Cheapest Neighborhoods in Roanoke, VA
Some of the cheapest neighborhoods in Roanoke are Williamson Road, Old Southwest, and Downtown Roanoke City. These neighborhoods offer some of the lowest rent prices in Roanoke, making them ideal for renters on a budget. As of September 11, 2026, the average rent in Roanoke is $1,116, which is 1.6% 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.
Williamson Road
Average Rent
$999/Month
Year-Over-Year Rent Change
0.6%
Units Available
18 Rentals
Williamson Road is a top choice for budget-conscious renters for a variety of reasons. The average rent in Williamson Road is $999 while the city average is $1,116. This is a -0.6% difference from last year. Residents enjoy convenient access to Science Museum of Western Virginia, Whiteside Plaza, and Virginia Western Comm. Coll..
Old Southwest
Average Rent
$1,035/Month
Year-Over-Year Rent Change
1.9%
Units Available
12 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out Old Southwest. The average rent is $1,035, compared to the city average of $1,116. Rent prices have increased by 1.9%. Old Southwest is convenient to Science Museum of Western Virginia, Roanoke/Blacksburg Regional (Woodrum Field), and 2155-2177 Bennington St SE.
Downtown Roanoke City
Average Rent
$1,237/Month
Year-Over-Year Rent Change
2%
Units Available
25 Rentals
Downtown Roanoke City is an affordable neighborhood in Roanoke with an average rent price of $1,237. Compare this to the city average of $1,116. In the past year, rent prices have increased by 2%. Downtown Roanoke City provides easy access to Wolf Creek Greenway, Mill Mountain Zoo, and Hollins University.
Hollins
Average Rent
$1,247/Month
Year-Over-Year Rent Change
1.6%
Units Available
22 Rentals
If you’re looking for a great, affordable neighborhood in Roanoke, Hollins might be the perfect place! It has an average rent price of $1,247, while the city’s average stands at $1,116. In the last year, prices have decreased by 1.6%. Hollins is near Hollins University, Roanoke/Blacksburg Regional (Woodrum Field), and Roanoke College.
Cave Spring
Average Rent
$1,287/Month
Year-Over-Year Rent Change
1%
Units Available
33 Rentals
Cave Spring is a top choice for budget-conscious renters for a variety of reasons. The average rent in Cave Spring is $1,287 while the city average is $1,116. This is a 1% difference from last year. Residents enjoy convenient access to Virginia Western Comm. Coll., Radford University Carilion, and Roanoke College.
South Jefferson
Average Rent
$1,307/Month
Year-Over-Year Rent Change
1.2%
Units Available
17 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out South Jefferson. The average rent is $1,307, compared to the city average of $1,116. Rent prices have increased by 1.2%. South Jefferson is convenient to Science Museum of Western Virginia, Mill Mountain Park and Discovery Center, and Mill Mountain Zoo.
Belmont
Average Rent
$1,323/Month
Year-Over-Year Rent Change
6.3%
Units Available
12 Rentals
Belmont is an affordable neighborhood in Roanoke with an average rent price of $1,323. Compare this to the city average of $1,116. In the past year, rent prices have decreased by 6.3%. Belmont provides easy access to Radford University Carilion, Virginia Western Comm. Coll., and 2155-2177 Bennington St SE.
Walnut Hill
Average Rent
$1,340/Month
Units Available
16 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 $1,340, while the city’s average stands at $1,116. Walnut Hill is near Roanoke/Blacksburg Regional (Woodrum Field), Roanoke College, and Science Museum of Western Virginia.
Colonial Avenue Area
Average Rent
$1,354/Month
Year-Over-Year Rent Change
0.6%
Units Available
12 Rentals
Colonial Avenue Area is a top choice for budget-conscious renters for a variety of reasons. The average rent in Colonial Avenue Area is $1,354 while the city average is $1,116. This is a 0.6% difference from last year. Residents enjoy convenient access to Virginia Western Comm. Coll., Radford University Carilion, and Science Museum of Western Virginia.
Miller Court-Arrowood
Average Rent
$1,377/Month
Year-Over-Year Rent Change
5.1%
Units Available
24 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out Miller Court-Arrowood. The average rent is $1,377, compared to the city average of $1,116. Rent prices have increased by 5.1%. Miller Court-Arrowood is convenient to Wolf Creek Greenway, Mill Mountain Zoo, and Roanoke/Blacksburg Regional (Woodrum Field).
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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.