Cheap Homes for Rent in Richmond, VA from $500 (79 Rentals)

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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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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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Richmond’s Best Affordable Neighborhoods

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

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Richmond, VA Local Guide

Cheapest Neighborhoods for Apartments in Richmond, VA

Pricing Updated: 01/01/2026

Current apartment rentals in the Richmond, VA area range in price from $649 to $5,994 with an overall median price of $2,552. The three Richmond neighborhoods with the lowest median rent pricing are Chestnut Hill at $649, Forest Hill at $800, and Jackson Ward at $800. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Richmond Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Chestnut Hill$1,397$64930
Forest Hill$1,575$800259
Jackson Ward$1,575$80098
Petersburg Chesterfield$1,579$799121
Ginter Park$1,599$84934
Forest Hill Terrace$1,600$715154
Belt Center$1,625$715173
McGuire Manor$1,625$715124
Northrop$1,625$715147
Southwood$1,625$715138

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. Richfield Place Apartments in the Bellevue neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $775. 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
Richfield Place ApartmentsThe Kent2BR,1BA$775
Kingly Ones and Briarwood Court Apartments1 Bedroom1BR,1BA$825
Legacy at Imperial VillageStudioStudio,1BA$835
Falling Creek ApartmentsA11BR,1BA$894
Bloom Apartments II1Bed/1Bath: 456 sq ft1BR,1BA$899
Towers on FranklinHarrisonStudio,1BA$900
Cedarwood Manor1BR/1BA1BR,1BA$922
North Oak ApartmentsOne Bedroom1BR,1BA$965

Best Value Apartments for Rent in Richmond, VA

As of January 01, 2026 the best value apartment in the Richmond area is the $1.10 price per square foot Two Bed Two Bath Model at Broadway Apartments in the in the Downtown Richmond neighborhood starting from $1,496. The second greatest value Richmond apartment is the Three Bedroom 60% AMI Model at South Pointe Landing starting at $1,599 with a $1.23 price per square foot in the Four Mile Run 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$1.10
South Pointe LandingThree Bedroom 60% AMI3BR,1.5BA$1.23
Lofts and Upper Lofts at Canal Walk - Canal I and Canal IICanal 236 1 Bed1BR,1BA$0.97
Cabin Creek Apartments2 Bedroom, 1.5 Bath2BR,1.5BA$1.24
Townsend SquareTownhomes starting at $1050.00- Now Accepting A...2BR,1BA$0.91
Townhouses of Chesterfield IIPine II2BR,1.5BA$0.99
Lofts and Upper Lofts at Canal Walk IIIOne Bedroom1BR,1BA$1.23
27th Townhomes2 Bedroom 1 Bath - 258132BR,1BA$1.16
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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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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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

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Frequently Asked Questions about Richmond

What type of rentals are currently available in Richmond?

There are currently 1482 Apartments for Rent in Richmond, VA with pricing that ranges from $649 to $5,994. There are also 458 Single Family Homes for rent, Condos, and Townhome rentals currently available in Richmond ranging from $559 to $6,450.

What is the current price range for Rental Homes in Richmond?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Richmond ranges from $559 to $6,450 with an average monthly rent of $2,196.

How much are larger Three and Four Bedroom Rentals in Richmond?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Richmond range from $739 to $5,150, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,250 to $4,999. Four Bedroom Single-Family rentals are also available starting from $1,595 and Four Bedroom Apartments start at $649.

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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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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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.