Cheap Apartments for Rent in Lexington, KY from $400 (211 Rentals)

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

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Cedarwood
$749 - $1,199
Total Monthly Price

Total Monthly Price

Base Rent
$704 - $1,154
Required Monthly Fees
$45
Total Monthly Price
$749 - $1,199
Studio to 2 Bedroom Apartments Available Now

Cedarwood

180 Codell DrLexington, KY 40509
Senior Living
  • Verified
  • Utilities Included
  • 3D Tour
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Prime Hamburg Apartments
$750 - $1,110
Total Monthly Price

Total Monthly Price

Base Rent
$598 - $958
Required Monthly Fees
$152
Total Monthly Price
$750 - $1,110
Studio to 2 Bedroom Apartments Available Now

Prime Hamburg Apartments

1740-1760 Jennifer RdLexington, KY 40505
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

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property at 402 Gunn St

$900 - $1,025

1 Bedroom Rentals

Available Now

402 Gunn St

LexingtonKY40508
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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 Apr 10

The Ascent1555

1555 Eastland PkyLexington, KY 40505
Affordability
  • Verified
  • Customer Reviewed
  • Utilities Included

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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: 04/02/2026

Current apartment rentals in the Lexington, KY area range in price from $525 to $7,999 with an overall median price of $2,657. The three Lexington neighborhoods with the lowest median rent pricing are Meadows - Loudon at $750, Calumet at $620, and Melrose-oak Park at $525. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Lexington Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Meadows - Loudon$1,195$75020
Calumet$1,220$62014
Melrose-oak Park$1,229$52511
Ohio Chestnut Street$1,345$80014
Outer East Lexington$1,419$62562
Bryan Station$1,488$62563
Shriners$1,553$749169
East Lexington$1,575$625103
North Broadway/short Street$1,606$73941
Joyland$1,769$52572

Cheapest Available Lexington Apartments for Rent

 

The cheapest available apartment rental in Lexington, KY is a 1 Bed unit found at 1901 Apartment Homes in the Beaumont Residential neighborhood priced from $620. The Dawn Run Apartments in the Eastland Parkway neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $625. Here is today’s list of the most affordable Lexington apartments for rent:

Apartment ListingModel NameBed/BathPriced From
1901 Apartment Homes2 Bedroom, 1 Bathroom1BR,1BA$620
The Dawn Run ApartmentsStudio SMStudio,1BA$625
BelleFontaine Apartment Homes0-1Studio,1BA$685
Caballo Crossing1 Bedroom 1 Bath1BR,1BA$700
LongwoodJeffery2BR,2BA$730
The Landing at LexLand1.11BR,1BA$745
VELO LexingtonNEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO...1BR,1BA$745
CedarwoodJonahStudio,1BA$749
Prime Hamburg ApartmentsStudioStudio,1BA$750
Preakness ApartmentsP111BR,1BA$750

Best Value Apartments for Rent in Lexington, KY

As of April 03, 2026 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 Guadalupe Model at Saddle Run Townhomes starting at $1,135 with a $1.06 price per square foot in the The Meadows At Brannon Crossing 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
Saddle Run TownhomesGuadalupe2BR,1.5BA$1.06
Elk River2B2B2BR,2BA$0.97
Caballo Crossing2 Bedroom 1 Bath2BR,1BA$0.95
2204 Winterberry Dr, Unit Side A2204 Winterberry Dr2BR,1BA$1.11
Twenty Two Twenty2 Bedrooms, 1.5 Bathrooms2BR,1.5BA$0.95
1901 Apartment Homes2 Bedroom, 1 Bathroom1BR,1BA$0.83
Park VistaPV1.11BR,1BA$1.12
The Landing at LexLand1.11BR,1BA$1.10
Preakness ApartmentsP111BR,1BA$1.12

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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!

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

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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 $750.

What is the price of a cheap apartment in Lexington?

The cheapest apartment in Lexington is 1901 Apartment Homes which is listed at $620, while the average apartment in Lexington costs $2,657.

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 1,740 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 $2,000 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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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

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Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.