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 $1,003 in 2019 according to the Census ACS survey.1 Average gross rent in Providence was $1,005 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 median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Providence 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, RI Median Gross Rent | $1,003 | +3.08% | +6.03% |
Providence, RI Real Gross Rent Trends
At $1,003, real median gross rent in Providence was at its highest level in 2019 since the series began in 2005. At $1,005, real average gross rent in Providence was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Providence: Providence RI Median, Providence RI Average, Rhode Island Median, US Median
Real Gross Rent History for Providence
| Date | US Median |
Rhode Island Median |
Providence, RI Median |
Providence, RI Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,043 | $1,003 | $1,005 |
| 2018 | $1,077 | $1,016 | $973 | $970 |
| 2017 | $1,043 | $970 | $944 | $950 |
| 2016 | $1,027 | $993 | $946 | $960 |
| 2015 | $1,017 | $995 | $965 | $953 |
| 2014 | $986 | $986 | $940 | $932 |
| 2013 | $953 | $967 | $932 | $924 |
| 2012 | $940 | $934 | $902 | $895 |
| 2011 | $941 | $945 | $917 | $927 |
| 2010 | $955 | $970 | $929 | $926 |
| 2009 | $960 | $1,014 | $962 | $954 |
| 2007 | $927 | $975 | $945 | $928 |
| 2005 | $910 | $969 | $941 | $909 |
Providence 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 Rhode Island was 5.80% according to Census ACS data.
Rental Vacancy Rate in Providence 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, RI | 5.80% | -0.33% | +0.90% |
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 2.70% to 5.80%. Data records for this series originated in 2005. From a 2017 post peak low of 4.85%, the rental vacancy rate has increased by 0.95%.
Rental Vacancy Rate: Providence RI, Rhode Island, US
Historical Rental Vacancy Rate data for Providence
| Date | US | Rhode Island | Providence, RI |
|---|---|---|---|
| 2019 | 5.97% | 6.98% | 5.80% |
| 2018 | 6.15% | 6.33% | 6.13% |
| 2017 | 6.18% | 4.87% | 4.85% |
| 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% |
| 2007 | 7.87% | 7.77% | 6.80% |
| 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 16.96% in 2019 according to the ACS.
Providence 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, RI | 16.96% | -0.67% | -0.53% |
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 2.33% to 16.96%. From a 2017 low of 16.85%, the fraction of income going to rent has increased by 0.11%.
Fraction of Income towards Rent: Providence RI, Rhode Island, US
Historical Data for Annual Rent as a Fraction of Income in Providence Rhode Island
| Date | US | Rhode Island | Providence, RI |
|---|---|---|---|
| 2019 | 20.03% | 17.59% | 16.96% |
| 2018 | 20.50% | 18.61% | 17.63% |
| 2017 | 20.13% | 17.68% | 16.85% |
| 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% |
| 2007 | 18.66% | 18.59% | 17.85% |
| 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 2019 37.95% of households were renters according to Census ACS data.
Providence 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, RI | 37.95% | -0.51% | -2.57% |
Trends in the Providence, RI Renter Fraction
The Providence household renter fraction peaked in in 2016 at 40.52% and is now 2.57% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Providence RI, Rhode Island, US
History of Providence Renter Fraction
| Date | US | Rhode Island | Providence, RI |
|---|---|---|---|
| 2019 | 35.89% | 38.32% | 37.95% |
| 2018 | 36.05% | 38.18% | 38.46% |
| 2017 | 36.13% | 39.15% | 38.14% |
| 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% |
| 2007 | 32.80% | 36.40% | 36.25% |
| 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. ↩
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