Cheap Apartments for Rent in Richmond, VA from $400 (462 Rentals)

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

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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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 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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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: 09/22/2025

Current apartment rentals in the Richmond, VA area range in price from $500 to $11,515 with an overall median price of $2,642. The three Richmond neighborhoods with the lowest median rent pricing are Chestnut Hill at $599, Cofer at $553, and Belt Center 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$1,532$59939
Cofer$1,555$553197
Belt Center$1,590$715166
McGuire Manor$1,590$715112
Northrop$1,590$715149
Southwood$1,590$715128
Ginter Park$1,599$85039
Jackson Ward$1,600$90083
Woodhaven$1,603$715193
Forest Hill Terrace$1,606$715158

Cheapest Available Richmond Apartments for Rent

 

The cheapest available apartment rental in Richmond, VA is a 1 Bed unit found at Liberty Gardens in the Four Mile Run neighborhood priced from $500. New Manchester Flats in the East neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $553. Here is today’s list of the most affordable Richmond apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Liberty Gardens1 BR1BR,1BA$500
New Manchester FlatsThe Decatur1BR,1BA$553
Market SquareMarket Woods One Bedroom1BR,1BA$671
Chesterfield ApartmentsTHE MULBERRY FLOOR PLAN - SUITE II3BR,1BA$807
Liberty Circle ApartmentsTHE HIGHLAND FLOOR PLAN - BEDROOM II4BR,2BA$820
Kingly Ones and Briarwood Court Apartments1 Bedroom1BR,1BA$825
Imperial Living Propco LLCStudioStudio,1BA$835
Falling Creek ApartmentsA11BR,1BA$894

Best Value Apartments for Rent in Richmond, VA

As of September 22, 2025 the best value apartment in the Richmond area is the $0.44 price per square foot 201 W 12th St Model at 201 W 12th St in the in the Old South neighborhood starting from $750. The second greatest value Richmond apartment is the 4x2 - Priced Per Bedroom Model at Marshall Park starting at $699 with a $0.47 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.
201 W 12th St201 W 12th St3BR,3BA$0.44
Marshall Park4x2 - Priced Per Bedroom4BR,2BA$0.47
Cabin Creek Apartments2 Bedroom, 1.5 Bath2BR,1.5BA$1.24
Venus At Manchester Apartments2 -Bedroom, 2-Bath2BR,2BA$1.02
Marshall Street Apartments1BR/1.0BA1BR,1BA$1.25
Hatcher Tobacco Flats2X22BR,2BA$1.13
Townhouses Of ChesterfieldPine2BR,1.5BA$1.25
City View Place2 Bedroom Unit2BR,1.5BA$1.18
Belle SummitRainer2BR,2BA$1.21
1822 Williamsburg Rd2 Beds, 1 Baths2BR,1BA$1.24

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 Apartments Map
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Richmond, VA Rental Homes Map

Getting Around Richmond, VA

Walk Score®

59 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

53 / 100

Bikeable

Some bike infrastructure

Transit Score®

26 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

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 $894.

What is the price of a cheap apartment in Richmond?

The cheapest apartment in Richmond is Liberty Gardens which is listed at $500, while the average apartment in Richmond costs $2,642.

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 19,196 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 $595 which is $2,047 cheaper than the average rent for all rentals in Richmond.

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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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 Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.