728 N Broadway
LexingtonKY40508
Cheap Apartments for Rent in the Downtown Lexington Neighborhood of Lexington, KY from $500 (40 Rentals)
Search the lowest-cost Apartments available for rent right now in the Downtown Lexington area of Lexington.
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from $7251 to 3 Bedroom Apartments Contact Us For Availability
Rosetown Apartments
320 Elm Tree LnLexington, KY 40508
261 Lyndhurst Pl
LexingtonKY40508
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from $7401 to 2 Bedroom Apartments Contact Us For Availability
Meadowthorpe Landing - Senior Housing
1447 Antique DrLexington, KY 40511
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468 N Limestone
LexingtonKY40508
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from $795Studio Apartments Available Aug 14
Kampus Properties STUDENT HOUSING - 2024-'25
400-418 Aylesford PlLexington, KY 40508
1005 N Broadway
LexingtonKY40505
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.
557 N Limestone
LexingtonKY40508
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from $8501 Bedroom Apartments Contact Us For Availability
Rose Tower Apartments
137 Rose StLexington, KY 40507
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Rent Specials
from $8541 Bedroom Apartments Available Now
Ferrill Square Apartments - 55+ Community
471 Price RdLexington, KY 40508
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from $8701 to 3 Bedroom Apartments Available Now
Davis Park Station - NOW Leasing!
512 De Roode StreetLexington, KY 40508
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from $920Studio to 1 Bedroom Apartments Available Aug 11
The Axis at 1435
1435 Nicholasville RdLexington, KY 40503
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from $935Studio Apartments Available Aug 22
The Studios at Belmont - MAJOR UTILITIES INCL
333 Legion DrLexington, KY 40504
617 Ohio St
LexingtonKY40508
916 N Limestone
LexingtonKY40505
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.
148 York St
LexingtonKY40508
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from $1,0751 to 2 Bedroom Apartments Available Now
Belmont Run Apartments
1232 Man O War PlLexington, KY 40504
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from $1,0951 to 2 Bedroom Apartments Available Jul 20
Trifecta on Red Mile
700 Red Mile RdLexington, KY 40504
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Rent Specials
from $1,0951 to 2 Bedroom Apartments Available Now
The Flats at 345
345 Blackburn AveLexington, KY 40508
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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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1 Bedroom Apartments
Woodland Park Apartments - UTILITIES INCLUDED
184 Old Park AveLexington, KY 40502
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Navigating the Rental Market: Tips for First-Time Renters
Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.
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Downtown Lexington - One of the Best Affordable Neighborhoods in Lexington
Named as one of the Best Affordable Neighborhoods to rent in Lexington by our Local Expert Catrina Cowart. See how it ranks!
Showing Results 1-40, Page 1 of 1
Downtown Lexington, Lexington, KY Local Guide
How much does it cost to rent an apartment in Downtown Lexington?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Downtown Lexington Studio Apartments | $1,366 | $795 | $1,855 |
| Downtown Lexington 1 Bedroom Apartments | $1,276 | $695 | $2,268 |
| Downtown Lexington 2 Bedroom Apartments | $1,744 | $800 | $4,639 |
| Downtown Lexington 3 Bedroom Apartments | $1,943 | $875 | $7,045 |
| Downtown Lexington 4 Bedroom Apartments | $2,810 | $2,450 | $4,000 |
Browse Apartments in this Neighborhood
There are currently 40 rentals with your search options within a 2 mile radius of the Downtown Lexington Neighborhood of Lexington, KY.
See all Apartments in LexingtonExplore Lexington
Downtown Lexington, Lexington, KY Local Guide
- Nearby Lexington neighborhoods
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Cheapest Available Downtown Lexington Apartments for Rent
The cheapest available apartment rental in the Downtown Lexington area of Lexington, KY is a 1 Bed unit found at VELO - Waller Avenue priced from $745. Rose Tower Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $850. Here are the most affordable Downtown Lexington apartments for rent in Lexington, KY:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| VELO - Waller Avenue | NEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO... | 1BR,1BA | $745 |
| Rose Tower Apartments | One Bedroom | 1BR,1BA | $850 |
| Ferrill Square Apartments - 55+ Community | One Bedroom | 1BR,1BA | $854 |
| Davis Park Station - NOW Leasing! | Two Bedroom | 2BR,2BA | $1,033 |
| Belmont Run Apartments | One Bedroom | 1BR,1BA | $1,075 |
| The Flats at 345 | 325 One Bedroom | 1BR,1BA | $1,095 |
| Park Plaza Apartments | Maxwell | Studio,1BA | $1,120 |
| Artek Lofts | 1 Bed, 1 Bath Flat | 1BR,1BA | $1,125 |
| Studios180 - Short/Long Term Leases | Studio | Studio,1BA | $1,195 |
| Preserve Lexington | B2 | 2BR,1BA | $1,644 |
Best Value Apartments for Rent in Downtown Lexington, KY
As of June 16, 2025 the best value apartment in the Downtown Lexington area is the $1.55 price per square foot House Model at MidTown Apartments in the in the Montclair neighborhood starting from $2,450. The second greatest value Downtown Lexington apartment is the 4 x 3 End Unit Model at Burley Properties starting at $2,500 with a $1.83 price per square foot in the Downtown Lexington neighborhood. Here is today’s list of the best values for Downtown Lexington apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| MidTown Apartments | House | 4BR,4BA | $1.55 |
| Burley Properties | 4 x 3 End Unit | 4BR,3BA | $1.83 |
| Davis Park Station - NOW Leasing! | Three Bedroom | 3BR,2BA | $1.09 |
| The Stretch | Two Bedroom | 2BR,2BA | $0.88 |
| Signature | The Secretariat | 2BR,2BA | $1.13 |
| Preserve Lexington | B2 | 2BR,1BA | $1.93 |
| Hub Limestone | 2x1 A | 2BR,1BA | $1.72 |
| Belmont Run Apartments | One Bedroom | 1BR,1BA | $1.56 |
| Ferrill Square Apartments - 55+ Community | One Bedroom | 1BR,1BA | $1.29 |
| Rose Tower Apartments | One Bedroom | 1BR,1BA | $1.89 |
Quick Rent Budget Calculator
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Pet Friendly LifestyleDowntown Lexington, Lexington, KY
Ranked #27
Among neighborhoods in Lexington, KY for Apartment listings with Pet Friendly Amenities
Pet Friendliness Lifestyle Score
4.0Pet Friendly
Best Local Schools in Downtown Lexington, Lexington, KY
School data provided by Great Schools
Lifestyle Ratings
ApartmentHomeLiving brings you our detailed rental search system called 'Lifestyle ratings', composed of rentals in metropolitan areas across the United States, including Lexington. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including rankings of the best places for proximity to parks, luxury amenities, apartment complexes for the kids, raising pets, transit options, and much more. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!
Frequently Asked Questions about Cheap Downtown Lexington Apartments
What is a cheap apartment in Downtown Lexington?
A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Lexington is under $1,644.
What is the price of a cheap apartment in Downtown Lexington?
The cheapest apartment in Downtown Lexington is VELO - Waller Avenue which is listed at $745, while the average apartment in Downtown Lexington costs $3,672.
What types of apartments are the cheapest in Downtown 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 15 regular apartments in Downtown 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 Downtown Lexington?
Cheap apartments in Downtown Lexington have an average cost of $1,076 which is $2,596 cheaper than the average rent for all rentals in Downtown Lexington.
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.
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.
Roommate Matching: Finding the Right Fit and Avoiding Pitfalls
Written by: Cheryl Bowman
A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.
The Art of the Rental Viewing: What to look for during a property tour
Written by: Marie Brown
You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.
Know Your Budget: Calculating What You Can Realistically Afford When Renting
Written by: Lauren Harrington
Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.