Most Affordable Neighborhoods in Providence, RI

Some of the cheapest neighborhoods in Providence are Reservoir, Silver Lake, and South Elmwood. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of April 2, 2025, the average rent in Providence is $2,030, which is 0.1% higher than last year. However, it's important to remember that rental prices can vary significantly based on factors such as location, amenities, and floor plans.

Reservoir

Average Rent

$1,435/Month

Year-Over-Year Rent Change

5.2%

TransitScore® Rating

42/100

Units Available

2 Rentals

Reservoir is a top choice for budget-conscious renters for a variety of reasons. The average rent in Reservoir is $1,435 while the city average is $2,030. This is a 5.2% difference from last year. Residents enjoy convenient access to Johnson & Wales Univ Downcity, Roger Williams Park, and Mashapaug Commons. The neighborhood is considered somewhat walkable with a WalkScore® of 68.

Silver Lake

Average Rent

$1,500/Month

TransitScore® Rating

42/100

Units Available

1 Rentals

Silver Lake stands out for its affordability and recreational opportunities. Neutaconkanut Hill Conservancy offers hiking trails with panoramic views of the city. The neighborhood's proximity to Route 6 ensures convenient commuting options.

South Elmwood

Average Rent

$1,500/Month

TransitScore® Rating

38/100

Units Available

1 Rentals

When you’re looking for a great Providence neighborhood on a budget, check out South Elmwood. The average rent is $1,500, compared to the city average of $2,030. South Elmwood is convenient to Museum of Natural History and Planetarium, Roger Williams Park Zoo, and Roger Williams Park. The community is somewhat walkable with a WalkScore® of 68.

Elmhurst

Average Rent

$1,550/Month

TransitScore® Rating

43/100

Units Available

1 Rentals

Elmhurst offers budget-friendly living with ample green spaces and convenient amenities. Providence College's campus provides a scenic backdrop and cultural events. Nearby, the local shops and eateries on Smith Street ensure easy access to daily necessities.

Hope

Average Rent

$1,600/Month

Year-Over-Year Rent Change

1.1%

TransitScore® Rating

46/100

Units Available

1 Rentals

Hope attracts renters with its affordable housing and tranquil local amenities. Lippitt Memorial Park hosts a popular farmers market and community events. The nearby Hope Street offers a variety of boutiques and cafes, enhancing the area's charm.

Blackstone

Average Rent

$1,638/Month

TransitScore® Rating

41/100

Units Available

4 Rentals

Blackstone combines affordability with scenic beauty along the Seekonk River. Blackstone Boulevard, with its tree-lined walking path, is perfect for leisurely strolls. The nearby Blackstone Park Conservation District provides additional outdoor activities.

Wanskuck

Average Rent

$1,760/Month

Year-Over-Year Rent Change

0.1%

TransitScore® Rating

41/100

Units Available

5 Rentals

Wanskuck offers budget-conscious renters a peaceful environment with local parks. Wanskuck Park features sports facilities, walking paths, and playgrounds. The neighborhood’s easy access to Route 146 makes commuting straightforward.

Mt Hope

Average Rent

$1,874/Month

Year-Over-Year Rent Change

0.6%

TransitScore® Rating

55/100

Units Available

12 Rentals

Mt Hope is an affordable neighborhood in Providence with an average rent price of $1,874. Compare this to the city average of $2,030. In the past year, rent prices have decreased by 0.6%. Mt Hope provides easy access to Rhode Island Tf Green International, Quincy Adams Station, and Mattapan Station. It’s a walkable neighborhood with a WalkScore® of 82.

West End Providence

Average Rent

$1,918/Month

Year-Over-Year Rent Change

2.1%

TransitScore® Rating

53/100

Units Available

16 Rentals

West End Providence offers budget-friendly living with diverse dining and shopping options. Dexter Training Ground provides a spacious park with playgrounds and sports fields. Broad Street features an array of international restaurants and local shops.

Federal Hill

Average Rent

$2,007/Month

Year-Over-Year Rent Change

0.5%

TransitScore® Rating

67/100

Units Available

18 Rentals

Federal Hill provides cost-effective housing in a lively area known for its culinary scene. Atwells Avenue features numerous Italian restaurants, cafes, and specialty shops. DePasquale Square, with its beautiful fountain, serves as a charming gathering spot.

Ready to make your move to Providence? Check out the rent specials, price drops, and great deals on ApartmentFinder.com!

Methodology

Transit Score measures access to public transit. Scores range from 0 (minimal transit) to 100 (rider’s paradise). Learn more about the Transit Score methodology. Rental data is sourced from CoStar Group’s Market Trend reports. As a leading authority in commercial real estate information, analytics, and news, CoStar performs in-depth research to build and sustain an extensive database of commercial real estate insights.

We've combined this data with public records to provide the most current rental information available.