Cheap Apartments for Rent in the Downtown Richmond Neighborhood of Richmond, VA from $500 (154 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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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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property at 1144 W Grace St

1144 W Grace St

RichmondVA23220

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 FranklinGoldStudio,1BA$900
Van de VyverThe ReserveStudio,1BA$998
Eagle Mill Lofts1 bed 1bth1BR,1BA$1,000
The Mezzo LoftsMontage Gallery - StudiosStudio,1BA$1,051
The Stables1 Bedroom 1 Bathroom1BR,1BA$1,055
The Shockoe Collection1 Bed 1 Bath1BR,1BA$1,099
210 E Grace St1bed/1bath1BR,1BA$1,100

Best Value Apartments for Rent in Downtown Richmond, VA

As of December 09, 2025 the best value apartment in the Downtown Richmond area is the $1.34 price per square foot The Overbrook Model at The Westbrook Townhomes at Brewers Row in the in the Bellevue neighborhood starting from $3,707. The second greatest value Downtown Richmond apartment is the Downtown Double Suite Model at The Berkshire starting at $2,700 with a $1.45 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$1.34
The BerkshireDowntown Double Suite2BR,2BA$1.45
Marshall Park4x2 - Priced Per Bedroom4BR,2BA$0.54
2106 Parkwood Ave, Unit 12106 Parkwood Ave2BR,2BA$1.33
Lofts and Upper Lofts at Canal Walk - Canal I and Canal IICanal 236 2 BedsStudio ,1BA$1.25
Eagle Mill Lofts3bed 3bth3BR,3BA$1.44
Raven PlaceB1.12BR,2BA$1.47
209 E Main StUnit 208A2BR,1BA$1.36
Marshall Street Apartments1BR/1.0BA1BR,1BA$1.25
South Arthur1/11BR,1BA$1.41

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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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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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 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 $1,100.

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 $899, while the average apartment in Downtown Richmond costs $2,233.

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 247 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 $555 which is $1,678 cheaper than the average rent for all rentals in Downtown 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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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!