An armrest assembly includes a pivot joint positioned at a first longitudinal end of the armrest assembly. The pivot joint is configured to rotatably couple the armrest assembly to a housing of a vehicle interior component. The armrest assembly also includes an armrest configured to rotate about the pivot joint between a lowered position and a raised position. In addition, the armrest assembly includes an adjustment mechanism positioned at a second longitudinal end of the armrest assembly, opposite the first longitudinal end. The adjustment mechanism is configured to hold the armrest in one of a variety of vertical positions including the lowered position and the raised position.