Cheap Apartments for Rent in the Downtown Lexington Neighborhood of Lexington, KY from $495 (78 Rentals)

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

Horses, Hoops, and a Short Commute: Renting Near Lexington's Top Employers

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Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Park Plaza Apartments
$1,299 - $3,695
Total Monthly Price

Total Monthly Price

Base Rent
$1,299 - $3,695
Total Monthly Price
$1,299 - $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

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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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

Lexington's Best Affordable Neighborhoods

Learn about Lexington and the best places to live with original content written by our Local Expert Catrina Cowart

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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
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Imperial
1 to 3 Bedroom Apartments

Imperial

115 W Loudon AveLexington, KY 40508
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109 Withers Ave
1 Bedroom Apartments

109 Withers Ave

109 Withers AveLexington, KY 40505
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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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562 Woodland Ave
Studio Apartments

562 Woodland Ave

562 Woodland AveLexington, KY 40508

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Showing Results 1-50, Page 1 of 2

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 Meadowthorpe Landing - Senior Housing priced from $770. VELO Lexington has the second lowest priced unit, which is a 1 Bed apartment currently listed from $895. Here are the most affordable Downtown Lexington apartments for rent in Lexington, KY:

Apartment ListingModel NameBed/BathPriced From
Meadowthorpe Landing - Senior HousingOne Bedroom1BR,1BA$770
VELO LexingtonFULLY FURNISHED, NEWLY RENOVATED, AFFORDABLE ST...1BR,1BA$895
Hub Limestone4x3 Lite VIP Balcony4BR,3BA$924
The Studios at Belmont - MAJOR UTILITIES INCLStudioStudio,1BA$935
The Axis at 1435StudioStudio,1BA$970
MXWLS14BR,4BA$1,000
Rosetown ApartmentsTwo Bedroom2BR,1BA$1,050
Belmont Run ApartmentsOne Bedroom1BR,1BA$1,125
Preserve LexingtonA11BR,1BA$1,133

Best Value Apartments for Rent in Downtown Lexington, KY

As of August 26, 2026 the best value apartment in the Downtown Lexington area is the $1.10 price per square foot 4x2 Balcony Model at Hub Lexington Upper in the in the Northside Historic Residential neighborhood starting from $1,159. The second greatest value Downtown Lexington apartment is the 2 Bedroom w/ Study Model at Limestone Square/Medical Villas starting at $1,240 with a $1.31 price per square foot in the Montclair 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.
Hub Lexington Upper4x2 Balcony4BR,2BA$1.10
Limestone Square/Medical Villas2 Bedroom w/ Study2BR,2BA$1.31
Latitude Lexington525: 2 Bed - 2 Bath2BR,2BA$1.07
The Lex2x2 Deluxe2BR,2BA$1.18
168 Montmullin St, Unit 168 Montmullin168 Montmullin St2BR,1BA$1.56
SignatureThe Derby2BR,2BA$1.45
127 Gazette Ave, Unit 1127 Gazette Ave2BR,1BA$1.54
Rosetown ApartmentsTwo Bedroom2BR,1BA$1.39
Meadowthorpe Landing - Senior HousingOne Bedroom1BR,1BA$1.17
Kampus Properties STUDENT HOUSINGSTUDENT ONLY STUDIOStudio ,1BA$1.50

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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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 $1,133.

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

The cheapest apartment in Downtown Lexington is Meadowthorpe Landing - Senior Housing which is listed at $770, while the average apartment in Downtown Lexington costs $1,419.

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 28 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 $1,096 which is $323 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.

Helpful Local Expert Guides

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Horses, Hoops, and a Short Commute: Renting Near Lexington's Top Employers

Written by: Catrina Cowart

Hi, I’m Catrina, your ApartmentHomeLiving.com Local Expert for Lexington, Kentucky.

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The Southern Spirit: Your Guide to Finding the Perfect Neighborhood to Rent in Lexington

Written by: Catrina Cowart

Hi, I’m Catrina, your ApartmentHomeLiving.com Local Expert for Lexington, Kentucky. Our team at ApartmentHomeLiving.

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The Ultimate Lexington Student Housing Guide - Top Neighborhoods for Renting Near Major Universities

Written by: Catrina Cowart

I'm Catrina, your ApartmentHomeLiving.

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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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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

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decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.