Best Affordable Neighborhoods in Richmond, VA
Some of the cheapest neighborhoods in Richmond are Bensley Townhomes, Bensley Village, and Elkhardt. These neighborhoods offer some of the lowest rent prices in Richmond, making them ideal for renters on a budget. As of March 27, 2026, the average rent in Richmond is $1,427, which is 1.1% 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.
Bensley Townhomes
Average Rent
$900/Month
Units Available
36 Rentals
If you’re looking for a great, affordable neighborhood in Richmond, Bensley Townhomes might be the perfect place! It has an average rent price of $900, while the city’s average stands at $1,427. Bensley Townhomes is near John Tyler C.C., Chester, Bensley Park, and Virginia Union University.
Bensley Village
Average Rent
$908/Month
Units Available
38 Rentals
Bensley Village is a top choice for budget-conscious renters for a variety of reasons. The average rent in Bensley Village is $908 while the city average is $1,427. Residents enjoy convenient access to Forest Hill Park, Harry G. Daniel Park at Iron Bridge, and Food Lion Shopping Center.
Elkhardt
Average Rent
$1,073/Month
Year-Over-Year Rent Change
1.3%
Units Available
18 Rentals
When you’re looking for a great Richmond neighborhood on a budget, check out Elkhardt. The average rent is $1,073, compared to the city average of $1,427. Rent prices have increased by 1.3%. Elkhardt is convenient to Goodes Bridge Square, Reynolds C.C., Downtown, and VCU.
Mosby
Average Rent
$1,082/Month
Units Available
10 Rentals
Mosby is an affordable neighborhood in Richmond with an average rent price of $1,082. Compare this to the city average of $1,427. Mosby provides easy access to Chimborazo Park, Virginia Union University, and Richmond Canal.
Reedy Creek
Average Rent
$1,127/Month
Year-Over-Year Rent Change
6.3%
Units Available
11 Rentals
If you’re looking for a great, affordable neighborhood in Richmond, Reedy Creek might be the perfect place! It has an average rent price of $1,127, while the city’s average stands at $1,427. In the last year, prices have increased by 6.3%. Reedy Creek is near Circle Shopping Center, Reynolds C.C., Downtown, and Forest Hill Park.
Worthington
Average Rent
$1,136/Month
Units Available
10 Rentals
Worthington is a top choice for budget-conscious renters for a variety of reasons. The average rent in Worthington is $1,136 while the city average is $1,427. Residents enjoy convenient access to Stonebridge Marketplace, University of Richmond, and Byrd Park.
Fairmount
Average Rent
$1,155/Month
Year-Over-Year Rent Change
3.4%
Units Available
13 Rentals
When you’re looking for a great Richmond neighborhood on a budget, check out Fairmount. The average rent is $1,155, compared to the city average of $1,427. Rent prices have increased by 3.4%. Fairmount is convenient to Richmond International, Monroe Park, and Richmond Canal.
Cedarhurst
Average Rent
$1,181/Month
Year-Over-Year Rent Change
20.6%
Units Available
16 Rentals
Cedarhurst is an affordable neighborhood in Richmond with an average rent price of $1,181. Compare this to the city average of $1,427. In the past year, rent prices have decreased by 20.6%. Cedarhurst provides easy access to Reynolds C.C., Downtown, Virginia Union University, and James River Parks.
Westover Farms
Average Rent
$1,186/Month
Units Available
15 Rentals
If you’re looking for a great, affordable neighborhood in Richmond, Westover Farms might be the perfect place! It has an average rent price of $1,186, while the city’s average stands at $1,427. Westover Farms is near Byrd Park, Richmond International, and Parkway Shopping Center.
Brookbury
Average Rent
$1,196/Month
Units Available
15 Rentals
Brookbury is a top choice for budget-conscious renters for a variety of reasons. The average rent in Brookbury is $1,196 while the city average is $1,427. Residents enjoy convenient access to New Hopkins Center, Chippenham Crossing, and University of Richmond.
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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.