In recent times, consumers have shown increasing interest in plant substitutes for fermented dairy products. This study aimed to investigate the properties of yogurt-type rice-based beverages fermented with lactic acid bacteria and Propionibacterium. The changes in pH, viable population of bacteria, physical properties, and carbohydrate content of these beverages were tested. Fermentation using only Propionibacterium was insufficient to obtain a product with an acidity level similar to that of milk-based yogurt (pH < 4.5). After fermentation, the tested beverages had a high number of Lactobacillus sp. (7.42–8.23 log10 CFU/mL), Streptococcus thermophilus (8.01–8.65 log10 CFU/mL), and Bifidobacterium animalis subsp. lactis (8.28–8.50 log10 CFU/mL). The hardness (2.90–10.40 N) and adhesiveness (13.79–42.16 mJ) of the samples after 14 days of storage at 6 °C varied depending on the starter culture used. The syneresis of all samples ranged between 29% and 31%, which was lower or close to that of milk-based yogurts. The content of individual sugars in the samples also varied depending on the starter culture used for fermentation. The results suggest that the combination of lactic and propionic fermentation helps in the production of rice-based yogurt-type milk substitutes.