308 E 7th St
LexingtonKY40508
Cheap Homes for Rent in Downtown Lexington Neighborhood of Lexington, KY from $700 (15 Rentals)
Search the lowest-cost Homes available for rent right now in the Downtown Lexington area of Lexington.
704 Jackson St
LexingtonKY40505
633 Ohio St
LexingtonKY40508
168 Woodland Ave
LexingtonKY40502
123 Montmullin 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.
244 Warnock St
LexingtonKY40508
426 E Fifth St
LexingtonKY40508
342 Waller Ave
LexingtonKY40504
409 Roosevelt Blvd
LexingtonKY40508
1435 N Forbes Rd
LexingtonKY40511
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.
615 N Upper St
LexingtonKY40508
326 Hummingbird Ln
LexingtonKY40503
120 Clyde St
LexingtonKY40508
425 Chestnut St
LexingtonKY40508
161 Preston Ave
LexingtonKY40502
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.
Showing Results 1-15, Page 1 of 1
Downtown Lexington, Lexington, KY Local Guide
How much does it cost to rent a home in Downtown Lexington?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Downtown Lexington 2 Bedroom Homes for Rent | $1,951 | $899 | $3,300 |
| Downtown Lexington 3 Bedroom Homes for Rent | $1,749 | $1,200 | $2,400 |
| Downtown Lexington 4 Bedroom Homes for Rent | $3,813 | $3,440 | $4,500 |
| Downtown Lexington 5 Bedroom Homes for Rent | $3,216 | $3,000 | $3,350 |
| Downtown Lexington 6 Bedroom Homes for Rent | $4,950 | $4,950 | $4,950 |
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Browse Homes for Rent in this Neighborhood
There are currently 15 rentals with your search options within a 2 mile radius of the Downtown Lexington Neighborhood of Lexington, KY.
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Downtown Lexington, Lexington, KY Local Guide
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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 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 Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| VELO Lexington | NEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO... | 1BR,1BA | $745 |
| Ferrill Square Apartments - 55+ Community | One Bedroom | 1BR,1BA | $806 |
| Preserve Lexington | A1 | 1BR,1BA | $999 |
| The Oaks at Woodland | 1 Bed, 1 bath | 1BR,1BA | $1,071 |
| Trifecta on Red Mile - Newly Renovated! | Trifecta on Red Mile - One Bedroom | 1BR,1BA | $1,095 |
Best Value Apartments for Rent in Downtown Lexington, KY
As of April 21, 2026 the best value apartment in the Downtown Lexington area is the $1.75 price per square foot 525: 1 Bed - 1 Bath Model at Latitude Lexington in the in the Downtown Lexington neighborhood starting from $1,419. The second greatest value Downtown Lexington apartment is the 2x2 VIP Model at Hub Lexington Upper starting at $1,385 with a $1.85 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Latitude Lexington | 525: 1 Bed - 1 Bath | 1BR,1BA | $1.75 |
| Hub Lexington Upper | 2x2 VIP | 2BR,2BA | $1.85 |
| 260 Lexington Avenue | 1BR/1.0BA | 1BR,1BA | $1.94 |
| Trifecta on Red Mile - Newly Renovated! | Trifecta on Red Mile - Two Bedroom | 2BR,1BA | $1.75 |
| Ferrill Square Apartments - 55+ Community | One Bedroom | 1BR,1BA | $1.22 |
| The Oaks at Woodland | 1 Bed, 1 bath | 1BR,1BA | $1.79 |
| Artek Lofts | 1 Bed, 1 Bath Flat | 1BR,1BA | $2.36 |
| 400 S Ashland Ave, Unit #1 | 400 S Ashland Ave | Studio ,1BA | $1.80 |
| MidTown Apartments | Limestone | 1BR,1BA | $2.50 |
| Preserve Lexington | A1 | 1BR,1BA | $2.26 |
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.
Read Article
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.
Read ArticleThe 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.
Read ArticleCash 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.
Read ArticleQuick 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
Frequently Asked Questions about Downtown Lexington
What type of rentals are currently available in Downtown Lexington?
There are currently 492 Apartments for Rent in Downtown Lexington, KY with pricing that ranges from $589 to $5,200. There are also 42 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Lexington ranging from $775 to $4,950.
What is the current price range for Rental Homes in Downtown Lexington?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Lexington ranges from $775 to $4,950 with an average monthly rent of $2,800.
How much are larger Three and Four Bedroom Rentals in Downtown Lexington?
For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown Lexington range from $1,000 to $2,700, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,200 to $2,400. Four Bedroom Single-Family rentals are also available starting from $3,440 and Four Bedroom Apartments start at $739.
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
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.
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.
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.
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.