Cheap Apartments for Rent in Prospect, VA from $500 (28 Rentals)

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Search the lowest-cost Apartments available for rent right now in Prospect.

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Holland House
1 to 2 Bedroom Apartments

Holland House

3710 Fort AveLynchburg, VA 24501
  • Utilities Included
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Ivy Ridge
2 to 3 Bedroom Apartments

Ivy Ridge

1609 McVeigh RdLynchburg, VA 24502
  • Utilities Included

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Midtown on 12th
Studio to 1 Bedroom Apartments

Midtown on 12th

1701 12th StLynchburg, VA 24501
  • Utilities Included
Showing Results 1-28, Page 1 of 1

Prospect, VA Local Guide

Cheapest Available Prospect Apartments for Rent and Nearby

 

The cheapest available apartment rental in Prospect, VA is a 1 Bed unit found at 500 Euclid Avenue in the Tate Springs neighborhood priced from $695. Elora Gardens Lynchburg in the Tate Springs neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $696. Here is today’s list of the most affordable Prospect apartments for rent:

Apartment ListingModel NameBed/BathPriced From
500 Euclid AvenueStudio1BR,1BA$695
Elora Gardens Lynchburg1 Bedroom Medium1BR,1BA$696
The Doyne3 Bed/2 Bath3BR,2BA$700
Bramblewood Apartments1BR/1.0BA1BR,1BA$750
Miller's Rest ApartmentsPritchell2BR,2BA$803
Wesley Apartments - Senior Living CommunityStudio (Stair or Ramp Access)Studio,1BA$820
The Timbers2 Bedroom, 1 Bathroom2BR,1BA$859
Midpoint Apartments1BR/1.0BA1BR,1BA$870
County Green Apartment Homes1 Bed, 1 bath1BR,1BA$875
Walden Pond Apartment Homes1 Bedroom1BR,1BA$875

Best Value Apartments for Rent in Prospect, VA and Nearby

As of June 13, 2025 the best value apartment in the Prospect area is the $0.47 price per square foot 3 Bed/2 Bath Model at The Doyne in the starting from $700. The second greatest value Prospect apartment is the 3 Bedrooms 2 Bath Model at Logans Landing starting at $1,682 with a $1.16 price per square foot in the Sandusky neighborhood. Here is today’s list of the best values for Prospect apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Doyne3 Bed/2 Bath3BR,2BA$0.47
Logans Landing3 Bedrooms 2 Bath3BR,2BA$1.16
Forestbrook Apartments3 Bed/ 2 Bath with Den3BR,2BA$0.92
Park Place Apartments3BR/2BA Renovated3BR,2BA$1.16
Del Ray Townhomes2 BR/1 BA RENO2BR,1BA$1.19
Miller's Rest ApartmentsPritchell2BR,2BA$0.85
Bramblewood Apartments3BR/1.0BA3BR,1BA$1.11
The Timbers2 Bedroom, 1 Bathroom2BR,1BA$0.98
County Green Apartment Homes1 Bed, 1 bath1BR,1BA$1.15
Princeton Circle West ApartmentsContemporary1BR,1BA$1.19

Quick Rent Budget Calculator

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Prospect, VA Rentals by Map

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See the most popular apartments and homes in Prospect, VA

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Frequently Asked Questions about Cheap Prospect Apartments

What is the Cheapest Studio apartment in Prospect?

Currently the most affordable Cheap Studio Apartment in Prospect is at Wesley Apartments - Senior Living Community listed at $820.

How much is rent for a Cheap One Bedroom Prospect Apartment?

The lowest price for a Cheap One Bedroom Prospect Apartment is $695 at 500 Euclid Avenue.

What is the lowest price for a Cheap Two Bedroom Prospect Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Prospect is starting from $800 at Bramblewood Apartments.

What is the most affordable Prospect Three Bedroom Apartment?

The best deal on a cheap Prospect Three Bedroom Apartment rental is at The Doyne and starts from $700.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.