Regency Plaza
1 Regency Plaza,
Providence, RI 02903
$1,850 - $6,810
Studio - 3 Beds
Rental Market Trends in Providence, RI
What is the average rent in Providence, RI?
$2,121/month
Average Rent
698 Sq Ft
Average Apartment Size
+3.2%
Increase in the Last Year
Providence, RI Rental Market Overview
The average rent in Providence, RI is $2,121 per month. This is 29% higher than the national average rent price of $1,644/month, making Providence one of the most expensive cities in the US.
- Studio apartments in Providence average $1,816 per month.
- One-bedroom apartments in Providence average $2,121 per month.
- Two-bedroom apartments in Providence average $2,629 per month.
- Three-bedroom apartments in Providence average $2,946 or more per month.
Data Updated: June, 2026
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 3.2%, which averages out to $68 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 June 2026
Legend
2025
2026
Rent Ranges in Providence, RI
Last Updated June 2026
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
22%
$1,501 - $2,000/month
53%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Providence?
Based on current rent prices, Fox Point, Mt Hope and Olneyville 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, Blackstone, Downtown Providence and College Hill 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 $2,121, you’ll want to make about $7,070 per month or $84,840 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.
Cost of Living
The cost of living in Providence, RI is 10.6% higher than the national average. Generally, housing in Providence is 15.2% more expensive than the national average, with rent falling between $1,816 - $2,946. You can expect to pay 1.5% more for groceries, 31.0% more for utilities, and 0.7% less for transportation.
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
$1,120/month
-
One Bedroom
$2,172/month
$2,763/month
Two Bedroom
$2,632/month
$1,522/month
Three Bedroom
$2,908/month
-
Nearby City Rent Trends
Apartment communities in Providence we think you'll love
Learn More with Helpful Articles
Rental management, simplified
Our all-in-one suite of property manangement software makes the rental process easy. Screen tenants, manage payments, and more – all on Apartments.com
Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
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.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.