Best Affordable Neighborhoods in Roanoke, VA
Some of the cheapest neighborhoods in Roanoke are Williamson Road, Belmont, and Hollins. These neighborhoods offer some of the lowest rent prices in Roanoke, making them ideal for renters on a budget. As of April 28, 2026, the average rent in Roanoke is $1,109, which is 1.9% 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
$1,034/Month
Year-Over-Year Rent Change
2.6%
Units Available
14 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out Williamson Road. The average rent is $1,034, compared to the city average of $1,109. Rent prices have increased by 2.6%. Williamson Road is convenient to Roanoke/Blacksburg Regional (Woodrum Field), Wolf Creek Greenway, and Mill Mountain Park and Discovery Center.
Belmont
Average Rent
$1,040/Month
Year-Over-Year Rent Change
0.7%
Units Available
14 Rentals
Belmont is an affordable neighborhood in Roanoke with an average rent price of $1,040. Compare this to the city average of $1,109. In the past year, rent prices have decreased by 0.7%. Belmont provides easy access to Roanoke College, Radford University Carilion, and Wolf Creek Greenway.
Hollins
Average Rent
$1,043/Month
Year-Over-Year Rent Change
4.5%
Units Available
14 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 $1,043, while the city’s average stands at $1,109. In the last year, prices have increased by 4.5%. Hollins is near Virginia Western Comm. Coll., Roanoke/Blacksburg Regional (Woodrum Field), and Wolf Creek Greenway.
Downtown Roanoke City
Average Rent
$1,098/Month
Year-Over-Year Rent Change
0.3%
Units Available
24 Rentals
Downtown Roanoke City is a top choice for budget-conscious renters for a variety of reasons. The average rent in Downtown Roanoke City is $1,098 while the city average is $1,109. This is a 0.3% difference from last year. Residents enjoy convenient access to Roanoke College, Virginia Western Comm. Coll., and Roanoke/Blacksburg Regional (Woodrum Field).
Cave Spring
Average Rent
$1,283/Month
Year-Over-Year Rent Change
2.1%
Units Available
46 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out Cave Spring. The average rent is $1,283, compared to the city average of $1,109. Rent prices have increased by 2.1%. Cave Spring is convenient to Shoppes at West Village, Science Museum of Western Virginia, and Virginia Western Comm. Coll..
Miller Court-Arrowood
Average Rent
$1,295/Month
Year-Over-Year Rent Change
4.7%
Units Available
19 Rentals
Miller Court-Arrowood is an affordable neighborhood in Roanoke with an average rent price of $1,295. Compare this to the city average of $1,109. In the past year, rent prices have increased by 4.7%. Miller Court-Arrowood provides easy access to Roanoke/Blacksburg Regional (Woodrum Field), Mill Mountain Zoo, and Hollins University.
Colonial Avenue Area
Average Rent
$1,350/Month
Year-Over-Year Rent Change
1.1%
Units Available
16 Rentals
If you’re looking for a great, affordable neighborhood in Roanoke, Colonial Avenue Area might be the perfect place! It has an average rent price of $1,350, while the city’s average stands at $1,109. In the last year, prices have increased by 1.1%. Colonial Avenue Area is near Towers Shopping Center, Science Museum of Western Virginia, and Hollins University.
Eastgate
Average Rent
$1,411/Month
Year-Over-Year Rent Change
0.5%
Units Available
10 Rentals
Eastgate is a top choice for budget-conscious renters for a variety of reasons. The average rent in Eastgate is $1,411 while the city average is $1,109. This is a -0.5% difference from last year. Residents enjoy convenient access to Roanoke College, Wolf Creek Greenway, and Ivy Ridge Marketplace.
South Jefferson
Average Rent
$1,523/Month
Year-Over-Year Rent Change
5.5%
Units Available
29 Rentals
When you’re looking for a great Roanoke neighborhood on a budget, check out South Jefferson. The average rent is $1,523, compared to the city average of $1,109. Rent prices have increased by 5.5%. South Jefferson is convenient to Virginia Western Comm. Coll., Science Museum of Western Virginia, and Hollins University.
Walnut Hill
Average Rent
$1,570/Month
Units Available
27 Rentals
Walnut Hill is an affordable neighborhood in Roanoke with an average rent price of $1,570. Compare this to the city average of $1,109. Walnut Hill provides easy access to Hollins University, Virginia Western Comm. Coll., and Science Museum of Western Virginia.
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.