Cheap Apartments for Rent in the Downtown Richmond Neighborhood of Richmond, VA from $500 (181 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Richmond area of 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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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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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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Downtown Richmond, Richmond, VA Local Guide

Cheapest Available Downtown Richmond Apartments for Rent

 

The cheapest available apartment rental in the Downtown Richmond area of Richmond, VA is a 1 Bed unit found at Bloom Apartments II priced from $899. Towers on Franklin has the second lowest priced unit, which is a Studio apartment currently listed from $900. Here are the most affordable Downtown Richmond apartments for rent in Richmond, VA:

Apartment ListingModel NameBed/BathPriced From
Bloom Apartments II1Bed/1Bath: 456 sq ft1BR,1BA$899
Towers on FranklinHarrisonStudio,1BA$900
Van de VyverThe ReserveStudio,1BA$998
Atrium on Broad Apartments1BR/1.0BA1BR,1BA$1,025
The Stables1 Bedroom 1 Bathroom1BR,1BA$1,055
Iron House Apartments1 Bedroom 1 Bathroom1BR,1BA$1,071
Flats at 14th0 Bedroom 1 Bath - 35345Studio,1BA$1,081
Shockoe CollectionA1 - 1 Bed 1 Bath1BR,1BA$1,099
The Shockoe Collection1 Bed 1 Bath1BR,1BA$1,099

Best Value Apartments for Rent in Downtown Richmond, VA

As of January 19, 2026 the best value apartment in the Downtown Richmond area is the $1.18 price per square foot The Overbrook Model at The Westbrook Townhomes at Brewers Row in the in the Bellevue neighborhood starting from $3,256. The second greatest value Downtown Richmond apartment is the 3BR/3.0BA Model at Park Plaza @ Belvidere starting at $2,905 with a $1.41 price per square foot in the Downtown Richmond neighborhood. Here is today’s list of the best values for Downtown Richmond apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Westbrook Townhomes at Brewers RowThe Overbrook3BR,2.5BA$1.18
Park Plaza @ Belvidere3BR/3.0BA3BR,3BA$1.41
100 N Arthur Ashe Blvd4 Bed, 2 Bath3BR,2BA$1.39
Broadway ApartmentsTwo Bed Two Bath2BR,2BA$1.06
2106 Parkwood Ave, Unit 12106 Parkwood Ave2BR,2BA$1.33
Lofts and Upper Lofts at Canal Walk - Canal I and Canal IICanal 236 1 Bed1BR,1BA$0.99
209 E Main StUnit 208A2BR,1BA$1.36
Lofts and Upper Lofts at Canal Walk IIIOne Bedroom1BR,1BA$1.26
Marshall Street Apartments1BR/1.0BA1BR,1BA$1.25
Atrium on Broad Apartments1BR/1.0BA1BR,1BA$1.44

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

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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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Pet Friendly Lifestyle
Downtown Richmond, Richmond, VA

Ranked #12

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental search system called 'Lifestyle ratings', composed of neighborhoods, cities, and rental properties across Virginia, including Richmond. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including filtering automatically for convenient access to the outdoors, luxury housing options, transit availability, pet-friendly communities, apartment communities for the kids, and other valuable search options. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Richmond Apartments

What is the Cheapest Studio apartment in Downtown Richmond?

Currently the most affordable Cheap Studio Apartment in Downtown Richmond is at Towers on Franklin listed at $900.

How much is rent for a Cheap One Bedroom Downtown Richmond Apartment?

The lowest price for a Cheap One Bedroom Downtown Richmond Apartment is $899 at Bloom Apartments II.

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

Today's best deal for a Cheap Two Bedroom Apartment in Downtown Richmond is starting from $1,203 at District Square Apartments.

What is the most affordable Downtown Richmond Three Bedroom Apartment?

The best deal on a cheap Downtown Richmond Three Bedroom Apartment rental is at Parc View at Commonwealth and starts from $1,250.

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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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.

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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.

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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!