Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,890 |
| 1 Bedroom | $2,010 |
| 2 Bedrooms | $2,500 |
| 3 Bedrooms | $3,060 |
| 4 Bedrooms | $3,480 |
| 5 Bedrooms | $4,037 |
| 6 Bedrooms | $4,521 |
| 7 Bedrooms | $4,883 |
| 8 Bedrooms | $5,127 |
U.S. Census Bureau data (2024)
The market in ZIP 02906, Providence, RI, is dynamic and reflects a balance between supply and demand. The Fair Market Rent (FMR) for the area stands at $2,220 for the fiscal year 2024, while the Zillow Observed Rent Index (ZORI) indicates a slightly higher market rent of $2,371. This suggests that the actual rental market is performing slightly above the benchmark set by HUD.
A 0.1% price-cut share indicates that very few properties are being discounted to attract tenants, which typically points to a strong rental market where demand is robust enough to support asking rents without significant concessions. The median home value in the area is $792,913, reflecting the overall economic status and desirability of the neighborhood.
The fact that the Days on Market (DOM) is listed as N/A could imply that either the data is incomplete or that listings move quickly once they hit the market, indicating a high level of interest among buyers. However, it's important to note that this specific metric is missing, so we cannot draw definitive conclusions about listing speed.
The 48.5% renter share is noteworthy, as it suggests nearly half of the households in Providence are renters. This high percentage of renters can create sustained long-term housing pressure, as a large portion of the population relies on the rental market for housing needs. In such a scenario, any changes in rental rates or availability can have a significant impact on the local economy and housing stability.
Given the snapshot of the data, the market appears to be one where demand is closely matched with supply, with a slight edge towards the side of demand. Landlords and small-portfolio investors should monitor these indicators closely, particularly the FMR and ZORI, to understand how the rental market is performing relative to the broader housing market in Providence.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.