Cheap Apartments for Rent in Lexington, KY from $500 (243 Rentals)

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property at 1921 Oxford Cir

1921 Oxford Cir

LexingtonKY40504

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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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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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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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

Photo of Trey Huguley - Director, Product Marketing
Written By:
Trey Huguley
Director, Product Marketing

Cheapest Neighborhoods for Apartments in Lexington, KY

Pricing Updated: 12/16/2025

Current apartment rentals in the Lexington, KY area range in price from $595 to $5,699 with an overall median price of $2,619. The three Lexington neighborhoods with the lowest median rent pricing are Melrose-oak Park at $740, Calumet at $750, and Tates Creek at $928. 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$1,145$7409
Calumet$1,220$75014
Tates Creek$1,282$9286
Green Acres$1,325$62523
Joyland$1,325$59546
East Lexington$1,327$59552
Outer East Lexington$1,329$59535
Castlewood$1,345$59565
Meadows - Loudon$1,350$8009
Ohio Chestnut Street$1,350$59514

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 $700. 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$700
LongwoodJeffery2BR,2BA$730
VELO - Waller AvenueNEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO...1BR,1BA$745
CedarwoodJonahStudio,1BA$749
Emerson Center 62+ Senior ApartmentsStudioStudio,1BA$750
Preakness ApartmentsP111BR,1BA$750
Matador North ApartmentsStudioStudio,1BA$800
Twenty Two Twenty2 Bedrooms, 1.5 Bathrooms2BR,1BA$805
Ferrill Square Apartments - 55+ CommunityOne Bedroom1BR,1BA$806

Best Value Apartments for Rent in Lexington, KY

As of December 16, 2025 the best value apartment in the Lexington area is the $1.07 price per square foot 3 Bedroom 2.5 Bath Model at The Pines in the in the Boone Creek neighborhood starting from $1,500. The second greatest value Lexington apartment is the Three Bedroom Model at Georgetown Oaks Apartments starting at $1,465 with a $1.05 price per square foot in the Adena Ridge 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 Pines3 Bedroom 2.5 Bath3BR,2.5BA$1.07
Georgetown Oaks ApartmentsThree Bedroom3BR,2BA$1.05
Richwood Bend - Affordable HousingThree Bedroom3BR,2BA$1.09
Imperial Pointe2 Bedroom2BR,2BA$1.04
Caballo Crossing2 Bedroom 1 Bath2BR,1BA$0.95
The Dawn Run Apartments2x1 SM2BR,1BA$1.08
4044 Expo Ct, Lexington, KY, 40515-4682Covered front porch2BR,1BA$0.97
The Landing at LexLand2.152BR,1.5BA$1.05
Twenty Two Twenty2 Bedrooms, 1.5 Bathrooms2BR,1.5BA$0.95
Double Tree Apartments2 Bedroom Traditional2BR,1BA$1.11

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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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!

Pet Friendly Lifestyle
Lexington, KY

Ranked #3

Among cities in Kentucky for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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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 Apartments Map
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Getting Around Lexington, KY

Walk Score®

58 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

55 / 100

Bikeable

Some bike infrastructure

Transit Score®

38 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Lexington, KY Area Reviews

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

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 $806.

What is the price of a cheap apartment in Lexington?

The cheapest apartment in Lexington is Caballo Crossing which is listed at $700, while the average apartment in Lexington costs $2,619.

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 1,766 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 $658 which is $1,961 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

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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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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!