Cheap Apartments for Rent in Lexington, KY from $400 (200 Rentals)

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

property at 261 Lyndhurst Pl

$589 - $739

Studio To 1 Bedroom Rentals

Available Now

261 Lyndhurst Pl

LexingtonKY40508

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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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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property at 402 Gunn St

$900 - $950

1 Bedroom Rentals

Available Now

402 Gunn St

LexingtonKY40508

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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The Ascent1555
Rent Specials
$925 - $1,345
Total Monthly Price

Total Monthly Price

Base Rent
$925 - $1,345
Total Monthly Price
$925 - $1,345
Studio to 2 Bedroom Apartments Available Now

The Ascent1555

1555 Eastland PkyLexington, KY 40505
Affordability
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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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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: 05/02/2026

Current apartment rentals in the Lexington, KY area range in price from $589 to $7,999 with an overall median price of $2,540. The three Lexington neighborhoods with the lowest median rent pricing are Calumet at $785, Melrose-oak Park at $740, and Meadows - Loudon at $875. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Lexington Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Calumet$1,220$78524
Melrose-oak Park$1,264$74010
Meadows - Loudon$1,274$87517
Ohio Chestnut Street$1,350$69512
Winburn$1,406$73018
Outer East Lexington$1,488$62552
East Lexington$1,525$62588
Shriners$1,573$589173
Ashland Park$1,575$58928
North Broadway/short Street$1,575$58936

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. Caballo Crossing in the Winburn neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $730. Here is today’s list of the most affordable Lexington apartments for rent:

Apartment ListingModel NameBed/BathPriced From
BelleFontaine Apartment Homes0-1Studio,1BA$685
Caballo Crossing1 Bedroom 1 Bath1BR,1BA$730
The Landing at LexLand1.11BR,1BA$745
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
Oxford Circleoxf 1.11BR,1BA$760
Valore at the Baxter1B1B1BR,1BA$799

Best Value Apartments for Rent in Lexington, KY

As of May 03, 2026 the best value apartment in the Lexington area is the $1.03 price per square foot 3 Bedroom 2.5 Bathroom Model at Tates Creek Village in the in the Lansdowne neighborhood starting from $1,550. The second greatest value Lexington apartment is the 3 Bedroom 2.5 Bath Model at The Pines starting at $1,500 with a $1.07 price per square foot in the Boone Creek 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.
Tates Creek Village3 Bedroom 2.5 Bathroom3BR,2.5BA$1.03
The Pines3 Bedroom 2.5 Bath3BR,2.5BA$1.07
Alcove at Russell Cave3 Bedroom 2 Bath3BR,2BA$1.15
Willowbrooke Apartments2 Beds, 2 baths2BR,2BA$1.17
Imperial Pointe2 Bedroom2BR,2BA$1.18
Twenty Two Twenty2 Bedrooms, 1.5 Bathrooms2BR,1.5BA$0.95
Caballo Crossing1 Bedroom 1 Bath1BR,1BA$0.97
The Landing at LexLand1.11BR,1BA$1.10
Preakness ApartmentsP111BR,1BA$1.12
1592 Alexandria Dr1 Beds, 1 Baths1BR,1BA$1.15

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Learn the property manager's true secrets to a zero-deduction move-out. Use this step-by-step guide on documentation, cleaning, and lease-reading to reclaim your security deposit.

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10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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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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See the most popular apartments and homes in Lexington, KY

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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 $799.

What is the price of a cheap apartment in Lexington?

The cheapest apartment in Lexington is Caballo Crossing which is listed at $730, while the average apartment in Lexington costs $2,540.

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 1,572 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 $547 which is $1,993 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.

Articles, How-To's, and Tips

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

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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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

decorative image for Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.