Most Affordable Neighborhoods in Richmond, VA
Some of the cheapest neighborhoods in Richmond are Blackwell, Hioaks, and Upper Shockoe Valley. These neighborhoods offer some of the lowest rent prices in Richmond, making them ideal for renters on a budget. As of November 25, 2024, the average rent in Richmond is $1,364, which is 2.5% higher than last year. However, it's important to remember that rental prices can vary significantly based on factors such as location, amenities, and floor plans.
Blackwell
Average Rent
$1,041/Month
Year-Over-Year Rent Change
56%
TransitScore® Rating
46/100
Units Available
87 Rentals
Blackwell is a historic suburb of Richmond, perfect for budget-conscious renters. The area's tree-lined streets, easy access to I-95, and a slew of museums make it a top choice for residents.
Hioaks
Average Rent
$1,246/Month
Year-Over-Year Rent Change
2.6%
TransitScore® Rating
27/100
Units Available
76 Rentals
Hioaks is an affordable neighborhood in Richmond with an average rent price of $1,246. Compare this to the city average of $1,364. In the past year, rent prices have increased by 2.6%. Hioaks provides easy access to Jahnke Convenience Center, Virginia Union University, and Reynolds C.C., Downtown. It’s a car-dependent neighborhood with a WalkScore® of 32.
Upper Shockoe Valley
Average Rent
$1,267/Month
Year-Over-Year Rent Change
3.7%
TransitScore® Rating
59/100
Units Available
124 Rentals
Upper Shockoe Valley is one of Richmond, Virginia's oldest neighborhoods but remains a favorite spot for residents. The area is close to Downtown Richmond and is within walking distance of city attractions like the Richmond Coliseum and the Dominion Arts Center. 18th Street offers a variety of shops and restaurants.
Church Hill
Average Rent
$1,319/Month
Year-Over-Year Rent Change
1.2%
TransitScore® Rating
51/100
Units Available
78 Rentals
If you’re looking for a great, affordable neighborhood in Richmond, Church Hill might be the perfect place! It has an average rent price of $1,319, while the city’s average stands at $1,364. In the last year, prices have increased by 1.2%. Church Hill is near Eastlawn Shopping Center, James River Parks, and Maggie L Walker National Historic Site.
Shockoe Bottom
Average Rent
$1,381/Month
Year-Over-Year Rent Change
3%
TransitScore® Rating
55/100
Units Available
348 Rentals
Shockoe Bottom is a historic neighborhood just east of downtown Richmond. Modern lofts, renovated apartments, and historic single-family homes border the James River. Convenient shopping and dining options nearby enhance the living experience.
Monroe Ward
Average Rent
$1,405/Month
Year-Over-Year Rent Change
1.5%
TransitScore® Rating
62/100
Units Available
147 Rentals
Monroe Ward in Richmond has readily available public transportation through the Greater Richmond Transit Company, making commuting straightforward for residents. Proximity to parks and shopping centers further enhances convenience and livability.
East End
Average Rent
$1,412/Month
Year-Over-Year Rent Change
3.5%
TransitScore® Rating
49/100
Units Available
471 Rentals
East End offers a range of cheap apartments for those seeking budget-friendly living. The neighborhood is home to several parks and recreational areas, perfect for active lifestyles.
The Fan
Average Rent
$1,438/Month
Year-Over-Year Rent Change
1.4%
TransitScore® Rating
49/100
Units Available
76 Rentals
The Fan is a top choice for budget-conscious renters for a variety of reasons. The average rent in The Fan is $1,438 while the city average is $1,364. This is a 1.4% difference from last year. Residents enjoy convenient access to Monroe Park, University of Richmond, and Gate Street Plaza. The neighborhood is considered walkable with a WalkScore® of 94.
Old Town Manchester
Average Rent
$1,473/Month
Year-Over-Year Rent Change
1.9%
TransitScore® Rating
45/100
Units Available
832 Rentals
Old Town Manchester is just across the river from Downtown Richmond. Residents enjoy beautiful views of the city and easy access to restaurants, offices, and shops. This neighborhood provides renters with small-town charm and big-city conveniences.
Manchester
Average Rent
$1,510/Month
Year-Over-Year Rent Change
1.7%
TransitScore® Rating
48/100
Units Available
515 Rentals
When you’re looking for a great Richmond neighborhood on a budget, check out Manchester. The average rent is $1,510, compared to the city average of $1,364. Rent prices have decreased by 1.7%. Manchester is convenient to Forest Hill Park, Wilton Square at Tobacco Row, and University of Richmond. The community is walkable with a WalkScore® of 72.
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Methodology
Transit Score measures access to public transit. Scores range from 0 (minimal transit) to 100 (rider’s paradise). Learn more about the Transit Score methodology. Rental data is sourced from CoStar Group’s Market Trend reports. As a leading authority in commercial real estate information, analytics, and news, CoStar performs in-depth research to build and sustain an extensive database of commercial real estate insights.
We've combined this data with public records to provide the most current rental information available.