Most Affordable Neighborhoods in Providence, RI

Some of the cheapest neighborhoods in Providence are Reservoir, Elmhurst, and Charles. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of March 21, 2025, the average rent in Providence is $2,003, which is 1.2% lower 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 an affordable neighborhood in Providence with an average rent price of $1,435. Compare this to the city average of $2,003. In the past year, rent prices have increased by 5.2%. Reservoir provides easy access to Roger Williams Park Zoo, Roger Williams Park, and Mega Plaza. It’s a somewhat walkable neighborhood 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.

Charles

Average Rent

$1,600/Month

Year-Over-Year Rent Change

2.2%

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 $1,600, while the city’s average stands at $2,003. In the last year, prices have increased by 2.2%. Charles is near Rhode Island School of Design, C.C. of Rhode Island, Downcity, and Quincy Adams Station.

Hope

Average Rent

$1,600/Month

Year-Over-Year Rent Change

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

$1,725/Month

TransitScore® Rating

41/100

Units Available

5 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

$1,779/Month

Year-Over-Year Rent Change

6.1%

TransitScore® Rating

55/100

Units Available

7 Rentals

Mt Hope is a top choice for budget-conscious renters for a variety of reasons. The average rent in Mt Hope is $1,779 while the city average is $2,003. This is a -6.1% difference from last year. Residents enjoy convenient access to Capen Street Station, University Market Place, and Braintree Station. The neighborhood is considered walkable with a WalkScore® of 82.

West End Providence

Average Rent

$1,891/Month

Year-Over-Year Rent Change

3.2%

TransitScore® Rating

53/100

Units Available

20 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.

Wayland

Average Rent

$1,908/Month

Year-Over-Year Rent Change

0.6%

TransitScore® Rating

44/100

Units Available

3 Rentals

When you’re looking for a great Providence neighborhood on a budget, check out Wayland. The average rent is $1,908, compared to the city average of $2,003. Rent prices have increased by 0.6%. Wayland is convenient to Rhode Island Tf Green International, Wayland Square, and Brown University. The community is walkable with a WalkScore® of 91.

Federal Hill

Average Rent

$1,988/Month

Year-Over-Year Rent Change

0.5%

TransitScore® Rating

67/100

Units Available

20 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.