Most Affordable Neighborhoods in Richmond, VA
Some of the cheapest neighborhoods in Richmond are Blackwell, Upper Shockoe Valley, and Hioaks. These neighborhoods offer some of the lowest rent prices in Richmond, making them ideal for renters on a budget. As of January 26, 2025, the average rent in Richmond is $1,369, which is 0.9% 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
$1,039/Month
Year-Over-Year Rent Change
40.6%
TransitScore® Rating
46/100
Units Available
89 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.
Upper Shockoe Valley
Average Rent
$1,283/Month
Year-Over-Year Rent Change
1.1%
TransitScore® Rating
59/100
Units Available
157 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.
Hioaks
Average Rent
$1,320/Month
Year-Over-Year Rent Change
1.2%
TransitScore® Rating
27/100
Units Available
70 Rentals
If you’re looking for a great, affordable neighborhood in Richmond, Hioaks might be the perfect place! It has an average rent price of $1,320, while the city’s average stands at $1,369. In the last year, prices have decreased by 1.2%. Hioaks is near Virginia Union University, Cloverleaf Shoppes, and Forest Hill Park.
Shockoe Bottom
Average Rent
$1,389/Month
Year-Over-Year Rent Change
2.3%
TransitScore® Rating
55/100
Units Available
414 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
$1,406/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
62/100
Units Available
179 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
0.5%
TransitScore® Rating
0/100
Units Available
568 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.
Old Town Manchester
Average Rent
$1,448/Month
Year-Over-Year Rent Change
1.7%
TransitScore® Rating
45/100
Units Available
834 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
$1,463/Month
Year-Over-Year Rent Change
1.9%
TransitScore® Rating
48/100
Units Available
453 Rentals
Manchester is a top choice for budget-conscious renters for a variety of reasons. The average rent in Manchester is $1,463 while the city average is $1,369. This is a -1.9% difference from last year. Residents enjoy convenient access to Forest Hill Park, Reynolds C.C., Downtown, and James River Parks. The neighborhood is considered walkable with a WalkScore® of 72.
Capitol District
Average Rent
$1,476/Month
Year-Over-Year Rent Change
5.5%
TransitScore® Rating
64/100
Units Available
111 Rentals
When you’re looking for a great Richmond neighborhood on a budget, check out Capitol District. The average rent is $1,476, compared to the city average of $1,369. Rent prices have increased by 5.5%. Capitol District is convenient to Wilton Square at Tobacco Row, Richmond International, and Monroe Park. The community is walkable with a WalkScore® of 90.
Jackson Ward
Average Rent
$1,477/Month
Year-Over-Year Rent Change
4.5%
TransitScore® Rating
62/100
Units Available
77 Rentals
Jackson Ward is a historic neighborhood located to the north of downtown. The area is highly walkable to several bars, restaurants, and shops on Broad Street. Jackson Ward is also near Virginia Commonwealth University, making it a popular location for students and staff.
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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.