Cheap Apartments for Rent in Lexington, KY from $400 (210 Rentals)

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Search the lowest-cost Apartments available for rent right now in Lexington.

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Lexington, KY Local Guide

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Written By:
Trey Huguley
Director, Product Marketing

Cheapest Neighborhoods for Apartments in Lexington, KY

Pricing Updated: 06/16/2026

Current apartment rentals in the Lexington, KY area range in price from $525 to $11,743 with an overall median price of $2,366. The three Lexington neighborhoods with the lowest median rent pricing are Melrose-oak Park at $525, Calumet at $785, and Meadows - Loudon at $910. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Lexington Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Melrose-oak Park$1,197$5259
Calumet$1,220$78561
Meadows - Loudon$1,422$91017
Ohio Chestnut Street$1,422$69511
Joyland$1,450$52554
Ashland Park$1,560$74919
East Lexington$1,560$62565
Shriners$1,643$749139
Western Suburbs$1,659$77026
North Broadway/short Street$1,700$69550

Cheapest Available Lexington Apartments for Rent

 

The cheapest available apartment rental in Lexington, KY is a Studio unit found at BelleFontaine Apartment Homes in the Boone Creek neighborhood priced from $685. Courtside Apartments in the Eastland Parkway neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $725. Here is today’s list of the most affordable Lexington apartments for rent:

Apartment ListingModel NameBed/BathPriced From
BelleFontaine Apartment Homes0-1Studio,1BA$685
Courtside Apartments1 Beds, 1 Baths1BR,1BA$725
Caballo Crossing1 Bedroom 1 Bath1BR,1BA$730
VELO LexingtonNEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO...1BR,1BA$745
1592 Alexandria Dr1 Beds, 1 Baths1BR,1BA$750
Preakness ApartmentsP111BR,1BA$750
Emerson Center 62+ Senior ApartmentsStudioStudio,1BA$750
Meadowthorpe Landing - Senior HousingOne Bedroom1BR,1BA$770
Wellington Park ApartmentsOne Bed One Bath1BR,1BA$775
Parkside Apartments1 Bedroom1BR,1BA$785

Best Value Apartments for Rent in Lexington, KY

As of June 17, 2026 the best value apartment in the Lexington area is the $1.16 price per square foot 3 bedroom townhome w garage Model at The Artisan in the in the Georgetown neighborhood starting from $1,924. The second greatest value Lexington apartment is the 525: 4 bed - 4.5 Bath Model at Latitude Lexington starting at $774 with a $0.53 price per square foot in the Downtown Lexington neighborhood. Here is today’s list of the best values for Lexington apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Artisan3 bedroom townhome w garage3BR,2BA$1.16
Latitude Lexington525: 4 bed - 4.5 Bath4BR,4.5BA$0.53
Creeks on KirklevingtonThe Pointe Pleasant2BR,1.5BA$1.16
Willowbrooke Apartments2 Beds, 2 baths2BR,2BA$1.17
2204 Winterberry Dr, Unit Side A2204 Winterberry Dr2BR,1BA$1.11
Twenty Two Twenty2 Bedrooms, 1.5 Bathrooms2BR,1.5BA$0.95
Caballo Crossing1 Bedroom 1 Bath1BR,1BA$0.97
Preakness ApartmentsP111BR,1BA$1.12
Meadowthorpe Landing - Senior HousingOne Bedroom1BR,1BA$1.17
1592 Alexandria Dr1 Beds, 1 Baths1BR,1BA$1.15

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Lexington Overview

Lexington, a vibrant, diverse city, offers its residents a high quality of life in a beautiful setting. The city is one of the oldest in the nation and distinguished itself early on as a destination for thoroughbred horse farms and racing. The city lies in the heart of the Blue Grass region of Kentucky with rolling, verdant hills and a moderate four-season climate. Life in Lexington apartments provides lots of options and conveniences to enjoy this region where employment opportunities are abundant in academia, manufacturing and services. Wages in the region are higher than the national rate, but the cost of housing ranks 26 percent lower than the U.S. average.

Why live in Lexington, KY?

Few cities in the U.S. offer the diversity found in Lexington, from historical significance to a vibrant economic base rooted in higher education, manufacturing, high tech and services. The cost of living in Lexington is lower than the U.S. average, while wages for some jobs tend to be higher - since Kentucky isn’t a right-to-work state. The unemployment rate is typically lower than the national average, while the climate in Lexington offers four distinct seasons without the extremes and outdoor recreation is abundant. The city and surrounding environment offer stunning beauty and recreation, along with the world-class horse racing. All of this and much more make life in apartments in Lexington oamong the best in the country!

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Lexington, KY Rentals by Map

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Lexington, KY Area Reviews

  • Parks
  • Entertainment
  • Local Vibes
  • Restaurants
  • Location
  • Traffic
  • Public Transportation
  • Outdoor Access
  • Cost of Living
  • Safety

Catrina • 4+ years in Lexington

March 15, 2026

Lexington is a great place to live, and depending on which part of the city you choose, it can be good for students, families, private individuals, people who want to be close to shopping, etc. The sky is the limit in Lexington for foodies, and if you enjoy Bourbon, this is the place to be. Traffic is abysmal at certain times of the day (especially inside the circle) but if you can drive outside rush hours, you'll be fine.

Catrina • 4+ years in Lexington

February 25, 2025

Lexington is a great place for people of all types. It is, interestingly, highly bilingual, with many Spanish-speaking residents. Public transportation throughout Lexington is not the best, and the cost of living has skyrocketed in recent years. That being said, it is very safe for a city, and while I've experienced petty theft twice, both times were because I had left my vehicle unlocked at an apartment complex. The outdoor areas are beautiful here, and there are more restaurants than you'd know what to do with. Overall, you get modern amenities with a southern touch.

Frequently Asked Questions about Cheap Lexington Apartments

What is a cheap apartment in Lexington?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Lexington is under $785.

What is the price of a cheap apartment in Lexington?

The cheapest apartment in Lexington is Courtside Apartments which is listed at $725, while the average apartment in Lexington costs $2,366.

What types of apartments are the cheapest in Lexington?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 852 regular apartments in Lexington that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Lexington?

Cheap apartments in Lexington have an average cost of $657 which is $1,709 cheaper than the average rent for all rentals in Lexington.

Expert Rental Resources

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

Helpful Local Expert Guides

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A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Lexington

Written by: Catrina Cowart

Hi, I'm Catrina, your ApartmentHomeLiving.com Local Expert for Lexington, Kentucky, and I'm happy to talk to you about some of the neighborhoods that I've found to be particularly charming in this small city.

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The Ultimate Lexington Student Housing Guide - Top Neighborhoods for Renting Near Major Universities

Written by: Catrina Cowart

I'm Catrina, your ApartmentHomeLiving.

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The Southern Spirit: Your Guide to Finding the Perfect Neighborhood to Rent in Lexington

Written by: Catrina Cowart

Hi, I’m Catrina, your ApartmentHomeLiving.com Local Expert for Lexington, Kentucky. Our team at ApartmentHomeLiving.

Articles, How-To's, and Tips

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.