Perched on the banks of the Providence River is Providence, Rhode Island. As the state capital, Providence is home to the visually striking Statehouse and numerous renowned universities, art centers, cultural hot spots, and outdoor recreation areas. With so much to offer new and longtime residents alike, the area is such a popular place to call home. It’s the third-largest city in New England, with a population of about 180,000 residents. The entire metropolitan area, which includes Massachusetts cities Fall River and Warwick, has about 1.6 million people.
Despite the Creative Capital’s popularity, the cost of living here remains relatively affordable. The Providence cost of living index is 105.1, slightly higher than the national average of 100. That said, residing in the state capital doesn’t have to break your budget, as there are plenty of budget-friendly places to live. Let’s look at average rental prices and identify where to find the cheapest apartments in Providence.
How expensive is an apartment in Providence?
According to our in-house Providence rent research, the monthly rent rates of about 75% of apartments in the city are between $500 and $2,500. The rest of the options in the city are more expensive. Roughly 20% rent for $2,500 to $4,500 per month, while approximately 5% cost more than $4,500 per month.
Considering these relatively low rental rates, it may come as no surprise that Providence is one of the more affordable cities in the region. The statewide cost of living index is 110.6, about five points higher than Providence’s average. For comparison, in Boston — New England’s largest city — the cost of living index is 162.4.
The cost of living indices in Providence include a lot of data points, which can be better understood when explored more closely:
- The cost of housing index in Providence is 91, while it’s 123.4 across Rhode Island and 260.6 in Boston.
- The cost of utility index is almost equal in Providence and across Rhode Island: 115.5 and 115.9, respectively. It’s only slightly higher in Boston, at 116.8.
- The cost of transportation index is a bit higher in Providence, 111.4, compared to the statewide transportation index of 106.1. It’s 131.8 in Boston.
Although you might expect rental rates in Providence to increase over time, the cost of living here has surprisingly decreased in recent years. The exact rental rate depends on the size of the unit, but most median rents in Providence have decreased by about 5%. So, if you’ve been pondering whether moving to Providence makes sense given your budget, this could be one of the most affordable times to relocate here.
How do I find cheap apartments in Providence?
It isn’t hard to find a reasonably priced place to live in Providence — as long as you know what to look for. In many cases, the size of the apartment is the biggest factor that determines the overall price. If you don’t need tons of space, a smaller apartment could help you save on rent every month. Here are the average prices by apartment size:
- Studios cost just $1,305 per month
- One-bedroom units are priced at $1,450 per month
- Two-bedroom apartments cost about $1,700 per month
- Three-bedroom units cost $1,950 per month
- Four-bedroom homes go for $2,600 per month
Of course, size is far from the only thing that affects rental rates. If you want to keep your costs low, avoid searching for apartments in the most expensive parts of town. Upscale areas like College Hill, Fox Point, and Wayland tend to have some of the priciest housing stock in town.
Downtown Providence can also be pricey, but rent typically decreases the farther from the center of town you get. On average, apartments in the Providence–Warwick metro area are $35 cheaper per month than they are within the city limits.
You can also cut costs by looking for apartments with minimal amenities. Many newer and larger apartment complexes have facilities for residents to use, such as gyms, swimming pools, or community spaces. The cost of these extras is built into the monthly rent, making these houses more expensive. That means you can save by searching for complexes without these facilities or by searching for single-family homes.
Renting an apartment with a housemate can also reduce your rent. You could save hundreds of dollars every month by sharing a two- or three-bedroom unit with roommates rather than renting a studio apartment alone. If you share your living space, you can also split utilities and other housing-related costs to lower your monthly expenses.
What is the cheapest rent in Providence?
Providence rental rates and cost of living are cheaper compared to many cities of similar stature. As you hunt for apartments, however, you’re likely to find a wide range of rental rates, with some nearly twice the price for similarly sized spaces. For the cheapest rent in Providence, check out these neighborhoods:
- Wayland and Olneyville, where studio apartments cost an average of $1,150 per month.
- South Elmwood and Charles, where one-bedroom apartments can cost as little as $775 per month.
- Manton and Silver Lake, where two-bedroom units are priced under $1,000 per month.
- Washington Park and Mount Pleasant, where three-bedroom apartments cost about $1,500 per month.
- Lower South Providence and West End Providence, where four-bedroom units can cost less than $1,750 per month.
Now that you know the cost of living in Providence, Rhode Island, and where to find the cheapest places to live, budgeting for your move is much easier. Begin your Providence apartment search today, and find a great new spot to call home.
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