Real Estate Investing in Providence, Rhode Island (02909)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02909 (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: 17.9% of homes vacant — above national norms.
- Elevated poverty: 20.4% poverty rate — can affect rent collection.
What’s happening in Providence, RI (02909)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 02909 Providence
From a cash-flow lens, ZIP 02909 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $389K median. It rewards specialists, not generalists.
Distressed markets are won on execution, not on spreadsheets. ZIP 02909 reports the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Statewide comparisons place 02909 among RI's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Demographically, 02909 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
Experienced landlords with local relationships tend to find 02909 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Providence:
Property Strategy for 02909
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $302,183 | $1,300 | 3.1% | +9.0% | $302,183 |
| 2BR | $333,948 | $1,600 | 3.4% | +10.7% | $166,974 |
| 3BR | $373,612 | $1,930 | 3.7% | +9.8% | $124,537 |
| 4BR | $399,462 | $2,300 | 4.1% | +9.7% | $99,865 |
| 5BR | $497,262 | — | — | +10.3% | $99,452 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02909 Compare?
| Metric | 02909 | Providence | Rhode Island |
|---|---|---|---|
| Home Value | $389,184 | $368,588 | $487,363 |
| 5-Year CAGR | 7.3% | 6.8% | 8.8% |
| Avg Rent | $1,979 | $2,153 | - |
| Cap Rate | 4.0% | 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 02909 (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 | $389,184 |
| Monthly Rent | $1,979 |
| Price-to-Rent | 16.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.1% |
| Cap Rate | 4.0% |
| 5-Year IRR | 11.2% |
📈 Home Appreciation
| 1-Year | +4.5% ▲ |
| 3-Year CAGR | +6.0% ▲ |
| 5-Year CAGR | +7.3% ▲ |
| 10-Year CAGR | +10.5% ▲ |
🏠 Rent Trends
| 1-Year | -2.8% ▼ |
| 3-Year CAGR | +2.3% ▲ |
| 5-Year CAGR | +4.9% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.0%). 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 02909
Population: 44,445
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 02909
Schools in This ZIP Code
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
How viable is house hacking in Providence, RI?
House hacking in Providence, RI is a challenging. With home values around $389K and rents at $1,979/mo, owner-occupants can offset a meaningful share of PITI.
Is Providence in RI worth investing in?
Investors tracking Providence, RI will find a 3.0/5 rating supported by $389K median home values and $1,979/mo rents. That profile suits long-term holders targeting stable returns.
How quickly do rentals get leased in Providence, RI?
Vacancy risk in Providence, RI is elevated. That supports reliable cash flow for typical rental holds.
Does Providence, RI favor landlords or tenants?
Rental owners in Providence, RI deal with a landlord-friendly legal framework. Most standard eviction processes run on reasonable timelines.
How do home values compare in Providence, RI?
In Providence, RI the median home value sits at $389K. Against the broader RI market, that reads as reasonable for most investors.
You know 02909 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 02909 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 02909 ranks in Providence-Warwick, RI-MA
Every ZIP in this metro, ranked. Free.
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