Real Estate Investing in Providence, Rhode Island (02908)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02908 (Providence, RI)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 15.4% of homes vacant — above national norms.
What’s happening in Providence, RI (02908)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 02908 Providence
In practical terms, ZIP 02908 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $423K median. It rewards specialists, not generalists.
The investment case in 02908 is healthy only for operators who understand what they are buying. A $423K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
The gap between 02908 and stronger Providence ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Stepping back, 39,661 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Strategically, 02908 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 02908
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $366,331 | $1,730 | 3.4% | +9.7% | $183,165 |
| 3BR | $403,265 | $2,090 | 3.7% | +9.4% | $134,422 |
| 4BR | $441,953 | $2,480 | 4.0% | +9.3% | $110,488 |
| 5BR | $498,855 | — | — | +9.7% | $99,771 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02908 Compare?
| Metric | 02908 | Providence | Rhode Island |
|---|---|---|---|
| Home Value | $423,000 | $368,588 | $487,363 |
| 5-Year CAGR | 6.9% | 6.8% | 8.8% |
| Avg Rent | $2,242 | $2,153 | - |
| Cap Rate | 4.1% | 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 02908 (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 | $423,000 |
| Monthly Rent | $2,242 |
| Price-to-Rent | 15.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.4% |
| Cap Rate | 4.1% |
| 5-Year IRR | 11.0% |
📈 Home Appreciation
| 1-Year | +5.2% ▲ |
| 3-Year CAGR | +6.3% ▲ |
| 5-Year CAGR | +6.9% ▲ |
| 10-Year CAGR | +9.5% ▲ |
🏠 Rent Trends
| 1-Year | +0.1% ▲ |
| 3-Year CAGR | +2.4% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.1%). 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 02908
Population: 39,661
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 02908
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Anthony Carnevale Elementary
Birchwood Middle School
E-Cubed Academy
Greystone School
Pleasant View 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 is the average home sale price in Providence, RI?
Expect median prices around $423K in Providence, RI. The market has run at a 0.0% 5-year CAGR, so entry costs have been stable.
What is the renter demographic in Providence, RI?
Tenant quality in Providence, RI ranks as solid. Landlords generally report measured occupancy at market rents of $2,242/mo.
Where do rents currently stand in Providence, RI?
Investors in Providence, RI typically see rents near $2,242/mo per month against $423K home values - a solid setup for rental cash flow.
Is Providence, RI good for landlords?
Providence, RI falls under RI landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
Is house hacking profitable in Providence, RI?
House hacking in Providence, RI is reasonable to execute. Prices around $423K and rents of $2,242/mo solid owner-occupant economics.
You know 02908 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 02908 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 02908 ranks in Providence-Warwick, RI-MA
Every ZIP in this metro, ranked. Free.
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