Most Affordable Neighborhoods in Providence, RI
Some of the cheapest neighborhoods in Providence are Federal Hill, West End Providence, and Mt Hope. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of July 29, 2025, the average rent in Providence is $2,082, which is 1.7% 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.
Federal Hill
Average Rent
$1,909/Month
Year-Over-Year Rent Change
2.7%
TransitScore® Rating
67/100
Units Available
22 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
$1,932/Month
Year-Over-Year Rent Change
1.5%
TransitScore® Rating
53/100
Units Available
22 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.
Mt Hope
Average Rent
$2,070/Month
Year-Over-Year Rent Change
2.7%
TransitScore® Rating
55/100
Units Available
12 Rentals
If you’re looking for a great, affordable neighborhood in Providence, Mt Hope might be the perfect place! It has an average rent price of $2,070, while the city’s average stands at $2,082. In the last year, prices have increased by 2.7%. Mt Hope is near Lincoln Woods State Park, Ladd Observatory, and Woonasquatucket River Greenway - Riverside Park.
Valley
Average Rent
$2,092/Month
Year-Over-Year Rent Change
7.4%
TransitScore® Rating
46/100
Units Available
10 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.
Fox Point
Average Rent
$2,158/Month
Year-Over-Year Rent Change
2.5%
TransitScore® Rating
54/100
Units Available
16 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.
College Hill
Average Rent
$2,172/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
67/100
Units Available
30 Rentals
College Hill is a top choice for budget-conscious renters for a variety of reasons. The average rent in College Hill is $2,172 while the city average is $2,082. This is a 1.6% difference from last year. Residents enjoy convenient access to Wayland Square, Ladd Observatory, and Rhode Island Tf Green International. The neighborhood is considered walkable with a WalkScore® of 93.
Broadway Historic District
Average Rent
$2,302/Month
TransitScore® Rating
62/100
Units Available
47 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Broadway Historic District. The average rent is $2,302, compared to the city average of $2,082. Broadway Historic District is convenient to Roger Williams Park Zoo, Ladd Observatory, and 150 Elmwood Avenue. The community is walkable with a WalkScore® of 96.
Downcity
Average Rent
$2,342/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
50/100
Units Available
230 Rentals
Downcity is an affordable neighborhood in Providence with an average rent price of $2,342. Compare this to the city average of $2,082. In the past year, rent prices have increased by 1.6%. Downcity provides easy access to Eagle Square, Rhode Island College, and 680 Douglas Plaza. It’s a walkable neighborhood with a WalkScore® of 85.
Smith Hill
Average Rent
$2,345/Month
Year-Over-Year Rent Change
0.1%
TransitScore® Rating
60/100
Units Available
25 Rentals
If you’re looking for a great, affordable neighborhood in Providence, Smith Hill might be the perfect place! It has an average rent price of $2,345, while the city’s average stands at $2,082. In the last year, prices have decreased by 0.1%. Smith Hill is near Roger Williams Park Zoo, Johnson & Wales Univ Downcity, and Providence College.
Smith Hill Historic District
Average Rent
$2,355/Month
TransitScore® Rating
72/100
Units Available
24 Rentals
Smith Hill Historic District is a top choice for budget-conscious renters for a variety of reasons. The average rent in Smith Hill Historic District is $2,355 while the city average is $2,082. Residents enjoy convenient access to Roger Williams National Memorial, Ladd Observatory, and Rhode Island Tf Green International. The neighborhood is considered walkable with a WalkScore® of 89.
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.