Best Affordable Neighborhoods in Providence, RI
Some of the cheapest neighborhoods in Providence are Mt Hope, Federal Hill, and Olneyville. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of December 18, 2025, the average rent in Providence is $2,067, which is 6.1% 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
$1,769/Month
Year-Over-Year Rent Change
9.2%
TransitScore® Rating
55/100
Units Available
14 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Mt Hope. The average rent is $1,769, compared to the city average of $2,067. Rent prices have increased by 9.2%. Mt Hope is convenient to Rhode Island Tf Green International, Lincoln Woods State Park, and Brown University. The community is walkable with a WalkScore® of 82.
Federal Hill
Average Rent
$1,978/Month
Year-Over-Year Rent Change
0.8%
TransitScore® Rating
67/100
Units Available
21 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.
Olneyville
Average Rent
$2,069/Month
Year-Over-Year Rent Change
9.4%
TransitScore® Rating
47/100
Units Available
15 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
$2,148/Month
Year-Over-Year Rent Change
2.1%
TransitScore® Rating
53/100
Units Available
15 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.
Fox Point
Average Rent
$2,178/Month
Year-Over-Year Rent Change
2.6%
TransitScore® Rating
54/100
Units Available
19 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.
Broadway Historic District
Average Rent
$2,304/Month
TransitScore® Rating
62/100
Units Available
50 Rentals
Broadway Historic District is an affordable neighborhood in Providence with an average rent price of $2,304. Compare this to the city average of $2,067. Broadway Historic District provides easy access to Ladd Observatory, Eagle Square, and Rhode Island Tf Green International. It’s a walkable neighborhood with a WalkScore® of 96.
Downcity
Average Rent
$2,342/Month
Year-Over-Year Rent Change
0.3%
TransitScore® Rating
50/100
Units Available
261 Rentals
If you’re looking for a great, affordable neighborhood in Providence, Downcity might be the perfect place! It has an average rent price of $2,342, while the city’s average stands at $2,067. In the last year, prices have increased by 0.3%. Downcity is near Rhode Island College, Eagle Square, and Ladd Observatory.
Smith Hill
Average Rent
$2,421/Month
Year-Over-Year Rent Change
3.5%
TransitScore® Rating
60/100
Units Available
37 Rentals
Smith Hill is a top choice for budget-conscious renters for a variety of reasons. The average rent in Smith Hill is $2,421 while the city average is $2,067. This is a 3.5% difference from last year. Residents enjoy convenient access to Providence College, Providence Place, and Roger Williams National Memorial. The neighborhood is considered walkable with a WalkScore® of 89.
East Side
Average Rent
$2,432/Month
Year-Over-Year Rent Change
5.6%
TransitScore® Rating
54/100
Units Available
120 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out East Side. The average rent is $2,432, compared to the city average of $2,067. Rent prices have increased by 5.6%. East Side is convenient to Rhode Island School of Design, Johnson & Wales Univ Downcity, and University Market Place. The community is walkable with a WalkScore® of 89.
College Hill
Average Rent
$2,436/Month
Year-Over-Year Rent Change
1.7%
TransitScore® Rating
67/100
Units Available
36 Rentals
College Hill is an affordable neighborhood in Providence with an average rent price of $2,436. Compare this to the city average of $2,067. In the past year, rent prices have increased by 1.7%. College Hill provides easy access to Roger Williams Park Zoo, Rhode Island Tf Green International, and C.C. of Rhode Island, Downcity. It’s a walkable neighborhood with a WalkScore® of 93.
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.