1 Apartments under 700 for rent in Providence, RI

Last updated November 16 at 12:22pm UTC
Results within 10 miles of Providence, RI
51 Wood Ave
East Woonsocket
Woonsocket, RI
Updated November 16 at 12:22pm UTC
1 Bedroom
$650
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November 2017 Providence Rent Report

Welcome to the November 2017 Providence Rent Report. Providence rents increased over the past month. In this report, we'll evaluate trends in the Providence rental market, including comparisons to similar cities nationwide.

View full Providence Rent Report
Rent Report
Providence

November 2017 Providence Rent Report

Welcome to the November 2017 Providence Rent Report. Providence rents increased over the past month. In this report, we'll evaluate trends in the Providence rental market, including comparisons to similar cities nationwide.

Providence rents increased slightly over the past month

Providence rents have increased 0.3% over the past month, and have increased moderately by 3.8% in comparison to the same time last year. Currently, median rents in Providence stand at $1,010 for a one-bedroom apartment and $1,230 for a two-bedroom. Providence's year-over-year rent growth leads the state average of 2.2%, as well as the national average of 2.7%.

Providence rents more affordable than many large cities nationwide

As rents have increased moderately in Providence, large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Providence is still more affordable than most large cities across the country.

  • Providence's median two-bedroom rent of $1,230 is above the national average of $1,160. Nationwide, rents have grown by 2.7% over the past year compared to the 3.8% increase in Providence.
  • While Providence's rents rose moderately over the past year, some cities nationwide saw decreases, including New York (-0.2%) and Miami (-0.2%).
  • Renters will find more reasonable prices in Providence than most large cities. For example, San Francisco has a median 2BR rent of $3,070, which is nearly two-and-a-half times the price in Providence.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

Read more about our methodology here.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.