Department of Numbers

Providence Rhode Island Residential Rent and Rental Statistics

The median monthly gross residential rent in Providence, RI (the Providence-New Bedford-Fall River metro area) was $903 in 2016 according to the Census ACS survey.1 Average gross rent in Providence was $917 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Providence median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Providence Rhode Island (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Rhode Island Median Gross Rent $948 -0.21% +2.71%
Providence, RI Median Gross Rent $903 -2.06% +1.46%

Providence, RI Real Gross Rent Trends

Median gross rent for Providence peaked in real terms in 2006 at $942 and is now $39 (4.14%) lower. From a recent low of 862.0 in 2012, real median gross rent has now increased by $41 (4.76%). Average gross rent for Providence peaked in real terms in 2006 at $925 and is now $8 (0.86%) lower. From a recent low of 854.0 in 2012, real average gross rent has now increased by $63 (7.38%).

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Providence

Date US
Median
Rhode Island
Median
Providence, RI
Median
Providence, RI
Average
2016 $981 $948 $903 $917
2015 $972 $950 $922 $910
2014 $942 $942 $897 $890
2013 $910 $923 $890 $882
2012 $898 $892 $862 $854
2011 $898 $903 $876 $885
2010 $912 $926 $887 $885
2009 $916 $969 $919 $911
2008 $932 $961 $935 $925
2007 $885 $931 $902 $886
2006 $895 $985 $942 $925
2005 $869 $925 $899 $868

Providence Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Providence Rhode Island was 4.90% according to Census ACS data.

Rental Vacancy Rate in Providence Rhode Island

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Rhode Island 4.57% -1.86% -2.41%
Providence, RI 4.90% -0.52% -1.37%

Trends in Providence, RI Rental Vacancy Rate

The rental vacancy rate in Providence peaked in 2010 at 8.50%. Since then it has fallen by 3.60% to 4.90%. Data records for this series originated in 2005.

Rental Vacancy Rate: Providence RI, Rhode Island, US

Rental vacancy rate in Rhode Island

Historical Rental Vacancy Rate data for Providence

Date US Rhode Island Providence, RI
2016 5.89% 4.57% 4.90%
2015 5.85% 6.43% 5.42%
2014 6.32% 6.18% 5.54%
2013 6.49% 6.98% 6.27%
2012 6.77% 5.52% 5.47%
2011 7.40% 5.80% 5.95%
2010 8.17% 9.47% 8.50%
2009 8.43% 6.80% 7.25%
2008 7.86% 7.42% 7.31%
2007 7.87% 7.77% 6.80%
2006 7.70% 7.25% 6.63%
2005 7.74% 6.82% 5.89%

Rent as a Fraction of Income

Using median household income data for Providence, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Providence, median monthly gross rent as a fraction of median household income was 17.49% in 2016 according to the ACS.

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

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Rhode Island 18.77% -0.61% -0.93%
Providence, RI 17.49% -1.03% -1.80%

Trends in Providence, RI Rent as a Fraction of Income

The fraction of median Providence household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 19.29%. Since then it has fallen by 1.80% to 17.49%.

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

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

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

Date US Rhode Island Providence, RI
2016 20.43% 18.77% 17.49%
2015 20.63% 19.38% 18.52%
2014 20.89% 20.42% 19.13%
2013 20.78% 19.71% 19.29%
2012 20.65% 19.31% 18.76%
2011 20.70% 19.58% 19.02%
2010 20.50% 19.93% 19.20%
2009 20.12% 19.73% 18.69%
2008 19.00% 18.31% 17.74%
2007 18.66% 18.59% 17.85%
2006 18.90% 19.45% 18.60%
2005 18.89% 18.07% 17.61%

Renter Fraction in Providence Rhode Island

You can calculate the renter fraction in Providence 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 as a fraction of total Providence households. In 2016 40.52% of households were renters according to Census ACS data.

Providence Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Rhode Island 41.97% +1.02% +2.36%
Providence, RI 40.52% +0.31% +1.14%

Trends in the Providence, RI Renter Fraction

At 40.52%, the 2016 household based renter fraction in Providence was at its highest level. The origin year for the series is 2005.

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

Fraction of renters in Providence

History of Providence Renter Fraction

Date US Rhode Island Providence, RI
2016 36.88% 41.97% 40.52%
2015 36.97% 40.95% 40.21%
2014 36.90% 41.20% 40.39%
2013 36.50% 39.61% 39.38%
2012 36.09% 40.01% 39.38%
2011 35.42% 39.42% 38.69%
2010 34.65% 39.22% 38.70%
2009 34.13% 36.59% 36.08%
2008 33.36% 37.58% 36.97%
2007 32.80% 36.40% 36.25%
2006 32.73% 37.01% 36.87%
2005 33.10% 37.29% 37.26%

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.