Most Affordable Neighborhoods in Roanoke, VA
Some of the cheapest neighborhoods in Roanoke are Hollins, Downtown Roanoke City, and City Market Historic District. These neighborhoods offer some of the lowest rent prices in Roanoke, making them ideal for renters on a budget. As of October 29, 2025, the average rent in Roanoke is $1,095, 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.
Hollins
Average Rent
$1,090/Month
Year-Over-Year Rent Change
4.9%
TransitScore® Rating
1/100
Units Available
16 Rentals
Hollins is a top choice for budget-conscious renters for a variety of reasons. The average rent in Hollins is $1,090 while the city average is $1,095. This is a 4.9% difference from last year. Residents enjoy convenient access to Science Museum of Western Virginia, Wolf Creek Greenway, and Virginia Western Comm. Coll.. The neighborhood is considered car-dependent with a WalkScore® of 35.
Downtown Roanoke City
Average Rent
$1,145/Month
Year-Over-Year Rent Change
0.5%
TransitScore® Rating
51/100
Units Available
21 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out Downtown Roanoke City. The average rent is $1,145, compared to the city average of $1,095. Rent prices have increased by 0.5%. Downtown Roanoke City is convenient to Virginia Western Comm. Coll., Hollins University, and Wolf Creek Greenway. The community is walkable with a WalkScore® of 90.
City Market Historic District
Average Rent
$1,196/Month
TransitScore® Rating
52/100
Units Available
21 Rentals
City Market Historic District is an affordable neighborhood in Roanoke with an average rent price of $1,196. Compare this to the city average of $1,095. City Market Historic District provides easy access to Mill Mountain Zoo, Roanoke Ivy Market, and Hollins University. It’s a walkable neighborhood with a WalkScore® of 92.
Belmont
Average Rent
$1,217/Month
Year-Over-Year Rent Change
1.7%
TransitScore® Rating
45/100
Units Available
17 Rentals
If you’re looking for a great, affordable neighborhood in Roanoke, Belmont might be the perfect place! It has an average rent price of $1,217, while the city’s average stands at $1,095. In the last year, prices have increased by 1.7%. Belmont is near Roanoke College, Virginia Western Comm. Coll., and Mill Mountain Zoo.
Belmont Historic District
Average Rent
$1,224/Month
TransitScore® Rating
46/100
Units Available
18 Rentals
Belmont Historic District is a top choice for budget-conscious renters for a variety of reasons. The average rent in Belmont Historic District is $1,224 while the city average is $1,095. Residents enjoy convenient access to Roanoke College, Radford University Carilion, and Mill Mountain Park and Discovery Center. The neighborhood is considered walkable with a WalkScore® of 77.
Cave Spring
Average Rent
$1,313/Month
Year-Over-Year Rent Change
0.9%
TransitScore® Rating
1/100
Units Available
35 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out Cave Spring. The average rent is $1,313, compared to the city average of $1,095. Rent prices have increased by 0.9%. Cave Spring is convenient to Wolf Creek Greenway, Mill Mountain Park and Discovery Center, and Science Museum of Western Virginia. The community is car-dependent with a WalkScore® of 48.
South Jefferson
Average Rent
$1,409/Month
Year-Over-Year Rent Change
2.5%
TransitScore® Rating
38/100
Units Available
24 Rentals
South Jefferson is an affordable neighborhood in Roanoke with an average rent price of $1,409. Compare this to the city average of $1,095. In the past year, rent prices have increased by 2.5%. South Jefferson provides easy access to Mill Mountain Zoo, Wolf Creek Greenway, and Mill Mountain Park and Discovery Center. It’s a somewhat walkable neighborhood with a WalkScore® of 58.
Walnut Hill
Average Rent
$1,409/Month
TransitScore® Rating
34/100
Units Available
24 Rentals
If you’re looking for a great, affordable neighborhood in Roanoke, Walnut Hill might be the perfect place! It has an average rent price of $1,409, while the city’s average stands at $1,095. Walnut Hill is near Roanoke/Blacksburg Regional (Woodrum Field), Mill Mountain Zoo, and Wolf Creek Greenway.
Miller Court-Arrowood
Average Rent
$1,411/Month
Year-Over-Year Rent Change
3.8%
TransitScore® Rating
24/100
Units Available
32 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 $1,411 while the city average is $1,095. This is a 3.8% difference from last year. Residents enjoy convenient access to North Roanoke Plaza, Roanoke Plaza, and City Line Square. The neighborhood is considered car-dependent with a WalkScore® of 33.
Colonial Avenue Area
Average Rent
$1,414/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
30/100
Units Available
13 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out Colonial Avenue Area. The average rent is $1,414, compared to the city average of $1,095. Rent prices have increased by 1.6%. Colonial Avenue Area is convenient to Hollins University, Mill Mountain Park and Discovery Center, and Towers Shopping Center. The community is somewhat walkable with a WalkScore® of 61.
Ready to make your move to Roanoke? Check out the rent specials, price drops, and great deals on ApartmentFinder.com!
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.