Cheap Apartments for Rent in the Downtown Lexington Neighborhood of Lexington, KY from $400 (73 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 - $950

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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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
  • Verified
  • Customer Reviewed
  • Utilities Included

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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Stonehurst Studios
Studio Apartments

Stonehurst Studios

256 Lyndhurst PlLexington, KY 40508
Student Housing
  • Utilities Included

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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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
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Bluegrass Commons
Studio to 1 Bedroom Apartments

Bluegrass Commons

165 Virginia AveLexington, KY 40508
  • Utilities Included

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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Arlington Lofts
Studio to 1 Bedroom Apartments

Arlington Lofts

1001-1021 N Limestone StLexington, KY 40505
  • Utilities Included
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330 Newtown Apartments
1 to 3 Bedroom Apartments

330 Newtown Apartments

330 Newtown PikeLexington, KY 40508
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Rose Tower Apartments
1 Bedroom Apartments

Rose Tower Apartments

137 Rose StLexington, KY 40507
Corporate Housing
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University Flats
2 to 4 Bedroom Apartments

University Flats

1160 University DrLexington, KY 40526
Student Housing
  • Utilities Included
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524 W Third St
1 Bedroom Apartments

524 W Third St

524 W Third StLexington, KY 40508
  • Utilities Included

The Southern Spirit: Your Guide to Finding the Perfect Area of Lexington to Rent

Discover Lexington's unique balance of lively downtown growth, university energy, and friendly Southern spirit. A local guide to neighborhoods, dining, and outdoor life.

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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. The Oaks at Woodland has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,071. 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
The Oaks at Woodland1 Bed, 1 bath1BR,1BA$1,071
The Axis at 1435One Bedroom Courtyard1BR,1BA$1,115
Artek Lofts1 Bed, 1 Bath Flat1BR,1BA$1,180
Studios180 - Short/Long Term LeasesStudioStudio,1BA$1,195
Studios340 - All Inclusive PricingStudioStudio,1BA$1,255
Preserve LexingtonA11BR,1BA$1,257
Park Plaza ApartmentsMaxwellStudio,1BA$1,279
MidTown ApartmentsLimestone1BR,1BA$1,280
Trifecta on Red Mile - Newly Renovated!Trifecta on Red Mile - Two Bedroom2BR,1BA$1,295

Best Value Apartments for Rent in Downtown Lexington, KY

As of May 27, 2026 the best value apartment in the Downtown Lexington area is the $0.53 price per square foot 525: 4 bed - 4.5 Bath Model at Latitude Lexington in the in the Downtown Lexington neighborhood starting from $774. The second greatest value Downtown Lexington apartment is the 326 E High St Model at 326 E High St, Unit 2 starting at $1,500 with a $1.67 price per square foot in the Northside Historic Residential 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.
Latitude Lexington525: 4 bed - 4.5 Bath4BR,4.5BA$0.53
326 E High St, Unit 2326 E High St3BR,1BA$1.67
Trifecta on Red Mile - Newly Renovated!Trifecta on Red Mile - Two Bedroom2BR,1BA$1.75
The Oaks at Woodland1 Bed, 1 bath1BR,1BA$1.79
Artek Lofts1 Bed, 1 Bath Flat1BR,1BA$2.36
MidTown ApartmentsLimestone1BR,1BA$2.67
Gateway Lofts LexingtonYoungStudio ,1BA$2.94
Preserve LexingtonA11BR,1BA$2.84
The Axis at 1435One Bedroom Courtyard1BR,1BA$2.52
VELO LexingtonFULLY FURNISHED, NEWLY RENOVATED, AFFORDABLE ST...1BR,1BA$3.34

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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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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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 $1,295.

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 $4,097.

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 25 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 $904 which is $3,193 cheaper than the average rent for all rentals in Downtown 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.

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