Cheap Apartments for Rent in the Downtown Richmond Neighborhood of Richmond, VA from $500 (155 Rentals)

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

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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
  • Verified
  • Customer Reviewed
  • 3D Tour

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

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Coliseum Lofts
$1,092 - $2,813
Total Monthly Price

Total Monthly Price

Base Rent
$1,080 - $2,801
Required Monthly Fees
$12
Total Monthly Price
$1,092 - $2,813
Studio to 3 Bedroom Apartments Available Now

Coliseum Lofts

1335-1387 W Broad StRichmond, VA 23220
Student Housing
  • Verified
  • Customer Reviewed
  • Utilities Included

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The Shockoe Collection
$1,099 - $2,399
Total Monthly Price

Total Monthly Price

Base Rent
$949 - $2,249
Required Monthly Fees
$150
Total Monthly Price
$1,099 - $2,399
1 to 3 Bedroom Apartments Available Now

The Shockoe Collection

104 Shockoe SlipRichmond, VA 23219
Transit Friendly
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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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2 E Broad St
$1,195 - $2,050
Total Monthly Price

Total Monthly Price

Base Rent
$1,195 - $2,050
Total Monthly Price
$1,195 - $2,050
1 to 2 Bedroom Apartments Available Now

2 E Broad St

2 E Broad StRichmond, VA 23219
Affordability
  • Verified
  • Customer Reviewed
  • Utilities Included

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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The Locks
Rent Specials
$1,241 - $2,726
Total Monthly Price

Total Monthly Price

Base Rent
$1,241 - $2,726
Total Monthly Price
$1,241 - $2,726
1 to 2 Bedroom Apartments Available Now

The Locks

311 S 11th StRichmond, VA 23219
Corporate Housing
  • Verified
  • 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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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 Studio unit found at Towers on Franklin priced from $850. Bloom Apartments II has the second lowest priced unit, which is a 1 Bed apartment currently listed from $899. Here are the most affordable Downtown Richmond apartments for rent in Richmond, VA:

Apartment ListingModel NameBed/BathPriced From
Towers on FranklinHarrisonStudio,1BA$850
Bloom Apartments II1Bed/1Bath: 456 sq ft1BR,1BA$899
Van de VyverThe ReserveStudio,1BA$998
Atrium on Broad Apartments1BR/1.0BA1BR,1BA$1,025
Lofts and Upper Lofts at Canal Walk - Canal I and Canal IICanal 236 StudioStudio,1BA$1,053
The Stables1 Bedroom 1 Bathroom1BR,1BA$1,055
Flats at 14th0 Bedroom 1 Bath - 35312Studio,1BA$1,081
Coliseum LoftsE1Studio,1BA$1,092
The Collection of Historic RichmondA3, A4 & A51BR,1BA$1,099

Best Value Apartments for Rent in Downtown Richmond, VA

As of January 30, 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 $3,245. 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
Broadway ApartmentsTwo Bed Two Bath2BR,2BA$1.06
The BerkshireClay1BR,1BA$1.33
Raven PlaceB1.12BR,2BA$1.47
Ascend RVA Student Living3X33BR,3BA$1.03
209 E Main StUnit 208A2BR,1BA$1.36
Park Northside ApartmentsByrd Apartments2BR,1BA$1.51
Atrium on Broad Apartments1BR/1.0BA1BR,1BA$1.44
Lofts and Upper Lofts at Canal Walk - Canal I and Canal IICanal 236 StudioStudio ,1BA$1.50

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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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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Pet Friendly Lifestyle
Downtown Richmond, Richmond, VA

Ranked #11

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 $1,099.

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 $2,200.

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 171 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 $496 which is $1,704 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.

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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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.

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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.