Most Affordable Neighborhoods in Providence, RI
Some of the cheapest neighborhoods in Providence are Hartford, Hope, and Silver Lake. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of April 24, 2025, the average rent in Providence is $2,041, which is 0.2% 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.
Hartford
Average Rent
$1,200/Month
Year-Over-Year Rent Change
3%
TransitScore® Rating
39/100
Units Available
1 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Hartford. The average rent is $1,200, compared to the city average of $2,041. Rent prices have increased by 3%. Hartford is convenient to Manton Plaza, Woonasquatucket River Greenway - Riverside Park, and Rhode Island College. The community is walkable with a WalkScore® of 79.
Hope
Average Rent
$1,450/Month
Year-Over-Year Rent Change
0.6%
TransitScore® Rating
46/100
Units Available
2 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.
Silver Lake
Average Rent
$1,500/Month
TransitScore® Rating
42/100
Units Available
2 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.
Elmhurst
Average Rent
$1,567/Month
TransitScore® Rating
43/100
Units Available
3 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.
Reservoir
Average Rent
$1,567/Month
Year-Over-Year Rent Change
3.1%
TransitScore® Rating
42/100
Units Available
3 Rentals
Reservoir is an affordable neighborhood in Providence with an average rent price of $1,567. Compare this to the city average of $2,041. In the past year, rent prices have increased by 3.1%. Reservoir provides easy access to C.C. of Rhode Island, Downcity, Johnson & Wales Univ Downcity, and C.C. of Rhode Island, Liston. It’s a somewhat walkable neighborhood with a WalkScore® of 68.
Charles
Average Rent
$1,750/Month
Year-Over-Year Rent Change
1.2%
TransitScore® Rating
43/100
Units Available
1 Rentals
If you’re looking for a great, affordable neighborhood in Providence, Charles might be the perfect place! It has an average rent price of $1,750, while the city’s average stands at $2,041. In the last year, prices have increased by 1.2%. Charles is near Ladd Observatory, Braintree Station, and 680 Douglas Plaza.
Mt Hope
Average Rent
$1,851/Month
Year-Over-Year Rent Change
7.8%
TransitScore® Rating
55/100
Units Available
10 Rentals
Mt Hope is a top choice for budget-conscious renters for a variety of reasons. The average rent in Mt Hope is $1,851 while the city average is $2,041. This is a -7.8% difference from last year. Residents enjoy convenient access to Rhode Island Tf Green International, Capen Street Station, and C.C. of Rhode Island, Downcity. The neighborhood is considered walkable 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
14 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.
Valley
Average Rent
$1,925/Month
Year-Over-Year Rent Change
0.3%
TransitScore® Rating
46/100
Units Available
4 Rentals
Valley offers affordable housing with convenient access to local attractions and amenities. The Steel Yard, an industrial arts center, provides creative workshops and public art installations. Nearby, the Woonasquatucket River Greenway offers picturesque trails for biking and walking.
Blackstone
Average Rent
$1,933/Month
TransitScore® Rating
41/100
Units Available
6 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.
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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.