Rent Tracker
Rent Inflation in Providence, RI
The average asking rent in Providence, RI is $2,154/month as of 2026-04. That is +4.7% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$2,154/mo
as of 2026-04
Year-over-Year Change
+4.7%
24-Month Rent Trend
Monthly ZORI index values for Providence, RI.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-04 | $2,154 | +0.51% |
| 2026-03 | $2,143 | +0.80% |
| 2026-02 | $2,126 | +0.66% |
| 2026-01 | $2,112 | +0.14% |
| 2025-12 | $2,109 | +0.19% |
| 2025-11 | $2,105 | +0.43% |
| 2025-10 | $2,096 | +0.53% |
| 2025-09 | $2,085 | -0.05% |
| 2025-08 | $2,086 | -0.43% |
| 2025-07 | $2,095 | -0.10% |
| 2025-06 | $2,097 | +0.62% |
| 2025-05 | $2,084 | +1.26% |
| 2025-04 | $2,058 | +0.73% |
| 2025-03 | $2,043 | +0.79% |
| 2025-02 | $2,027 | +0.40% |
| 2025-01 | $2,019 | +0.60% |
| 2024-12 | $2,007 | +0.50% |
| 2024-11 | $1,997 | +0.10% |
| 2024-10 | $1,995 | +0.00% |
| 2024-09 | $1,995 | -0.25% |
| 2024-08 | $2,000 | +0.25% |
| 2024-07 | $1,995 | +0.30% |
| 2024-06 | $1,989 | +0.51% |
| 2024-05 | $1,979 | — |
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