2homes.com data.

**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates

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