Cheap Apartments for Rent in Richmond, VA from $500 (536 Rentals)

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

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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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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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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Richmond’s Best Affordable Neighborhoods

Learn about Richmond and the best affordable places to live by our Local Expert Richard Corrigan

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Richmond, VA Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Richmond, VA

Pricing Updated: 12/27/2025

Current apartment rentals in the Richmond, VA area range in price from $649 to $5,994 with an overall median price of $2,762. The three Richmond neighborhoods with the lowest median rent pricing are Chestnut Hill at $649, Forest Hill at $800, and Cofer at $715. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Richmond Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Chestnut Hill$1,397$64930
Forest Hill$1,534$800249
Cofer$1,575$715194
Jackson Ward$1,575$80095
Petersburg Chesterfield$1,579$799119
Forest Hill Terrace$1,597$715154
Belt Center$1,625$715169
McGuire Manor$1,625$715119
Northrop$1,625$715145
Southwood$1,625$715132

Cheapest Available Richmond Apartments for Rent

 

The cheapest available apartment rental in Richmond, VA is a 1 Bed unit found at Market Square in the Four Mile Run neighborhood priced from $671. Richfield Place Apartments in the Bellevue neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $775. Here is today’s list of the most affordable Richmond apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Market SquareMarket Woods One Bedroom1BR,1BA$671
Richfield Place ApartmentsThe Kent2BR,1BA$775
Kingly Ones and Briarwood Court Apartments1 Bedroom1BR,1BA$825
Legacy at Imperial VillageStudioStudio,1BA$835
Towers on FranklinHarrisonStudio,1BA$850
Falling Creek ApartmentsA11BR,1BA$894
Bloom Apartments II1Bed/1Bath: 456 sq ft1BR,1BA$899
Cedarwood Manor1BR/1BA1BR,1BA$922
New Manchester FlatsThe Everett3BR,2BA$950

Best Value Apartments for Rent in Richmond, VA

As of December 27, 2025 the best value apartment in the Richmond area is the $1.13 price per square foot Two Bed Two Bath Model at Broadway Apartments in the in the Downtown Richmond neighborhood starting from $1,542. The second greatest value Richmond apartment is the Canal 236 2 Beds Model at Lofts and Upper Lofts at Canal Walk - Canal I and Canal II starting at $1,565 with a $1.20 price per square foot in the Downtown Richmond neighborhood. Here is today’s list of the best values for Richmond apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Broadway ApartmentsTwo Bed Two Bath2BR,2BA$1.13
Lofts and Upper Lofts at Canal Walk - Canal I and Canal IICanal 236 2 BedsStudio ,1BA$1.20
Cabin Creek Apartments2 Bedroom, 1.5 Bath2BR,1.5BA$1.24
Townsend SquareTownhomes starting at $1050.00- Now Accepting A...2BR,1BA$0.91
Townhouses of Chesterfield IIPine II2BR,1.5BA$0.99
Lofts and Upper Lofts at Canal Walk IIIOne Bedroom1BR,1BA$1.23
Hatcher Tobacco Flats3X23BR,2BA$1.23
27th Townhomes2 Bedroom 1 Bath - 258132BR,1BA$1.16
City View Place2 Bedroom Unit2BR,1.5BA$1.18
Belle SummitRainer2BR,2BA$1.21

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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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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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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The Ultimate Renter's Guide for Finding the Perfect Student Friendly Richmond Neighborhood to Rent

Learn about the best neighborhoods for student renters near Richmond Colleges and Universities by our Local Expert Richard Corrigan

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Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Richmond Overview

The state capitol of Virginia, Richmond is a city boasting a long and proud history dating all the way back to the 1700's. From its bluecollar roots to the city's welcoming combination of cultural heritage and big city excitement, Richmond is one municipality well worth exploring and Richmond apartments make the perfect place to call home..

Why live in Richmond, VA?

With a keen sense of history and the local landmarks to back it up, Richmond is a fine place to call home for many reasons. The universities are highly lauded, the economy is showing steady local growth in both the housing market as well as the local industry, and the stately, architectural beauty is an even match for the area's natural splendor.

Pet Friendly Lifestyle
Richmond, VA

Ranked #6

Among cities in Virginia for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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

Explore Richmond, VA Rentals by Map

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See the most popular apartments and homes in Richmond, VA

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Richmond, VA Area Reviews

  • Cost of Living

Robin

February 25, 2025

All my life

Frequently Asked Questions about Cheap Richmond Apartments

What is a cheap apartment in Richmond?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Richmond is under $950.

What is the price of a cheap apartment in Richmond?

The cheapest apartment in Richmond is Market Square which is listed at $671, while the average apartment in Richmond costs $2,762.

What types of apartments are the cheapest in Richmond?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 16,278 regular apartments in Richmond that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Richmond?

Cheap apartments in Richmond have an average cost of $577 which is $2,185 cheaper than the average rent for all rentals in Richmond.

Expert Rental Resources

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.

Articles, How-To's, and Tips

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A Local Experts Guide To the Top Budget-Friendly Neighborhoods to Rent in Richmond, VA

Written by: Richard Corrigan

Richmond is rightly considered one of the best places to live on the East Coast. We love Richmond’s rich history, phenomenal culinary scene, unique art and culture, and its next-level parks and green spaces.

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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.