Cheapest Neighborhoods in Providence, RI
Some of the cheapest neighborhoods in Providence are Elmhurst, Mt Hope, and Fox Point. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of August 2, 2026, the average rent in Providence is $2,117, 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.
Elmhurst
Average Rent
$1,395/Month
Units Available
11 Rentals
Elmhurst offers budget-friendly living with ample green spaces and convenient amenities. Providence College's campus provides a scenic backdrop and cultural events. Nearby, the local shops and eateries on Smith Street ensure easy access to daily necessities.
Mt Hope
Average Rent
$1,742/Month
Year-Over-Year Rent Change
5.4%
Units Available
20 Rentals
Mt Hope is a top choice for budget-conscious renters for a variety of reasons. The average rent in Mt Hope is $1,742 while the city average is $2,117. This is a 5.4% difference from last year. Residents enjoy convenient access to Brown University, Providence College, and Lincoln Woods State Park.
Fox Point
Average Rent
$1,864/Month
Year-Over-Year Rent Change
7.3%
Units Available
39 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.
West End Providence
Average Rent
$1,954/Month
Year-Over-Year Rent Change
3%
Units Available
17 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
$2,021/Month
Year-Over-Year Rent Change
0.7%
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.
East Side
Average Rent
$2,102/Month
Year-Over-Year Rent Change
3.2%
Units Available
100 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out East Side. The average rent is $2,102, compared to the city average of $2,117. Rent prices have increased by 3.2%. East Side is convenient to Johnson & Wales Univ Downcity, Ladd Observatory, and Rhode Island School of Design.
Olneyville
Average Rent
$2,117/Month
Year-Over-Year Rent Change
4.7%
Units Available
13 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.
College Hill
Average Rent
$2,147/Month
Year-Over-Year Rent Change
0.8%
Units Available
44 Rentals
College Hill is an affordable neighborhood in Providence with an average rent price of $2,147. Compare this to the city average of $2,117. In the past year, rent prices have increased by 0.8%. College Hill provides easy access to Rhode Island Tf Green International, Johnson & Wales Univ Downcity, and Roger Williams National Memorial.
Wayland
Average Rent
$2,339/Month
Year-Over-Year Rent Change
2.5%
Units Available
24 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 $2,339, while the city’s average stands at $2,117. In the last year, prices have increased by 2.5%. Wayland is near Roger Williams Park Zoo, Wayland Square, and Ladd Observatory.
Broadway Historic District
Average Rent
$2,379/Month
Units Available
47 Rentals
Broadway Historic District is a top choice for budget-conscious renters for a variety of reasons. The average rent in Broadway Historic District is $2,379 while the city average is $2,117.
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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.