Rent Tracker
Rent Inflation in Providence, RI
The average asking rent in Providence, RI is $2,172/month as of 2026-06. That is +3.5% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$2,172/mo
as of 2026-06
Year-over-Year Change
+3.5%
24-Month Rent Trend
Monthly ZORI index values for Providence, RI.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-06 | $2,172 | +0.37% |
| 2026-05 | $2,164 | +0.28% |
| 2026-04 | $2,158 | +0.47% |
| 2026-03 | $2,148 | +0.85% |
| 2026-02 | $2,130 | +0.66% |
| 2026-01 | $2,116 | +0.14% |
| 2025-12 | $2,113 | +0.28% |
| 2025-11 | $2,107 | +0.38% |
| 2025-10 | $2,099 | +0.53% |
| 2025-09 | $2,088 | -0.05% |
| 2025-08 | $2,089 | -0.43% |
| 2025-07 | $2,098 | -0.05% |
| 2025-06 | $2,099 | +0.57% |
| 2025-05 | $2,087 | +1.21% |
| 2025-04 | $2,062 | +0.63% |
| 2025-03 | $2,049 | +0.84% |
| 2025-02 | $2,032 | +0.44% |
| 2025-01 | $2,023 | +0.65% |
| 2024-12 | $2,010 | +0.50% |
| 2024-11 | $2,000 | +0.10% |
| 2024-10 | $1,998 | +0.00% |
| 2024-09 | $1,998 | -0.25% |
| 2024-08 | $2,003 | +0.25% |
| 2024-07 | $1,998 | — |
Why Rent Inflation Matters
Shelter is the single largest component of the official CPI, accounting for roughly one-third of the index. But the BLS shelter index tends to lag real-market rent changes by 12–18 months because it measures rents paid by all tenants — including long-term renters locked into old leases. ZORI measures asking rents for new leases, making it a timelier signal of where CPI shelter inflation is headed.
When ZORI is rising sharply in your city, it is a leading indicator that official shelter inflation — and therefore overall CPI — will remain elevated in coming months.
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Data Source
Rent data uses the Zillow Observed Rent Index (ZORI), a smoothed measure of typical market-rate asking rents updated monthly by Zillow Research. ZORI covers single-family homes, condos, and co-ops and reflects asking rents for new leases — making it a more timely indicator than the lagged BLS shelter index. zillow.com/research | Money & Prices