Providence, RI

  • Overview
  • Performance
  • Listings
  • Buy Box

Key Performance Metrics

Market snapshot

Performance indicators for the Providence short-term rental market based on reliable data.

Listings

1819 / 5440

Reliable / Active

Cap Rate

8%

Middle-Earners Gross Yield

Revenue

$34,057

Middle-Earners Revenue

Occupancy

61%

Middle-Earners Occupancy

Home Value

$433,831

Median Home Sale Price

Top Earners

$71,534

Top-Earners Revenue

Providence

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Providence.

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B

Generally Investor friendly

Providence Regulations

Providence clearly allows STRs with a defined regulatory framework, permitting owner-occupied STRs citywide and non-owner-occupied in most zones. The $25 state registration fee and Temporary Use Permit process are manageable, though the zoning restrictions limiting non-owner-occupied STRs in lower-density areas (R1-R3) and multi-layered state/local compliance requirements create moderate operational complexity that investors can navigate.

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About Providence

Providence is the capital and largest city of Rhode Island, situated in Providence County in the northeastern corner of the state. With a population of approximately 190,000 residents, it carries the feel of a compact, walkable urban center where historic brick architecture meets a lively college-town atmosphere. The city is best known as the seat of Brown University, one of the eight Ivy League institutions, and the Rhode Island School of Design (RISD), which together give Providence a notable creative and intellectual energy. It also serves as a gateway to the rest of Rhode Island's coastline and to the broader New England region. Providence sits about 50 miles southwest of Boston, roughly an hour's drive, and is just under three hours from New York City by car, making it a convenient stop for travelers touring the Northeast.

A walk along Benefit Street reveals one of the country's finest concentrations of colonial-era homes, often called the "Mile of History." Lined with preserved residences and small museums dating back to the 18th and early 19th centuries, this street offers a quiet, atmospheric look at early American architecture within the heart of the city. Just a short walk away, the Rhode Island State House sits atop a hill overlooking downtown, notable for the largest self-supporting marble dome in the world, an impressive landmark for visitors exploring the city's compact civic core.

Roger Williams Park, a sprawling green space designed in the 19th century, sits just south of downtown and provides a welcome retreat with its botanical center, walking paths, ponds, and small zoo. The park is about a ten-minute drive from the city center and offers a family-friendly option for guests seeking outdoor space without leaving the urban area. A short stroll from the park brings visitors to the RISD Museum, the associated teaching museum of the Rhode Island School of Design, which holds an extensive collection ranging from ancient artifacts to contemporary design.

Just north of downtown, Federal Hill is the city's Italian-American neighborhood and a destination in its own right, packed with longtime bakeries, trattorias, and specialty food shops along Atwells Avenue. Providence also comes alive seasonally with events like WaterFire, a celebrated art installation of braziers lit along the rivers of downtown, drawing visitors back year after year. With its walkable scale, strong cultural identity, academic presence, and proximity to both the Rhode Island coast and Boston, Providence offers short-term rental owners a steady stream of travelers drawn by college visits, arts tourism, and New England weekend getaways.

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