Most Affordable Neighborhoods in Providence, RI
Some of the cheapest neighborhoods in Providence are Mt Hope, West End Providence, and Federal Hill. These neighborhoods offer some of the lowest rent prices in Providence, making them ideal for renters on a budget. As of June 14, 2025, the average rent in Providence is $2,092, which is 2.5% 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
$1,722/Month
Year-Over-Year Rent Change
7.5%
TransitScore® Rating
55/100
Units Available
10 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 $1,722, while the city’s average stands at $2,092. In the last year, prices have decreased by 7.5%. Mt Hope is near Roger Williams National Memorial, Woonasquatucket River Greenway - Riverside Park, and Providence College.
West End Providence
Average Rent
$1,956/Month
Year-Over-Year Rent Change
2.2%
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.
Federal Hill
Average Rent
$2,054/Month
Year-Over-Year Rent Change
3%
TransitScore® Rating
67/100
Units Available
15 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.
Fox Point
Average Rent
$2,142/Month
Year-Over-Year Rent Change
2.4%
TransitScore® Rating
54/100
Units Available
12 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
$2,424/Month
TransitScore® Rating
62/100
Units Available
42 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 $2,424 while the city average is $2,092. Residents enjoy convenient access to Manton Plaza, C.C. of Rhode Island, Downcity, and Rhode Island School of Design. The neighborhood is considered walkable with a WalkScore® of 96.
Upper South Providence
Average Rent
$2,451/Month
Year-Over-Year Rent Change
1.1%
TransitScore® Rating
65/100
Units Available
35 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Upper South Providence. The average rent is $2,451, compared to the city average of $2,092. Rent prices have increased by 1.1%. Upper South Providence is convenient to Rhode Island Tf Green International, Roger Williams Park, and Roger Williams Park Zoo. The community is walkable with a WalkScore® of 85.
Downcity District
Average Rent
$2,522/Month
TransitScore® Rating
78/100
Units Available
107 Rentals
Downcity District is an affordable neighborhood in Providence with an average rent price of $2,522. Compare this to the city average of $2,092. Downcity District provides easy access to Rhode Island Tf Green International, Roger Williams National Memorial, and C.C. of Rhode Island, Downcity. It’s a walkable neighborhood with a WalkScore® of 99.
Cathedral Square
Average Rent
$2,619/Month
TransitScore® Rating
75/100
Units Available
28 Rentals
If you’re looking for a great, affordable neighborhood in Providence, Cathedral Square might be the perfect place! It has an average rent price of $2,619, while the city’s average stands at $2,092. Cathedral Square is near Roger Williams National Memorial, Woonasquatucket River Greenway - Riverside Park, and Johnson & Wales Univ Downcity.
Smith Hill
Average Rent
$2,662/Month
Year-Over-Year Rent Change
5.6%
TransitScore® Rating
60/100
Units Available
32 Rentals
Smith Hill is a top choice for budget-conscious renters for a variety of reasons. The average rent in Smith Hill is $2,662 while the city average is $2,092. This is a 5.6% difference from last year. Residents enjoy convenient access to Johnson & Wales Univ Downcity, University Market Place, and Woonasquatucket River Greenway - Riverside Park. The neighborhood is considered walkable with a WalkScore® of 89.
Smith Hill Historic District
Average Rent
$2,673/Month
TransitScore® Rating
72/100
Units Available
30 Rentals
When you’re looking for a great Providence neighborhood on a budget, check out Smith Hill Historic District. The average rent is $2,673, compared to the city average of $2,092. Smith Hill Historic District is convenient to University Market Place, Roger Williams Park Zoo, and C.C. of Rhode Island, Downcity. The community is 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.