Cheap Apartments for Rent in Prospect, VA from $500 (24 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 Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Holland House
1 to 2 Bedroom Apartments

Holland House

3710 Fort AveLynchburg, VA 24501
  • Utilities Included
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Midtown on 12th
Studio to 1 Bedroom Apartments

Midtown on 12th

1701 12th StLynchburg, VA 24501
  • Utilities Included

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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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 Miller's Rest Apartments in the Wyndhurst neighborhood priced from $679. 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
Miller's Rest ApartmentsTrundle1BR,1BA$679
Elora Gardens Lynchburg1 Bedroom1BR,1BA$696
The Doyne3 Bed/2 Bath3BR,2BA$700
Bramblewood Apartments2BR/1.0BA2BR,1BA$799
Wesley Apartments - Senior Living CommunityStudio (Stair or Ramp Access)Studio,1BA$820

Best Value Apartments for Rent in Prospect, VA and Nearby

As of August 01, 2025 the best value apartment in the Prospect area is the $0.69 price per square foot 2BR/2.0BA Model at River Lofts West in the in the College Hill neighborhood starting from $1,240. The second greatest value Prospect apartment is the 3 Bed/2 Bath Model at The Doyne starting at $700 with a $0.47 price per square foot . 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.
River Lofts West2BR/2.0BA2BR,2BA$0.69
The Doyne3 Bed/2 Bath3BR,2BA$0.47
Legacy at Linden ParkThe Lovingston3BR,2BA$1.07
County Green Apartment Homes3 Beds, 2 baths3BR,2BA$0.96
Park Place Apartments2BR/2BA Renovated2BR,2BA$0.98
Forestbrook Apartments2 Bed/ 2 Bath2BR,2BA$0.91
The Oasis (Student Housing)Student Only - Rent By The Room2BR,2BA$0.90
The Timbers2 Bedroom, 1 Bathroom2BR,1BA$0.98
Bramblewood Apartments2BR/1.0BA2BR,1BA$1.00
Miller's Rest ApartmentsTrundle1BR,1BA$0.96

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

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Frequently Asked Questions about Cheap Prospect Apartments

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

The lowest price for a Cheap One Bedroom Prospect Apartment is $679 at Miller's Rest Apartments.

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 $799 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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

decorative image for Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting article

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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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.