Best Affordable Neighborhoods in Providence, RI
Some of the cheapest neighborhoods in Providence are Mt Hope, Fox Point, and Federal Hill. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of May 2, 2026, the average rent in Providence is $2,094, which is 2% 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
$1,826/Month
Year-Over-Year Rent Change
4.4%
Units Available
16 Rentals
Mt Hope is an affordable neighborhood in Providence with an average rent price of $1,826. Compare this to the city average of $2,094. In the past year, rent prices have increased by 4.4%. Mt Hope provides easy access to C.C. of Rhode Island, Downcity, Woonasquatucket River Greenway - Riverside Park, and Shaws Plaza.
Fox Point
Average Rent
$1,990/Month
Year-Over-Year Rent Change
2.7%
Units Available
37 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.
Federal Hill
Average Rent
$2,001/Month
Year-Over-Year Rent Change
0.3%
Units Available
34 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
$2,071/Month
Year-Over-Year Rent Change
2.5%
Units Available
19 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
$2,122/Month
Year-Over-Year Rent Change
10.9%
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.
East Side
Average Rent
$2,406/Month
Year-Over-Year Rent Change
2.8%
Units Available
172 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 $2,406, while the city’s average stands at $2,094. In the last year, prices have increased by 2.8%. East Side is near Roger Williams Park Zoo, Rhode Island School of Design, and University Market Place.
Smith Hill
Average Rent
$2,423/Month
Year-Over-Year Rent Change
3.8%
Units Available
30 Rentals
Smith Hill is a top choice for budget-conscious renters for a variety of reasons. The average rent in Smith Hill is $2,423 while the city average is $2,094. This is a 3.8% difference from last year. Residents enjoy convenient access to Providence Place, Roger Williams Park Zoo, and Johnson & Wales Univ Downcity.
Downcity
Average Rent
$2,439/Month
Year-Over-Year Rent Change
0.9%
Units Available
305 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Downcity. The average rent is $2,439, compared to the city average of $2,094. Rent prices have increased by 0.9%. Downcity is convenient to Rhode Island College, Rhode Island School of Design, and Roger Williams Park Zoo.
College Hill
Average Rent
$2,525/Month
Year-Over-Year Rent Change
2.5%
Units Available
46 Rentals
College Hill is an affordable neighborhood in Providence with an average rent price of $2,525. Compare this to the city average of $2,094. In the past year, rent prices have increased by 2.5%. College Hill provides easy access to Providence Place, Ladd Observatory, and C.C. of Rhode Island, Downcity.
Upper South Providence
Average Rent
$2,743/Month
Year-Over-Year Rent Change
0.8%
Units Available
36 Rentals
If you’re looking for a great, affordable neighborhood in Providence, Upper South Providence might be the perfect place! It has an average rent price of $2,743, while the city’s average stands at $2,094. In the last year, prices have decreased by 0.8%. Upper South Providence is near Providence Place, Johnson & Wales Univ Downcity, and Mashapaug Commons.
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.