Real Estate Investing in Providence, Rhode Island (02906)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02906 (Providence, RI)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 28.0 — hard to cash-flow at these prices.
What’s happening in Providence, RI (02906)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 02906 Providence
Not every below-median market is a bargain. Providence's 02906 ZIP reports signals that favor experienced operators who can absorb the risk $822K pricing implies.
For an experienced owner, 02906 can be a worth a close look for hunting ground — but the discount at $822K reflects genuine risk that outside investors often underestimate.
Put differently, 02906 offers a low basis, the region around Providence has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
The 02906 ZIP's population of 26,327 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that reflects the need for careful underwriting.
Strategically, 02906 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Providence:
Property Strategy for 02906
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $317,891 | $1,900 | 4.3% | +9.2% | $317,891 |
| 2BR | $529,944 | $2,340 | 3.2% | +9.1% | $264,972 |
| 3BR | $754,114 | $2,830 | 2.7% | +9.7% | $251,371 |
| 4BR | $997,144 | $3,360 | 2.4% | +10.0% | $249,286 |
| 5BR | $1,356,638 | — | — | +10.6% | $271,328 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02906 Compare?
| Metric | 02906 | Providence | Rhode Island |
|---|---|---|---|
| Home Value | $822,494 | $368,588 | $487,363 |
| 5-Year CAGR | 8.3% | 6.8% | 8.8% |
| Avg Rent | $2,450 | $2,153 | - |
| Cap Rate | 2.3% | 3.7% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 02906 (Providence, RI). Anonymous, moderated, never written by AI.
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Property managers serving Providence County
Manage rentals here? List your business →Ferland Corporation provides professional management services for over 2,600 apartment units in the Rhode Island area, offering quality apartments and amenities. summary from their website
Zanno Property Management offers residential and multi-family property management services in Providence, including marketing, resident screening, rent collection, maintenance, accounting, and evictio summary from their website
Avellino Construction & Property Management offers property management, general contracting, investments & lending, and rentals in Providence, RI. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $822,494 |
| Monthly Rent | $2,450 |
| Price-to-Rent | 28.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.6% |
| Cap Rate | 2.3% |
| 5-Year IRR | 10.7% |
📈 Home Appreciation
| 1-Year | +8.4% ▲ |
| 3-Year CAGR | +7.8% ▲ |
| 5-Year CAGR | +8.3% ▲ |
| 10-Year CAGR | +7.7% ▲ |
🏠 Rent Trends
| 1-Year | -7.6% ▼ |
| 3-Year CAGR | +0.2% ▲ |
| 5-Year CAGR | +4.1% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.3%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 02906
Population: 26,327
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 02906
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Birchwood Middle School
E-Cubed Academy
Pleasant View School
Providence Career Technical
Agnes B. Hennessey School
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
What are home prices like in Providence, RI?
Providence, RI median home values land near $822K. That is reasonable territory for investors looking at $2,450/mo-per-month rentals.
How landlord-friendly is Providence, RI?
Providence, RI operates under RI law, which is landlord-friendly overall for landlords. Expect measured treatment in typical lease and eviction cases.
How strong is the working-renter base in Providence, RI?
Expect a solid tenant pool in Providence, RI. The rental market absorbs $2,450/mo rents without meaningful friction.
Is Providence, RI suited for a house hack?
The house hack math a challenging in Providence, RI. Owner-occupant buyers benefit from the $2,450/mo rents and $822K home values.
How much is rent in Providence, RI?
Expect rents around $2,450/mo per month in Providence, RI. With home values at $822K, the yield math works out to reasonable levels for rental investors.
You know 02906 now. You don’t know where it ranks.
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How 02906 ranks in Providence-Warwick, RI-MA
Every ZIP in this metro, ranked. Free.
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