Department of Numbers

Providence County Rhode Island Residential Rent and Rental Statistics

The median monthly gross residential rent in Providence County RI was $910 in 2017 according to the Census ACS survey.1 Average gross rent in Providence County was $893 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Providence County median and average rent data will be released in September of 2019.

Data is also available below for Providence County rental vacancy rates, Providence County rent as a percent of median income and the fraction of renters in Providence County.

Show dollars as: Nominal Real

Real Gross Rent in Providence County Rhode Island (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Rhode Island Median Gross Rent $941 -2.28% -1.57%
Providence County RI Median Gross Rent $910 -0.22% -0.76%

Providence County RI Real Gross Rent Trends

Median gross rent for Providence County peaked in real terms in 2006 at $968 and is now $58 (5.99%) lower. From a recent low of 872.0 in 2012, real median gross rent has now increased by $38 (4.36%). Average gross rent for Providence County peaked in real terms in 2006 at $931 and is now $38 (4.08%) lower. From a recent low of 847.0 in 2012, real average gross rent has now increased by $46 (5.43%).

Real Gross Rent: Providence County RI Median, Providence County RI Average, Rhode Island Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Providence County

Date US
Median
Rhode Island
Median
Providence County RI
Median
Providence County RI
Average
2017 $1,012 $941 $910 $893
2016 $996 $963 $912 $896
2015 $987 $965 $930 $895
2014 $956 $956 $917 $885
2013 $924 $938 $900 $863
2012 $912 $906 $872 $847
2011 $912 $917 $879 $872
2010 $927 $941 $904 $872
2009 $931 $984 $940 $910
2008 $947 $976 $942 $903
2007 $899 $946 $922 $876
2006 $909 $1,000 $968 $931

Providence County Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Providence County Rhode Island was 5.31% according to Census ACS data.

Rental Vacancy Rate in Providence County Rhode Island

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Rhode Island 4.87% +0.30% -1.31%
Providence County RI 5.31% -0.07% -1.59%

Trends in Providence County RI Rental Vacancy Rate

The rental vacancy rate in Providence County peaked in 2010 at 10.34%. Since then it has fallen by 5.03% to 5.31%. Data records for this series originated in 2005.

Rental Vacancy Rate: Providence County RI, Rhode Island, US

Rental vacancy rate in Rhode Island

Historical Rental Vacancy Rate data for Providence County

Date US Rhode Island Providence County RI
2017 6.18% 4.87% 5.31%
2016 5.89% 4.57% 5.38%
2015 5.85% 6.43% 6.87%
2014 6.32% 6.18% 6.90%
2013 6.49% 6.98% 8.21%
2012 6.77% 5.52% 6.88%
2011 7.40% 5.80% 6.23%
2010 8.17% 9.47% 10.34%
2009 8.43% 6.80% 7.24%
2008 7.86% 7.42% 7.81%
2007 7.87% 7.77% 8.41%
2006 7.70% 7.25% 8.54%

Rent as a Fraction of Income

Using median household income data for Providence County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Providence County, median monthly gross rent as a fraction of median household income was 19.27% in 2017 according to the ACS.

Providence County Rhode Island Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Rhode Island 17.68% -1.09% -2.74%
Providence County RI 19.27% -1.31% -3.38%

Trends in Providence County RI Rent as a Fraction of Income

The fraction of median Providence County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 22.64%. Since then it has fallen by 3.38% to 19.27%.

Fraction of Income towards Rent: Providence County RI, Rhode Island, US

Percent of median household income going towards median monthly gross rent in Providence County Rhode Island

Historical Data for Annual Rent as a Fraction of Income in Providence County Rhode Island

Date US Rhode Island Providence County RI
2017 20.13% 17.68% 19.27%
2016 20.43% 18.77% 20.58%
2015 20.63% 19.38% 21.45%
2014 20.89% 20.42% 22.64%
2013 20.78% 19.71% 21.95%
2012 20.65% 19.31% 21.08%
2011 20.70% 19.58% 21.48%
2010 20.50% 19.93% 21.80%
2009 20.12% 19.73% 21.30%
2008 19.00% 18.31% 20.79%
2007 18.66% 18.59% 20.35%
2006 18.90% 19.45% 21.16%

Renter Fraction in Providence County Rhode Island

You can calculate the renter fraction in Providence County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Providence County as a fraction of total Providence County households. In 2017 45.63% of households were renters according to Census ACS data.

Providence County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Rhode Island 39.15% -2.82% -2.05%
Providence County RI 45.63% -2.52% -2.86%

Trends in the Providence County RI Renter Fraction

The Providence County household renter fraction peaked in in 2014 at 48.49% and is now 2.86% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Providence County RI, Rhode Island, US

Fraction of renters in Providence County

History of Providence County Renter Fraction

Date US Rhode Island Providence County RI
2017 36.13% 39.15% 45.63%
2016 36.88% 41.97% 48.15%
2015 36.97% 40.95% 47.73%
2014 36.90% 41.20% 48.49%
2013 36.50% 39.61% 46.54%
2012 36.09% 40.01% 46.24%
2011 35.42% 39.42% 46.72%
2010 34.65% 39.22% 45.89%
2009 34.13% 36.59% 43.48%
2008 33.36% 37.58% 44.47%
2007 32.80% 36.40% 43.53%
2006 32.73% 37.01% 43.82%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.