Known as the "River City," Richmond boasts a rich history dating back to its founding in 1737. The city is home to countless historic sites, cobblestone streets, and quaint neighborhoods.
Over the years, the city has transformed into a town rich in arts, culture, and entrepreneurship, blending its storied past with modern enhancements. Dare we fail to mention that Richmond has also earned a reputation as a culinary hotspot, with a few James Beard head nods!
Finding a place to call home in Richmond might feel daunting when you're on a budget, but the good news is you don't have to toss out your wish list to find a rental that fits your financial goals. Let’s explore some of Richmond’s most affordable neighborhoods. We'll also discover what makes each area special, from its unique character to its local amenities, helping you find the perfect spot to plant your roots without busting your wallet.
Elkhardt
- Average 1-bedroom rent in Richmond: $1,408/month
- Average 1-bedroom rent in Elkhardt: $999/month
- Median Home List Price in Elkhardt: $167,5000
Elkhardt, located in South Richmond, traces its roots to the early to mid-20th century when it was developed as a residential area. Once largely rural, the neighborhood gradually grew and became known for its affordable homes and strong community ties.
Things to do in Elkhardt
Living in Elkhardt puts you minutes away from various museums and plenty of green space. The Virginia Museum of Fine Arts, the city’s crown jewel of museums, has a collection of more than 50,000 works of art—and they’re open 365 days a year. What’s more, general admission is free!
If admiring natural beauty is your preference, the Maymont Mansion provides 100 acres of well-manicured gardens, an animal farm, and a wildlife trail. For an evening on the town, grab a few friends for an adventurous time at the Breakout, an escape room that’s sure to be an engaging experience.
Worthington
- Average 1-bedroom rent in Richmond: $1,408/month
- Average 1-bedroom rent in Worthington: $1001/month
- Median Home List Price in Worthington: $299,000
Worthington is a classic example of Richmond’s mid-20th century suburban growth. Developed during the post-World War II housing boom, Worthington evolved from a sleepy town into an active suburban neighborhood. The community has retained much of its original character, however, with wide streets lined with modest ranch-style houses, mature trees, and neatly maintained yards.
Things to do Worthington
You’ll have easy access to large nearby parks like Broad Rock Sports Complex or Forest Hill Park, offering hiking, biking, and open green space. The neighborhood is also close to a variety of eateries, locally-owned shops, and weekend farmers markets along the Midlothian corridor. Throughout the year, community events—from summer cookouts to holiday parades—give the neighborhood added appeal.
Fairmount
- Average 1-bedroom rent in Richmond: $1,408/month
- Average 1-bedroom rent in Fairmount: $1,153/month
- Median Home List Price in Fairmount: $389,475
Fairmount was developed in the late 1800s as one of Richmond’s early streetcar suburbs. The area’s classic row houses, built primarily between 1890 and 1930, feature beautiful brickwork, Victorian details, and broad front porches, reflecting the architectural trends of that era. Fairmount is currently undergoing a revival driven by restoration efforts and investment in the community.
Things to do in Fairmount
Pack a picnic and take in picturesque views of the James River at Libby Hill Park. It’s also a great place to catch sunsets. Check out the exhibits and take a tour at the Virginia Holocaust Museum, open seven days a week. The Canal Walk, a 1.25-mile stretch along the James River, has restaurants, public art, and riverfront cruises.
Rosedale
- Average 1-bedroom rent in Richmond: $1,408/month
- Average 1-bedroom rent in Rosedale: $1,196/month
- Median Home List Price in Rosedale: $399,725
Rosedale is a charming Northside neighborhood in Richmond with roots that reach back over a century. Its development was closely tied to Richmond’s expanding transit system, which allowed easy access to downtown jobs and attractions.
Many of the original Craftsman bungalows and brick cottages still stand, lining the leafy streets beneath large trees. Architectural styles range from historic homes to mid-century gems, reflecting the neighborhood’s evolving character over the decades.
Things to do in Rosedale
Hop on a bike or take a stroll down Brook Road or Hermitage Road, both of which border the neighborhood and connect to local shops, coffee houses, and bakeries. Lewis Ginter Botanical Garden, one of Richmond’s most popular attractions, is just a short drive away and offers beautiful walking trails, themed gardens, and year-round events such as festivals and live music.
Cedarhurst
- Average 1-bedroom rent in Richmond: $1,408/month
- Average 1-bedroom rent in Cedarhurst: $1,243/month
- Median Home List Price in Cedarhurst: $389,900
Cedarhurst is a small, close-knit neighborhood located in Richmond’s Southside, tracing its formation to the post-World War II era. Developed primarily in the late 1940s and 1950s, Cedarhurst is known for its Cape Cod-style homes, well-kept lawns, welcoming porches, and its strong community spirit. Just 10 minutes from downtown, Cedarhurst is a quaint retreat from the daily grind of the city.
Things to do in Cedarhurst
Cedarhurst’s convenient location offers quick access to Forest Hill Avenue and Hull Street, where you’ll find independent coffee shops, bakeries, and restaurants with international cuisine such as O’Toole’s Restaurant & Pub, a local institution since the 1960s. If you enjoy pickleball, the nearby Broad Rock Sports Complex provides six courts, in addition to walking paths and playgrounds.
Richmond’s neighborhoods each offer their own history, community, and highlights. From the artistic spirit of Fairmount to the inviting streets of Cedarhurst, these areas are full of character and opportunities alike. Whether you value community events, green spaces, or a quiet retreat, there’s something in Richmond for everyone. So what are you waiting for? Start your search for affordable apartments in Richmond now!
*Apartment rent data provided by CoStar Group’s October 2025 reports
