$1,700 Per Month
- 3 Beds
- 1 Bath
- 5,307 Sq Ft
- Apartment for Rent
53 Bancroft St Unit 3, Providence, RI 02909
53 Bancroft St Unit 3, Providence, RI 02909
Frequently Asked Questions
How much does it cost to rent a home in Providence, RI?
The median rent for a home in Providence, RI is $2,250 per month, though prices vary by neighborhood, size, and property type. As of May 2026, townhouses tend to be the most affordable option while condos and single-family homes are currently more expensive.
How much do you need to make to afford rent in Providence, RI?
To comfortably afford the median rent in Providence, RI, a household needs to earn roughly $90,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,250 per month in Providence, RI, renters typically need to show $6,750 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Providence, RI?
In Providence, RI, the price-to-rent ratio is 15.9, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Providence, RI are best for renting a home?
The best neighborhood for renting in Providence, RI depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include West End, Federal Hill, Upper South Providence, Downtown Providence and Smith Hill, each with its own character and price range.
