Best Affordable Neighborhoods in Providence, RI
Some of the cheapest neighborhoods in Providence are Mt Hope, West End Providence, and Olneyville. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of February 1, 2026, the average rent in Providence is $2,054, which is 1.9% 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.
Mt Hope
Average Rent
$1,832/Month
Year-Over-Year Rent Change
4%
TransitScore® Rating
55/100
Units Available
13 Rentals
Mt Hope is an affordable neighborhood in Providence with an average rent price of $1,832. Compare this to the city average of $2,054. In the past year, rent prices have increased by 4%. Mt Hope provides easy access to Lincoln Woods State Park, Shaws Plaza, and Ladd Observatory. It’s a walkable neighborhood with a WalkScore® of 82.
West End Providence
Average Rent
$1,891/Month
Year-Over-Year Rent Change
2.2%
TransitScore® Rating
53/100
Units Available
18 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.
Olneyville
Average Rent
$1,925/Month
Year-Over-Year Rent Change
5.4%
TransitScore® Rating
47/100
Units Available
17 Rentals
Olneyville attracts budget-conscious renters with its artistic vibe and local amenities. Riverside Park offers green spaces and a bike path along the Woonasquatucket River. The neighborhood’s local breweries and art spaces create a dynamic atmosphere.
Federal Hill
Average Rent
$1,939/Month
Year-Over-Year Rent Change
0.6%
TransitScore® Rating
67/100
Units Available
19 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.
Broadway Historic District
Average Rent
$2,269/Month
TransitScore® Rating
62/100
Units Available
52 Rentals
If you’re looking for a great, affordable neighborhood in Providence, Broadway Historic District might be the perfect place! It has an average rent price of $2,269, while the city’s average stands at $2,054. Broadway Historic District is near Woonasquatucket River Greenway - Riverside Park, C.C. of Rhode Island, Liston, and 150 Elmwood Avenue.
Downcity
Average Rent
$2,401/Month
Year-Over-Year Rent Change
2.2%
TransitScore® Rating
50/100
Units Available
272 Rentals
Downcity is a top choice for budget-conscious renters for a variety of reasons. The average rent in Downcity is $2,401 while the city average is $2,054. This is a 2.2% difference from last year. Residents enjoy convenient access to Rhode Island School of Design, 680 Douglas Plaza, and Providence Children's Museum. The neighborhood is considered walkable with a WalkScore® of 85.
Fox Point
Average Rent
$2,489/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
54/100
Units Available
21 Rentals
Fox Point provides cost-effective living with a historic flair and scenic waterfront views. India Point Park offers walking paths, picnic areas, and stunning views of Narragansett Bay. Wickenden Street boasts unique shops and eateries, adding to the neighborhood's appeal.
Upper South Providence
Average Rent
$2,531/Month
Year-Over-Year Rent Change
2%
TransitScore® Rating
66/100
Units Available
17 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Upper South Providence. The average rent is $2,531, compared to the city average of $2,054. Rent prices have increased by 2%. Upper South Providence is convenient to Rhode Island Tf Green International, C.C. of Rhode Island, Liston, and Johnson & Wales Univ Downcity. The community is walkable with a WalkScore® of 85.
Smith Hill
Average Rent
$2,576/Month
Year-Over-Year Rent Change
0.9%
TransitScore® Rating
60/100
Units Available
40 Rentals
Smith Hill is an affordable neighborhood in Providence with an average rent price of $2,576. Compare this to the city average of $2,054. In the past year, rent prices have increased by 0.9%. Smith Hill provides easy access to C.C. of Rhode Island, Downcity, Roger Williams National Memorial, and Woonasquatucket River Greenway - Riverside Park. It’s a walkable neighborhood with a WalkScore® of 89.
Cathedral Square
Average Rent
$2,579/Month
TransitScore® Rating
75/100
Units Available
26 Rentals
If you’re looking for a great, affordable neighborhood in Providence, Cathedral Square might be the perfect place! It has an average rent price of $2,579, while the city’s average stands at $2,054. Cathedral Square is near Eagle Square, Providence Children's Museum, and Rhode Island Tf Green International.
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.