Cheap Homes for Rent in Richmond, VA from $500 (84 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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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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property at 8411 Shannon Rd

$1,200

Studio, 1 Bath Home for Rent

Available Now

8411 Shannon Rd

RichmondVA23236

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, VA Local Guide

Cheapest Neighborhoods for Apartments in Richmond, VA

Pricing Updated: 02/02/2026

Current apartment rentals in the Richmond, VA area range in price from $669 to $6,581 with an overall median price of $2,365. The three Richmond neighborhoods with the lowest median rent pricing are Forest Hill at $800, Jackson Ward at $800, and Belt Center at $715. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Richmond Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Forest Hill$1,544$800240
Jackson Ward$1,577$80094
Belt Center$1,580$715163
McGuire Manor$1,580$715117
Northrop$1,585$715134
Southwood$1,590$715126
Woodhaven$1,603$715169
Forest Hill Terrace$1,614$715139
Petersburg Chesterfield$1,626$69078
Cofer$1,672$715166

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
Towers on FranklinHarrisonStudio,1BA$850
Falling Creek Apartments1 Bedroom1BR,1BA$894
Bloom Apartments II1Bed/1Bath: 456 sq ft1BR,1BA$899
Cedarwood Manor1BR/1BA1BR,1BA$922
Hatcher Tobacco Flats1X11BR,1BA$933
The Residences of Westover Hills1BR 1BA Classic1BR,1BA$935

Best Value Apartments for Rent in Richmond, VA

As of February 02, 2026 the best value apartment in the Richmond area is the $1.06 price per square foot Two Bed Two Bath Model at Broadway Apartments in the in the Downtown Richmond neighborhood starting from $1,446. The second greatest value Richmond apartment is the 3X3 Model at Ascend RVA Student Living starting at $1,190 with a $1.03 price per square foot in the Near West 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$1.06
Ascend RVA Student Living3X33BR,3BA$1.03
Townsend SquareTownhomes starting at $1050.00- Now Accepting A...2BR,1BA$0.91
Highland WoodsTwo Bedroom Townhouse / Phase 22BR,1.5BA$1.26
Townhouses of Chesterfield IIWood II2BR,1.5BA$1.14
27th Townhomes2 Bedroom 1 Bath - 258132BR,1BA$1.16
Highland Terrace Apartments2-Bedroom2BR,2BA$0.96
Creighton Renaissance ApartmentsTwo Bedroom - Townhome2BR,1.5BA$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

All my life

Frequently Asked Questions about Richmond

What type of rentals are currently available in Richmond?

There are currently 1493 Apartments for Rent in Richmond, VA with pricing that ranges from $669 to $6,581. There are also 509 Single Family Homes for rent, Condos, and Townhome rentals currently available in Richmond ranging from $559 to $5,650.

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 $5,650 with an average monthly rent of $2,190.

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 $759 to $6,436, while Three Bedroom Homes, Condos, and Townhomes for rent range from $850 to $4,950. Four Bedroom Single-Family rentals are also available starting from $1,495 and Four Bedroom Apartments start at $669.

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.