Cheap Apartments for Rent in Richmond, VA from $500 (561 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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Towers on Franklin
Rent Specials
$850 - $2,064
Total Monthly Price

Total Monthly Price

Base Rent
$715 - $1,929
Required Monthly Fees
$135
Total Monthly Price
$850 - $2,064
Studio to 2 Bedroom Apartments Available Now

Towers on Franklin

104 W Franklin StRichmond, VA 23220
Student Housing
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  • Customer Reviewed
  • 3D Tour

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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Ashton Square Apartments
$975 - $1,575
Total Monthly Price

Total Monthly Price

Base Rent
$720 - $1,320
Required Monthly Fees
$255
Total Monthly Price
$975 - $1,575
1 to 3 Bedroom Apartments Available Now

Ashton Square Apartments

603-A Westover Hills BlvdRichmond, VA 23225
Affordability
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  • Customer Reviewed
  • Utilities Included
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Residence at Brookside
$975 - $2,364
Total Monthly Price

Total Monthly Price

Base Rent
$947 - $2,336
Required Monthly Fees
$28
Total Monthly Price
$975 - $2,364
1 to 3 Bedroom Apartments Available Now

Residence at Brookside

6540 Greenbank RdRichmond, VA 23225
Affordability
  • Verified
  • Customer Reviewed
  • 3D Tour

Explore The River City Like a Local: The Insider's Guide to Renting in Richmond, VA

Thinking of moving to Richmond, VA? Learn why "The River City" is a perfect blend of big-city amenities and small-town charm, offering a low cost of living, minimal traffic, and a rich cultural scene.

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property at 925 N 20th St

$950 - $995

2 Bedroom Rentals

Available Now

925 N 20th St

RichmondVA23223
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1619 N 28th St
$1,000 - $2,400
Total Monthly Price

Total Monthly Price

Base Rent
$1,000 - $2,400
Total Monthly Price
$1,000 - $2,400
1 Bedroom Apartments Available Now

1619 N 28th St

1619 N 28th StRichmond, VA 23223
Furnished
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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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Treehouse
Rent Specials
$1,040 - $2,370
Total Monthly Price

Total Monthly Price

Base Rent
$922 - $2,252
Required Monthly Fees
$118
Total Monthly Price
$1,040 - $2,370
1 to 3 Bedroom Apartments Available Now

Treehouse

5701 Pony Farm DrRichmond, VA 23227
Student Housing
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  • Customer Reviewed
  • 3D Tour

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, VA Local Guide

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

Cheapest Neighborhoods for Apartments in Richmond, VA

Pricing Updated: 02/10/2026

Current apartment rentals in the Richmond, VA area range in price from $669 to $7,082 with an overall median price of $2,401. The three Richmond neighborhoods with the lowest median rent pricing are Forest Hill at $800, Jackson Ward at $800, 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
Forest Hill$1,575$800238
Jackson Ward$1,579$80098
Belt Center$1,582$715158
McGuire Manor$1,585$715128
Northrop$1,590$715128
Southwood$1,600$715137
Forest Hill Terrace$1,614$715131
Woodhaven$1,617$715168
Petersburg Chesterfield$1,626$69092
Petersburg Colonial Heights$1,656$94234

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. Creighton Renaissance Apartments in the East neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $770. 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
Creighton Renaissance ApartmentsOne Bedroom - D1BR,1BA$770
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
Green Park Apartments1 Bedroom1BR,1BA$874
Falling Creek Apartments1 Bedroom1BR,1BA$894
Bloom Apartments II1Bed/1Bath: 456 sq ft1BR,1BA$899
Cedarwood Manor1BR/1BA1BR,1BA$922

Best Value Apartments for Rent in Richmond, VA

As of February 10, 2026 the best value apartment in the Richmond area is the $1.21 price per square foot Two Bed Two Bath Model at Broadway Apartments in the in the Downtown Richmond neighborhood starting from $1,658. The second greatest value Richmond apartment is the Canal 236 1 Bed Model at Lofts and Upper Lofts at Canal Walk - Canal I and Canal II starting at $1,269 with a $0.98 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$1.21
Lofts and Upper Lofts at Canal Walk - Canal I and Canal IICanal 236 1 Bed1BR,1BA$0.98
Ascend RVA Student Living3X33BR,3BA$1.03
27th Townhomes2 Bedroom 1 Bath - 258132BR,1BA$1.16
Fox RestForest2BR,1BA$1.16
Highland Terrace Apartments2-Bedroom2BR,2BA$0.96
Village at the ArborsTwo Bedroom2BR,1BA$1.24
Lambert Landing IITwo Bedroom2BR,1BA$1.25
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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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.

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 $922.

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 $2,401.

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 15,962 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 $453 which is $1,948 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.

Helpful Local Expert Guides

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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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Your Guide to Picking the Perfect Richmond Neighborhood for Student Renters

Written by: Richard Corrigan

Richmond isn't always thought of as a college town, but there are actually several major colleges and universities here. One thing Richmond does get credit for—and rightfully so—is being a very neighborhood-friendly city.

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Explore The River City Like a Local: The Insiders Guide to Renting in Richmond, VA

Written by: Richard Corrigan

Welcome to Richmond! For those unfamiliar, it’s Virginia’s state capitol, a city with a long and rich history, and—some might say—Virginia’s biggest small town. There’s a lot to love about living here.

Articles, How-To's, and Tips

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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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.