Cheapest Neighborhoods in Providence, RI
Some of the cheapest neighborhoods in Providence are Mt Hope, Fox Point, and Olneyville. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of September 16, 2026, the average rent in Providence is $2,131, which is 2.4% 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
$1,806/Month
Year-Over-Year Rent Change
8.8%
Units Available
12 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Mt Hope. The average rent is $1,806, compared to the city average of $2,131. Rent prices have increased by 8.8%. Mt Hope is convenient to Rhode Island Tf Green International, North Main Center, and Ladd Observatory.
Fox Point
Average Rent
$1,837/Month
Year-Over-Year Rent Change
5.3%
Units Available
33 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.
Olneyville
Average Rent
$2,049/Month
Year-Over-Year Rent Change
2%
Units Available
16 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.
West End Providence
Average Rent
$2,056/Month
Year-Over-Year Rent Change
3.3%
Units Available
29 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.
Federal Hill
Average Rent
$2,085/Month
Year-Over-Year Rent Change
0.5%
Units Available
13 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.
College Hill
Average Rent
$2,193/Month
Year-Over-Year Rent Change
1.1%
Units Available
46 Rentals
College Hill is an affordable neighborhood in Providence with an average rent price of $2,193. Compare this to the city average of $2,131. In the past year, rent prices have increased by 1.1%. College Hill provides easy access to Ladd Observatory, Brown University, and Rhode Island School of Design.
East Side
Average Rent
$2,244/Month
Year-Over-Year Rent Change
3.6%
Units Available
159 Rentals
If you’re looking for a great, affordable neighborhood in Providence, East Side might be the perfect place! It has an average rent price of $2,244, while the city’s average stands at $2,131. In the last year, prices have decreased by 3.6%. East Side is near University Market Place, Roger Williams National Memorial, and Johnson & Wales Univ Downcity.
Downcity
Average Rent
$2,341/Month
Year-Over-Year Rent Change
2.9%
Units Available
272 Rentals
Downcity is a top choice for budget-conscious renters for a variety of reasons. The average rent in Downcity is $2,341 while the city average is $2,131. This is a 2.9% difference from last year. Residents enjoy convenient access to 600 Douglas Ave, Rhode Island College, and Providence College.
Downtown Providence
Average Rent
$2,502/Month
Year-Over-Year Rent Change
2.9%
Units Available
137 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Downtown Providence. The average rent is $2,502, compared to the city average of $2,131. Rent prices have increased by 2.9%. Downtown Providence is convenient to Brown University, The Arcade Shops, and Roger Williams Park Zoo.
Upper South Providence
Average Rent
$2,541/Month
Year-Over-Year Rent Change
0.1%
Units Available
23 Rentals
Upper South Providence is an affordable neighborhood in Providence with an average rent price of $2,541. Compare this to the city average of $2,131. In the past year, rent prices have increased by 0.1%. Upper South Providence provides easy access to Johnson & Wales Univ Downcity, Providence Children's Museum, and Roger Williams Park Zoo.
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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.