Providence County Rhode Island Residential Rent and Rental Statistics
The median monthly gross residential rent in Providence County RI was $990 in 2019 according to the Census ACS survey.1 Average gross rent in Providence County was $975 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Providence County median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Providence County Rhode Island (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Rhode Island Median Gross Rent | $1,043 | +2.66% | +5.04% |
| Providence County RI Median Gross Rent | $990 | +1.64% | +5.32% |
Providence County RI Real Gross Rent Trends
Median gross rent for Providence County peaked in real terms in 2006 at $998 and is now $8 (0.80%) lower. From a recent low of 899.0 in 2012, real median gross rent has now increased by $91 (10.12%). At $975, real average gross rent in Providence County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Providence County RI Median, Providence County RI Average, Rhode Island Median, US Median
Real Gross Rent History for Providence County
| Date | US Median |
Rhode Island Median |
Providence County RI Median |
Providence County RI Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,043 | $990 | $975 |
| 2018 | $1,077 | $1,016 | $974 | $951 |
| 2017 | $1,043 | $970 | $938 | $921 |
| 2016 | $1,027 | $993 | $940 | $924 |
| 2015 | $1,017 | $995 | $959 | $923 |
| 2014 | $986 | $986 | $946 | $912 |
| 2013 | $953 | $967 | $928 | $890 |
| 2012 | $940 | $934 | $899 | $873 |
| 2011 | $941 | $945 | $906 | $899 |
| 2010 | $955 | $970 | $932 | $900 |
| 2009 | $960 | $1,014 | $969 | $938 |
| 2007 | $927 | $975 | $950 | $903 |
| 2005 | $910 | $969 | $948 | $910 |
Providence County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Providence County Rhode Island was 6.44% according to Census ACS data.
Rental Vacancy Rate in Providence County Rhode Island
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Rhode Island | 6.98% | +0.65% | +2.41% |
| Providence County RI | 6.44% | +1.58% | +1.06% |
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 3.90% to 6.44%. Data records for this series originated in 2005. From a 2018 post peak low of 4.86%, the rental vacancy rate has increased by 1.58%.
Rental Vacancy Rate: Providence County RI, Rhode Island, US
Historical Rental Vacancy Rate data for Providence County
| Date | US | Rhode Island | Providence County RI |
|---|---|---|---|
| 2019 | 5.97% | 6.98% | 6.44% |
| 2018 | 6.15% | 6.33% | 4.86% |
| 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% |
| 2007 | 7.87% | 7.77% | 8.41% |
| 2005 | 7.74% | 6.82% | 6.80% |
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 18.86% in 2019 according to the ACS.
Providence County Rhode Island Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Rhode Island | 17.59% | -1.03% | -1.19% |
| Providence County RI | 18.86% | -1.48% | -1.72% |
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 3.79% to 18.86%.
Fraction of Income towards Rent: Providence County RI, Rhode Island, US
Historical Data for Annual Rent as a Fraction of Income in Providence County Rhode Island
| Date | US | Rhode Island | Providence County RI |
|---|---|---|---|
| 2019 | 20.03% | 17.59% | 18.86% |
| 2018 | 20.50% | 18.61% | 20.34% |
| 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% |
| 2007 | 18.66% | 18.59% | 20.35% |
| 2005 | 18.89% | 18.07% | 20.21% |
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 2019 44.72% of households were renters according to Census ACS data.
Providence County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Rhode Island | 38.32% | +0.14% | -3.65% |
| Providence County RI | 44.72% | -0.67% | -3.43% |
Trends in the Providence County RI Renter Fraction
The Providence County household renter fraction peaked in in 2014 at 48.49% and is now 3.77% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Providence County RI, Rhode Island, US
History of Providence County Renter Fraction
| Date | US | Rhode Island | Providence County RI |
|---|---|---|---|
| 2019 | 35.89% | 38.32% | 44.72% |
| 2018 | 36.05% | 38.18% | 45.39% |
| 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% |
| 2007 | 32.80% | 36.40% | 43.53% |
| 2005 | 33.10% | 37.29% | 43.92% |
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. ↩
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