Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,510 |
| 1 Bedroom | $1,600 |
| 2 Bedrooms | $1,990 |
| 3 Bedrooms | $2,440 |
| 4 Bedrooms | $2,770 |
| 5 Bedrooms | $3,213 |
| 6 Bedrooms | $3,599 |
| 7 Bedrooms | $3,887 |
| 8 Bedrooms | $4,081 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,600 | $278,955 | 0.57% | F |
| 2BR | $1,990 | $399,364 | 0.5% | F |
| 3BR | $2,440 | $472,519 | 0.52% | F |
| 4BR | $2,770 | $532,698 | 0.52% | F |
| 5BR | $3,213 | $565,030 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 02920, located in Cranston, RI, presents a dynamic rental market that reflects a balance between supply and demand, but leans slightly towards demand outpacing supply. This inference is drawn from the snapshot of current market conditions. The Fair Market Rent (FMR) for ZIP 02920 in fiscal year 2024 is set at $1830, which is below the market rent of $2,108 as indicated by the Zillow Observed Rent Index (ZORI). This suggests that landlords can charge above the government-set benchmark, indicating a market where tenants are willing to pay more than the minimum required.
The low price-cut share of 0.2% further supports the idea that demand is strong relative to supply. Typically, when there is an excess of supply over demand, landlords may need to lower their asking prices to attract tenants, leading to a higher price-cut share. In Cranston, however, the minimal price-cutting indicates that units are being rented at close to the original asking price, signaling a competitive environment where inventory moves quickly.
Average Days on Market (DOM) stands at 31 days, which is relatively short. This metric measures how long it takes for a property to be rented once it becomes available. A shorter DOM implies that properties are attracting interest rapidly, suggesting a robust tenant pool ready to occupy units. This quick turnover is indicative of a market where demand is steady and possibly growing.
The median home value of $444,071 provides context for the overall economic status of homeowners in the area. While this figure is static, it suggests that Cranston offers a mix of affordable and moderately priced homes, which could attract a diverse range of buyers and, by extension, influence the rental market positively.
The renter share of 36.2% is noteworthy. This high percentage of renters compared to homeowners points to significant long-term housing pressure. As the number of renters increases, so does the competition for rental units, potentially driving up rents and making it challenging for landlords to find suitable tenants willing to pay market rates. Over time, this dynamic can lead to a sustained upward pressure on rental prices, benefiting landlords who maintain quality properties.
In summary, ZIP 02920 in Cranston, RI, is characterized by a rental market where demand is robust, evidenced by high market rents, low price-cut shares, and quick turnover times. The substantial renter population signals ongoing pressure on housing costs, creating a favorable environment for those invested in the rental sector.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.