Cheap Apartments for Rent in the Downtown Richmond Neighborhood of Richmond, VA from $500 (177 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

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.

Read Article

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.

Read Article

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.

Read Article

Richmond’s Best Affordable Neighborhoods

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

Read Article

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

Read Article
Showing Results 1-50, Page 1 of 4

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 $849. Eagle Mill Lofts has the second lowest priced unit, which is a 2 Beds apartment currently listed from $950. Here are the most affordable Downtown Richmond apartments for rent in Richmond, VA:

Apartment ListingModel NameBed/BathPriced From
Bloom Apartments II1Bed/1Bath: 463 sq ft1BR,1BA$849
Eagle Mill Lofts2bed 1bth2BR,1BA$950
The Foundry ApartmentsOne Bedroom1BR,1BA$1,013
Coliseum LoftsE2.2Studio,1BA$1,049
Iron House Apartments1 Bedroom 1 Bathroom1BR,1BA$1,085
Towers on FranklinCary1BR,1BA$1,092
The Edison ApartmentsSXFStudio,1BA$1,095
210 E Grace St1bed/1bath1BR,1BA$1,100
The Corner Lofts - 1321 E. Main St.1BR/1.0BA1BR,1BA$1,122
T and E Apartments0 Bed 1 BathStudio,1BA$1,130

Best Value Apartments for Rent in Downtown Richmond, VA

As of June 21, 2025 the best value apartment in the Downtown Richmond area is the $1.47 price per square foot The Overbrook Model at The Westbrook Townhomes at Brewers Row in the in the Bellevue neighborhood starting from $4,050. The second greatest value Downtown Richmond apartment is the 308 E Leigh St Model at 308 E Leigh St, Unit 1 starting at $2,450 with a $1.35 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$1.47
308 E Leigh St, Unit 1308 E Leigh St3BR,2BA$1.35
1714 W Cary St, Unit 41714 W Cary St2BR,2.5BA$1.63
Marshall Park4x2 - Priced Per Bedroom4BR,2BA$0.51
Park Plaza @ Belvidere2BR/2.0BA2BR,2BA$1.34
Marshall Street Apartments2BR/2.0BA2BR,2BA$1.22
Raven PlaceB1.12BR,2BA$1.47
The BerkshireHenry1BR,1BA$1.51
Iron House Apartments1 Bedroom 1 Bathroom1BR,1BA$1.64
The Foundry ApartmentsOne Bedroom1BR,1BA$1.61

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.

decorative image of people with a giant lease agreement

Pet Friendly Lifestyle
Downtown Richmond, Richmond, VA

Ranked #12

Among neighborhoods in Richmond, VA for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

decorative image of woman handing cat to small boy

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 a cheap apartment in Downtown Richmond?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Richmond is under $1,130.

What is the price of a cheap apartment in Downtown Richmond?

The cheapest apartment in Downtown Richmond is Bloom Apartments II which is listed at $849, while the average apartment in Downtown Richmond costs $2,378.

What types of apartments are the cheapest in Downtown 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 156 regular apartments in Downtown 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 Downtown Richmond?

Cheap apartments in Downtown Richmond have an average cost of $398 which is $1,980 cheaper than the average rent for all rentals in Downtown 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.

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

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.

decorative image for Roommate Matching: Finding the Right Fit and Avoiding Pitfalls article

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.

decorative image for The Art of the Rental Viewing: What to look for during a property tour article

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.

decorative image for Know Your Budget: Calculating What You Can Realistically Afford When Renting article

Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.