Cheap Apartments for Rent in Lexington, KY from $500 (227 Rentals)

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

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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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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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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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: 09/21/2025

Current apartment rentals in the Lexington, KY area range in price from $725 to $5,500 with an overall median price of $3,419. The three Lexington neighborhoods with the lowest median rent pricing are Tates Creek at $1,175, Calumet at $725, and Ashland at $1,500. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Lexington Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Tates Creek$1,262$1,1752
Calumet$1,325$7253
Ashland$1,500$1,5001
Belleau Woods$1,700$1,1998
Firebrook$1,700$1,7001
Kenne Military Road$1,700$1,7001
Brucetown$1,750$1,2503
Coolavin Park$1,750$1,2506
Liberty Area$1,800$1,3506
Stoney Brook$1,800$1,1995

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. The Dawn Run Apartments in the Eastland Parkway neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $690. Here is today’s list of the most affordable Lexington apartments for rent:

Apartment ListingModel NameBed/BathPriced From
BelleFontaine Apartment Homes0-1Studio,1BA$685
The Dawn Run ApartmentsStudio MDStudio,1BA$690
LongwoodJeffery2BR,2BA$730
The Landing at LexLand1.11BR,1BA$745
VELO - Waller AvenueNEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO...1BR,1BA$745
CedarwoodJonahStudio,1BA$749
1592 Alexandria Dr1 Beds, 1 Baths1BR,1BA$750
Preakness ApartmentsP111BR,1BA$750
Oxford Circleoxf 1.11BR,1BA$760
Twenty Two Twenty2 Bedrooms, 1.5 Bathrooms2BR,1BA$805

Best Value Apartments for Rent in Lexington, KY

As of September 21, 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
Tates Creek Village2 Bedroom 1.5 Bathroom2BR,1.5BA$0.88
The StretchTwo Bedroom2BR,2BA$0.88
Caballo Crossing2 Bedroom 1 Bath2BR,1BA$0.95
Twenty Two Twenty2 Bedrooms, 1.5 Bathrooms2BR,1.5BA$0.95
4044 Expo Ct, Lexington, KY, 40515-4682Covered front porch2BR,1BA$1.09
Park VistaPV1.11BR,1BA$1.12
The Landing at LexLand1.11BR,1BA$1.10
Preakness ApartmentsP111BR,1BA$1.12

Quick Rent Budget Calculator

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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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Lexington, KY Rental Homes Map

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 the Cheapest Studio apartment in Lexington?

Currently the most affordable Cheap Studio Apartment in Lexington is at BelleFontaine Apartment Homes listed at $685.

How much is rent for a Cheap One Bedroom Lexington Apartment?

The lowest price for a Cheap One Bedroom Lexington Apartment is $735 at BelleFontaine Apartment Homes.

What is the lowest price for a Cheap Two Bedroom Lexington Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Lexington is starting from $730 at Longwood.

What is the most affordable Lexington Three Bedroom Apartment?

The best deal on a cheap Lexington Three Bedroom Apartment rental is at Barrel Oaks Apartments and starts from $980.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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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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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.