Id probably live in either the fan , shockhoe bottom, or out in the west end.
General richmond outlay via asci map
[------------------northside-----------------------]
[west end--------------------fan--vcu----mcv-----]
[-----------------------------------------shockhoe]
[---------------------RIVER-----------------------]
[-----------------SOUTHSIDE----------------------]
West End: The West End of town is pretty much suburbia. Youll be able to find good, reasonably priced housing. The neighborhoods are safe. There will be shopping, food, etc. The downfalls are that your west of school, and youll have to commute. AM/PM commutes are probably around 20-40 minutes, depending on how stupid people are that day, and how much the city decides to dig up any given road.
Shockhoe Bottom: Shockhoe bottom is very close to school. It is located south, and southeast of the school. The past decade has seen this area revitalized. What used to be alot of old buildings and storage facilities have been turned into decent to upscale apartments. Youll be close to good restaurants, nightlife, and most importantly the school. On the downside, some apartments are expensive, and the area really isnt the best after dark. Although Richmond is slowly improving, crime is still certainly an issue. Some people have not had problems , but I can count off multiple people I know who have.
Fan: Last, but certainly not least. The fan is an older neighborhood starting at the west edge of VCU. Most houses in the fan are rowhouses and duplexes. The fan has many bars and great restaurants. The campus connector, a free shuttle , will pick you up at VCU and take you to MCV. It runs about every 15 minutes. If you live further out in the fan , you can hop on a bus and take that into school. The second line in the ascii drawing I made above pretty much parallels broad st. You can catch any number of busses and make it to MCV. There is some $50 or something/semester bus pass you can get. I personally love the fan. You can get a great apartment for cheap. If you willing to live with other people, you can find a 2br from $800 (more crappy) to $1200 (nice). Safety in the fan can sometimes be an issue. Although it is a very nice area (monument st has some VERY nice homes) , crime from surrounding richmond often percolates in. I have seen a resurgence of cops on dirt bikes (reminds me of Mad Max) in the last few months, so maybe they are cracking down. Some areas of the fan closer to vcu are obviously inhabited by vcu students. These tend to get noisy/dirty on the weekends. After living here for a year, and living downtown for a year, I have to say that I could never go back to living downtown. I certainly cannot get to class in 5 minutes like I used to be able to , but the area is simply too cool for me to care.
other places that I cannot really comment on
church hill ( south of mcv/vcu/fan , north of river) : cheaper places to rent , cannot comment outside of that
southside : far from school
northside : ghetto?
in general , Id hop on craigslist and get a good idea of prices and locals.
hope this helps