Most Affordable Neighborhoods in Providence, RI
Some of the cheapest neighborhoods in Providence are South Elmwood, Reservoir, and Charles. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of January 26, 2025, the average rent in Providence is $1,950, which is 2.9% 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.
South Elmwood
Average Rent
$1,300/Month
TransitScore® Rating
38/100
Units Available
1 Rentals
If you’re looking for a great, affordable neighborhood in Providence, South Elmwood might be the perfect place! It has an average rent price of $1,300, while the city’s average stands at $1,950. South Elmwood is near Roger Williams Park Botanical Center, Johnson & Wales, Harborside, and Elmwood Plaza.
Reservoir
Average Rent
$1,458/Month
Year-Over-Year Rent Change
5.6%
TransitScore® Rating
42/100
Units Available
3 Rentals
Reservoir is a top choice for budget-conscious renters for a variety of reasons. The average rent in Reservoir is $1,458 while the city average is $1,950. This is a 5.6% difference from last year. Residents enjoy convenient access to Johnson & Wales Univ Downcity, Rhode Island Tf Green International, and Johnson & Wales, Harborside. The neighborhood is considered somewhat walkable with a WalkScore® of 68.
Charles
Average Rent
$1,600/Month
Year-Over-Year Rent Change
2.1%
TransitScore® Rating
43/100
Units Available
1 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Charles. The average rent is $1,600, compared to the city average of $1,950. Rent prices have increased by 2.1%. Charles is convenient to Brown University, Mattapan Station, and Roger Williams National Memorial. The community is walkable with a WalkScore® of 75.
Mt Hope
Average Rent
$1,754/Month
Year-Over-Year Rent Change
10.1%
TransitScore® Rating
55/100
Units Available
7 Rentals
Mt Hope is an affordable neighborhood in Providence with an average rent price of $1,754. Compare this to the city average of $1,950. In the past year, rent prices have decreased by 10.1%. Mt Hope provides easy access to Woonasquatucket River Greenway - Riverside Park, North Main Center, and Brown University. It’s a walkable neighborhood with a WalkScore® of 82.
Wayland
Average Rent
$1,800/Month
Year-Over-Year Rent Change
0.7%
TransitScore® Rating
44/100
Units Available
1 Rentals
If you’re looking for a great, affordable neighborhood in Providence, Wayland might be the perfect place! It has an average rent price of $1,800, while the city’s average stands at $1,950. In the last year, prices have increased by 0.7%. Wayland is near Johnson & Wales Univ Downcity, Brown University, and Capen Street Station.
Lower South Providence
Average Rent
$1,863/Month
TransitScore® Rating
53/100
Units Available
3 Rentals
Lower South Providence is a top choice for budget-conscious renters for a variety of reasons. The average rent in Lower South Providence is $1,863 while the city average is $1,950. Residents enjoy convenient access to Johnson & Wales, Harborside, 150 Elmwood Avenue, and Rhode Island Tf Green International. The neighborhood is considered walkable with a WalkScore® of 78.
Federal Hill
Average Rent
$1,880/Month
Year-Over-Year Rent Change
0.1%
TransitScore® Rating
67/100
Units Available
7 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.
Wanskuck
Average Rent
$1,883/Month
Year-Over-Year Rent Change
1.2%
TransitScore® Rating
41/100
Units Available
3 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.
West End Providence
Average Rent
$1,987/Month
Year-Over-Year Rent Change
3.1%
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.
Upper South Providence
Average Rent
$2,264/Month
Year-Over-Year Rent Change
4.7%
TransitScore® Rating
65/100
Units Available
19 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Upper South Providence. The average rent is $2,264, compared to the city average of $1,950. Rent prices have increased by 4.7%. Upper South Providence is convenient to Roger Williams Park, 150 Elmwood Avenue, and Rhode Island Tf Green International. The community is walkable with a WalkScore® of 85.
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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.