Providence, Rhode Island Rental Market Trends
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
Providence, Rhode Island Average Apartment Rent
Providence, Rhode Island Apartment rent ranges
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**
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**
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**
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**
Providence, Rhode Island Renter-occupied housing units by the presence of own children**
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**
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**
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**
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**
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**
Providence, Rhode Island Geographical mobility in the past year for householders living in renter-occupied housing units**
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