Best Affordable Neighborhoods in Providence, RI
Some of the cheapest neighborhoods in Providence are Mt Hope, Federal Hill, and West End Providence. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of March 18, 2026, the average rent in Providence is $2,078, which is 2.8% 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
$1,776/Month
Year-Over-Year Rent Change
7.2%
TransitScore® Rating
55/100
Units Available
12 Rentals
Mt Hope is a top choice for budget-conscious renters for a variety of reasons. The average rent in Mt Hope is $1,776 while the city average is $2,078. This is a 7.2% difference from last year. Residents enjoy convenient access to Providence College, Providence Children's Museum, and Rhode Island School of Design. The neighborhood is considered walkable with a WalkScore® of 82.
Federal Hill
Average Rent
$1,898/Month
Year-Over-Year Rent Change
1.4%
TransitScore® Rating
67/100
Units Available
26 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.
West End Providence
Average Rent
$1,991/Month
Year-Over-Year Rent Change
2.2%
TransitScore® Rating
53/100
Units Available
25 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
$1,996/Month
Year-Over-Year Rent Change
10.1%
TransitScore® Rating
47/100
Units Available
21 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.
Valley
Average Rent
$2,134/Month
Year-Over-Year Rent Change
14.6%
TransitScore® Rating
46/100
Units Available
13 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.
Broadway Historic District
Average Rent
$2,230/Month
TransitScore® Rating
62/100
Units Available
59 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Broadway Historic District. The average rent is $2,230, compared to the city average of $2,078. Broadway Historic District is convenient to Roger Williams Park Zoo, Roger Williams National Memorial, and Rhode Island School of Design. The community is walkable with a WalkScore® of 96.
Downcity
Average Rent
$2,353/Month
Year-Over-Year Rent Change
3%
TransitScore® Rating
50/100
Units Available
305 Rentals
Downcity is an affordable neighborhood in Providence with an average rent price of $2,353. Compare this to the city average of $2,078. In the past year, rent prices have increased by 3%. Downcity provides easy access to Rhode Island School of Design, Roger Williams National Memorial, and Eagle Square Commons. It’s a walkable neighborhood with a WalkScore® of 85.
Cathedral Square
Average Rent
$2,468/Month
TransitScore® Rating
75/100
Units Available
31 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 $2,468, while the city’s average stands at $2,078. Cathedral Square is near Rhode Island Tf Green International, Providence Place, and Johnson & Wales Univ Downcity.
Smith Hill
Average Rent
$2,496/Month
TransitScore® Rating
60/100
Units Available
40 Rentals
Smith Hill is a top choice for budget-conscious renters for a variety of reasons. The average rent in Smith Hill is $2,496 while the city average is $2,078. This is a 0% difference from last year. Residents enjoy convenient access to Johnson & Wales Univ Downcity, Ladd Observatory, and Capitol Square. The neighborhood is considered walkable with a WalkScore® of 89.
Fox Point
Average Rent
$2,543/Month
Year-Over-Year Rent Change
2.2%
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.
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.