Most Affordable Neighborhoods in Roanoke, VA
Some of the cheapest neighborhoods in Roanoke are Old Southwest, Hollins, and Roanoke Downtown Historic District. These neighborhoods offer some of the lowest rent prices in Roanoke, making them ideal for renters on a budget. As of June 15, 2025, the average rent in Roanoke is $1,078, which is 1.4% 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.
Old Southwest
Average Rent
$1,080/Month
Year-Over-Year Rent Change
0.3%
TransitScore® Rating
45/100
Units Available
21 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out Old Southwest. The average rent is $1,080, compared to the city average of $1,078. Rent prices have increased by 0.3%. Old Southwest is convenient to Mill Mountain Zoo, Roanoke College, and Radford University Carilion. The community is walkable with a WalkScore® of 73.
Hollins
Average Rent
$1,134/Month
Year-Over-Year Rent Change
4.6%
TransitScore® Rating
1/100
Units Available
18 Rentals
Hollins is an affordable neighborhood in Roanoke with an average rent price of $1,134. Compare this to the city average of $1,078. In the past year, rent prices have increased by 4.6%. Hollins provides easy access to Brookside Shopping Center, Roanoke College, and North Market Village. It’s a car-dependent neighborhood with a WalkScore® of 35.
Roanoke Downtown Historic District
Average Rent
$1,194/Month
TransitScore® Rating
52/100
Units Available
17 Rentals
If you’re looking for a great, affordable neighborhood in Roanoke, Roanoke Downtown Historic District might be the perfect place! It has an average rent price of $1,194, while the city’s average stands at $1,078. Roanoke Downtown Historic District is near Towers Shopping Center, Roanoke College, and Radford University Carilion.
Williamson Road
Average Rent
$1,206/Month
Year-Over-Year Rent Change
3.6%
TransitScore® Rating
33/100
Units Available
21 Rentals
Williamson Road is a top choice for budget-conscious renters for a variety of reasons. The average rent in Williamson Road is $1,206 while the city average is $1,078. This is a 3.6% difference from last year. Residents enjoy convenient access to Radford University Carilion, Mill Mountain Park and Discovery Center, and Whiteside Plaza. The neighborhood is considered car-dependent with a WalkScore® of 47.
Downtown Roanoke City
Average Rent
$1,256/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
51/100
Units Available
26 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out Downtown Roanoke City. The average rent is $1,256, compared to the city average of $1,078. Rent prices have increased by 1.6%. Downtown Roanoke City is convenient to Hollins University, Mill Mountain Park and Discovery Center, and Roanoke Ivy Market. The community is walkable with a WalkScore® of 90.
Airport
Average Rent
$1,268/Month
TransitScore® Rating
27/100
Units Available
16 Rentals
Airport is an affordable neighborhood in Roanoke with an average rent price of $1,268. Compare this to the city average of $1,078. Airport provides easy access to Towne Square, Virginia Western Comm. Coll., and Crossroads Mall. It’s a car-dependent neighborhood with a WalkScore® of 39.
City Market Historic District
Average Rent
$1,286/Month
TransitScore® Rating
52/100
Units Available
21 Rentals
If you’re looking for a great, affordable neighborhood in Roanoke, City Market Historic District might be the perfect place! It has an average rent price of $1,286, while the city’s average stands at $1,078. City Market Historic District is near Wolf Creek Greenway, Hollins University, and Science Museum of Western Virginia.
Miller Court-Arrowood
Average Rent
$1,322/Month
Year-Over-Year Rent Change
2.2%
TransitScore® Rating
24/100
Units Available
21 Rentals
Miller Court-Arrowood is a top choice for budget-conscious renters for a variety of reasons. The average rent in Miller Court-Arrowood is $1,322 while the city average is $1,078. This is a 2.2% difference from last year. Residents enjoy convenient access to Hollins University, City Line Square, and Wolf Creek Greenway. The neighborhood is considered car-dependent with a WalkScore® of 33.
Belmont
Average Rent
$1,354/Month
Year-Over-Year Rent Change
3.2%
TransitScore® Rating
45/100
Units Available
12 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out Belmont. The average rent is $1,354, compared to the city average of $1,078. Rent prices have decreased by 3.2%. Belmont is convenient to Roanoke/Blacksburg Regional (Woodrum Field), Mill Mountain Zoo, and Virginia Western Comm. Coll.. The community is walkable with a WalkScore® of 73.
Belmont Historic District
Average Rent
$1,354/Month
TransitScore® Rating
46/100
Units Available
12 Rentals
Belmont Historic District is an affordable neighborhood in Roanoke with an average rent price of $1,354. Compare this to the city average of $1,078. Belmont Historic District provides easy access to Wolf Creek Greenway, Mill Mountain Park and Discovery Center, and Virginia Western Comm. Coll.. It’s a walkable neighborhood with a WalkScore® of 77.
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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.