Cheap Apartments for Rent in the Downtown Lexington Neighborhood of Lexington, KY from $400 (80 Rentals)

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

property at 402 Gunn St

$900 - $1,025

1 Bedroom Rentals

Available Now

402 Gunn St

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

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property at 123 Montmullin St

$1,100

Total Monthly Price

Total Monthly Price

Base Rent
$1,100
Total Monthly Price
$1,100

1 Bedroom, 1 Bath Home for Rent

Available Jul 1

123 Montmullin St

LexingtonKY40508

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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Park Plaza Apartments
$1,279 - $3,695
Total Monthly Price

Total Monthly Price

Base Rent
$1,279 - $3,695
Total Monthly Price
$1,279 - $3,695
Studio to 2 Bedroom Apartments Available Now

Park Plaza Apartments

120 E Main StLexington, KY 40507
Family Friendly
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  • Customer Reviewed
  • Utilities Included

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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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Stonehurst Studios
Studio Apartments

Stonehurst Studios

256 Lyndhurst PlLexington, KY 40508
Student Housing
  • Utilities Included
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Kampus Terraces
Studio Apartments

Kampus Terraces

317 Transylvania ParkLexington, KY 40508
Student Housing
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1356 Royalty Ct
1 to 2 Bedroom Apartments

1356 Royalty Ct

1356 Royalty CtLexington, KY 40504
  • Utilities Included
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Kampus Heights
Studio Apartments

Kampus Heights

350 Linden WalkLexington, KY 40508
Student Housing
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426 E High St
1 Bedroom Apartments

426 E High St

426 E High StLexington, KY 40507
Student Housing
  • Utilities Included
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Medical View Properties
1 to 2 Bedroom Apartments

Medical View Properties

805 Press AveLexington, KY 40508
Student Housing
  • Utilities Included

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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Downtown Lexington, Lexington, KY Local Guide

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 Lexington priced from $745. Ferrill Square Apartments - 55+ Community has the second lowest priced unit, which is a 1 Bed apartment currently listed from $806. Here are the most affordable Downtown Lexington apartments for rent in Lexington, KY:

Apartment ListingModel NameBed/BathPriced From
VELO LexingtonNEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO...1BR,1BA$745
Ferrill Square Apartments - 55+ CommunityOne Bedroom1BR,1BA$806
The Studios at Belmont - MAJOR UTILITIES INCLStudioStudio,1BA$895
Preserve LexingtonA11BR,1BA$999
The Oaks at Woodland1 Bed, 1 bath1BR,1BA$1,071
Trifecta on Red Mile - Newly Renovated!Trifecta on Red Mile - One Bedroom1BR,1BA$1,095
The Axis at 1435One Bedroom Courtyard1BR,1BA$1,115
Hub Lexington Upper4x2 Mansion4BR,2BA$1,115

Best Value Apartments for Rent in Downtown Lexington, KY

As of April 12, 2026 the best value apartment in the Downtown Lexington area is the $1.13 price per square foot 1324 Fontaine Rd Model at 1324 Fontaine Rd, Unit 1324 Fontaine Road in the in the Montclair neighborhood starting from $1,750. The second greatest value Downtown Lexington apartment is the 525: 1 Bed - 1 Bath Model at Latitude Lexington starting at $1,419 with a $1.75 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 ListingModel NameBed/BathPrice Per Sq.Ft.
1324 Fontaine Rd, Unit 1324 Fontaine Road1324 Fontaine Rd2BR,1BA$1.13
Latitude Lexington525: 1 Bed - 1 Bath1BR,1BA$1.75
Hub Lexington Upper2x2 VIP2BR,2BA$1.85
260 Lexington Avenue1BR/1.0BA1BR,1BA$1.94
Trifecta on Red Mile - Newly Renovated!Trifecta on Red Mile - Two Bedroom2BR,1BA$1.75
Ferrill Square Apartments - 55+ CommunityOne Bedroom1BR,1BA$1.22
444 S Ashland Ave, Unit B-07444 S Ashland Ave1BR,1BA$1.50
The Oaks at Woodland1 Bed, 1 bath1BR,1BA$1.79
400 S Ashland Ave, Unit #1400 S Ashland AveStudio ,1BA$1.80
Preserve LexingtonA21BR,1BA$2.33

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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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 $1,115.

What is the price of a cheap apartment in Downtown Lexington?

The cheapest apartment in Downtown Lexington is VELO Lexington which is listed at $745, while the average apartment in Downtown Lexington costs $4,272.

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 39 regular apartments in Downtown Lexington that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

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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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.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.