Cheap Homes for Rent in Downtown Lexington Neighborhood of Lexington, KY from $800 (18 Rentals)

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

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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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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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
property at 375 S Upper St

$1,200

1 Bedroom, 1 Bath Condo for Rent

Available Now

375 S Upper St

LexingtonKY40508

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.

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Showing Results 1-18, Page 1 of 1

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 - Waller Avenue 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 - Waller AvenueNEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO...1BR,1BA$745
Ferrill Square Apartments - 55+ CommunityOne Bedroom1BR,1BA$806
Limestone Square/Medical VillasNon-Renovated 1 Bedroom1BR,1BA$945
Rose Tower ApartmentsOne Bedroom1BR,1BA$950
The Oaks at Woodland1 Bed, 1 bath1BR,1BA$1,071

Best Value Apartments for Rent in Downtown Lexington, KY

As of March 07, 2026 the best value apartment in the Downtown Lexington area is the $0.92 price per square foot House Model at MidTown Apartments in the in the Montclair neighborhood starting from $1,445. 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.
MidTown ApartmentsHouse4BR,4BA$0.92
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
Belmont Run ApartmentsOne Bedroom1BR,1BA$1.56
Ferrill Square Apartments - 55+ CommunityOne Bedroom1BR,1BA$1.22
The Oaks at Woodland1 Bed, 1 bath1BR,1BA$1.79
Rose Tower ApartmentsOne Bedroom1BR,1BA$2.11
400 S Ashland Ave400 S Ashland AveStudio ,1BA$1.89

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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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 502 Apartments for Rent in Downtown Lexington, KY with pricing that ranges from $739 to $5,200. There are also 60 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Lexington ranging from $899 to $5,550.

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 $899 to $5,550 with an average monthly rent of $2,695.

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 $950 to $3,300, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,050 to $2,250. Four Bedroom Single-Family rentals are also available starting from $1,400 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

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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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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.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.