How many renters live in Providence County, Rhode Island?
The County of Providence County has 657,288 people living in 263,501 households.
There are 246,555 renters living in 117,127 renter households in this County. Renters make up 37.51 percent of the population living in Providence County.
What is the rental market like in Providence County, Rhode Island?
There are an estimated 277,755 housing units in the Providence County area. Of these, 121,157 units are rental homes, making up 44 percent of the housing market. For every renter household in Providence County, Rhode Island, there are 1 rental units.
What is the vacancy rate for rentals in Providence County?
The rental vacancy rate in Providence County is 3 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Providence County for each bedroom size?
Occupied Rental Units by Size in Providence County
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 9,256 | 34,457 | 44,803 | 24,017 | 3,477 |
Occupied Rental Units by Size in Providence County
A large number of apartments in Providence County have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Providence County are overburdened by housing costs?
Among renter households in this market, 46 percent have housing cost burden. Further, 23 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Providence County
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,289 to $2,536. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,289 |
| One BR | $1,398 |
| Two BR | $1,693 |
| Three BR | $2,047 |
| Four BR | $2,536 |
2024 Fair Market Rents in Providence County, Rhode Island
How many units are rented at Fair Market Rent (FMR) in Providence County?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 5,767 | 62 percent |
| One BR | 26,821 | 78 percent |
| Two BR | 29,527 | 66 percent |
Rental Units Below FMR in Providence County, Rhode Island
How many affordable rental units are in Providence County?
There are a variety of federal affordable housing programs serving households in Providence County, Rhode Island including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 9,412 |
| Public Housing | 6,787 |
| Section 8 Project-Based Rental Assistance | 12,082 |
| Mod Rehab Project-Based Rental Assistance | 102 |
| Section 202 Supportive Housing for the Elderly | 615 |
| Section 811 Supportive Housing for Persons with Disabilities | 387 |
| USDA Section 515 Rural Rental Housing | 271 |
Tracked Units by Federal Program in Providence County, Rhode Island
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Providence County, Rhode Island
Providence County features 18,825 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Providence County, Rhode Island
There are 4,212 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Providence County.
Housing Choice Vouchers in Providence County, Rhode Island
On average, Section 8 Housing Choice vouchers pay Providence County landlords $800 per month towards rent. The average voucher holder contributes $400 towards rent in Providence County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Providence County, Rhode Island for a two-bedroom apartment is between $1,524 and $1,862.
Sourced from federal housing data and AffordableHousingOnline.com research.
