Most Affordable Neighborhoods in Richmond, VA
Some of the cheapest neighborhoods in Richmond are Bensley Townhomes, Chimney Corner, and Bensley Village. These neighborhoods offer some of the lowest rent prices in Richmond, making them ideal for renters on a budget. As of June 14, 2025, the average rent in Richmond is $1,405, 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
$976/Month
TransitScore® Rating
0/100
Units Available
10 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 $976, while the city’s average stands at $1,405. Bensley Townhomes is near Reynolds C.C., Downtown, John Tyler C.C., Chester, and Meadowdale Plaza.
Chimney Corner
Average Rent
$1,019/Month
TransitScore® Rating
0/100
Units Available
15 Rentals
Chimney Corner is a top choice for budget-conscious renters for a variety of reasons. The average rent in Chimney Corner is $1,019 while the city average is $1,405. Residents enjoy convenient access to Goyne Park, Meadowdale Plaza, and Bensley Park. The neighborhood is considered car-dependent with a WalkScore® of 22.
Bensley Village
Average Rent
$1,054/Month
TransitScore® Rating
0/100
Units Available
17 Rentals
When you’re looking for a great Richmond neighborhood on a budget, check out Bensley Village. The average rent is $1,054, compared to the city average of $1,405. Bensley Village is convenient to Richmond National Battlefield Park, Virginia Union University, and Meadowdale Plaza. The community is car-dependent with a WalkScore® of 21.
Shady Hill
Average Rent
$1,086/Month
TransitScore® Rating
0/100
Units Available
11 Rentals
Shady Hill is an affordable neighborhood in Richmond with an average rent price of $1,086. Compare this to the city average of $1,405. Shady Hill provides easy access to Harry G. Daniel Park at Iron Bridge, Richmond International, and Richmond National Battlefield Park. It’s a car-dependent neighborhood with a WalkScore® of 22.
Chimborazo
Average Rent
$1,096/Month
Year-Over-Year Rent Change
0.1%
TransitScore® Rating
44/100
Units Available
13 Rentals
If you’re looking for a great, affordable neighborhood in Richmond, Chimborazo might be the perfect place! It has an average rent price of $1,096, while the city’s average stands at $1,405. In the last year, prices have increased by 0.1%. Chimborazo is near Chimborazo Park, James River Parks, and VCU.
Elkhardt
Average Rent
$1,110/Month
Year-Over-Year Rent Change
2.3%
TransitScore® Rating
26/100
Units Available
29 Rentals
Elkhardt is a top choice for budget-conscious renters for a variety of reasons. The average rent in Elkhardt is $1,110 while the city average is $1,405. This is a -2.3% difference from last year. Residents enjoy convenient access to Byrd Park, Rockwood Park, and 360 West Shopping Center. The neighborhood is considered car-dependent with a WalkScore® of 33.
Fairmount
Average Rent
$1,121/Month
Year-Over-Year Rent Change
0.8%
TransitScore® Rating
43/100
Units Available
13 Rentals
When you’re looking for a great Richmond neighborhood on a budget, check out Fairmount. The average rent is $1,121, compared to the city average of $1,405. Rent prices have increased by 0.8%. Fairmount is convenient to Eastlawn Shopping Center, Richmond International, and Chimborazo Park. The community is walkable with a WalkScore® of 72.
Church Hill North
Average Rent
$1,134/Month
Year-Over-Year Rent Change
1.1%
TransitScore® Rating
42/100
Units Available
24 Rentals
Church Hill North is an affordable neighborhood in Richmond with an average rent price of $1,134. Compare this to the city average of $1,405. In the past year, rent prices have increased by 1.1%. Church Hill North provides easy access to Eastlawn Shopping Center, Richmond Canal, and Virginia Union University. It’s a walkable neighborhood with a WalkScore® of 73.
Mosby
Average Rent
$1,150/Month
TransitScore® Rating
43/100
Units Available
11 Rentals
If you’re looking for a great, affordable neighborhood in Richmond, Mosby might be the perfect place! It has an average rent price of $1,150, while the city’s average stands at $1,405. Mosby is near Reynolds C.C., Downtown, VCU, and Eastlawn Shopping Center.
Woodville
Average Rent
$1,155/Month
TransitScore® Rating
39/100
Units Available
13 Rentals
Woodville is a top choice for budget-conscious renters for a variety of reasons. The average rent in Woodville is $1,155 while the city average is $1,405. Residents enjoy convenient access to Wilton Square at Tobacco Row, Reynolds C.C., Downtown, and Virginia Union University. The neighborhood is considered somewhat walkable with a WalkScore® of 67.
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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.