Cheap Apartments for Rent in the Melrose-oak Park Neighborhood of Lexington, KY from $540 (26 Rentals)

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

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

Finding the right neighborhood near your Lexington workplace doesn't have to be complicated. Our local expert breaks down the best areas to rent near Toyota, UK, Lexmark, and more.

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Hillrise Place
Studio Apartments

Hillrise Place

709 Hill Rise CtLexington, KY 40504

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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Preakness Apartments
1 to 3 Bedroom Apartments

Preakness Apartments

1707-1724 Versailles RdLexington, KY 40504
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St Martin Villa
1 to 2 Bedroom Apartments

St Martin Villa

412-422 Lima DrLexington, KY 40511
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330 Newtown Apartments
1 to 3 Bedroom Apartments

330 Newtown Apartments

330 Newtown PikeLexington, 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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The Heights, LLC
1 Bedroom Apartments

The Heights, LLC

817-819 W High StLexington, KY 40508
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Whitney Woods
2 to 3 Bedroom Apartments

Whitney Woods

700 Whitney Woods PlLexington, KY 40504
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Christian Tpwers
1 Bedroom Apartments

Christian Tpwers

1511 Versailles RdLexington, KY 40504
Senior Living
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Townley Park East
1 to 2 Bedroom Apartments

Townley Park East

158 Louie PlLexington, KY 40511
  • 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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Showing Results 1-26, Page 1 of 1

Melrose-oak Park, Lexington, KY Local Guide

Cheapest Available Melrose-oak Park Apartments for Rent

 

The cheapest available apartment rental in the Melrose-oak Park area of Lexington, KY is a 1 Bed unit found at Preakness Apartments priced from $750. Senior Housing 55+ - Christian Towers II has the second lowest priced unit, which is a 1 Bed apartment currently listed from $992. Here are the most affordable Melrose-oak Park apartments for rent in Lexington, KY:

Apartment ListingModel NameBed/BathPriced From
Preakness ApartmentsP111BR,1BA$750
Senior Housing 55+ - Christian Towers IIStandard1BR,1BA$992
Artek Lofts1 Bed, 1 Bath Flat1BR,1BA$1,180
Christian Tpwers1 bedroom 1 bath1BR,1BA$1,219
Trifecta on Red Mile - Newly Renovated!Trifecta on Red Mile - Two Bedroom2BR,1BA$1,295
The WyattWYATT-11BR,1BA$1,449
Townley Park ApartmentsKeeneland2BR,2BA$1,495

Best Value Apartments for Rent in Melrose-oak Park, KY

As of August 30, 2026 the best value apartment in the Melrose-oak Park area is the $1.18 price per square foot 2x2 Deluxe Model at The Lex in the in the Northside Historic Residential neighborhood starting from $1,099. The second greatest value Melrose-oak Park apartment is the P21R Model at Preakness Apartments starting at $1,099 with a $1.19 price per square foot in the Beaumont Residential neighborhood. Here is today’s list of the best values for Melrose-oak Park apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Lex2x2 Deluxe2BR,2BA$1.18
Preakness ApartmentsP21R2BR,1BA$1.19
Townley Park ApartmentsCharlotte2BR,2BA$1.92
SignatureThe Derby2BR,2BA$1.47
Trifecta on Red Mile - Newly Renovated!Trifecta on Red Mile - Two Bedroom2BR,1BA$1.75
Senior Housing 55+ - Christian Towers IIStandard1BR,1BA$1.59
Christian Tpwers1 bedroom 1 bath1BR,1BA$2.33
Artek Lofts1 Bed, 1 Bath Flat1BR,1BA$2.36
The WyattWYATT-11BR,1BA$3.18

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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Pet Friendly Lifestyle
Melrose-Oak Park, Lexington, KY

Ranked #71

Among cities in Kentucky for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Best Local Schools in
Melrose-Oak Park, Lexington, KY

School data provided by Great Schools

Frequently Asked Questions about Cheap Melrose-oak Park Apartments

How much is rent for a Cheap One Bedroom Melrose-oak Park Apartment?

The lowest price for a Cheap One Bedroom Melrose-oak Park Apartment is $750 at Preakness Apartments.

What is the lowest price for a Cheap Two Bedroom Melrose-oak Park Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Melrose-oak Park is starting from $1,099 at Preakness Apartments.

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.

Articles, How-To's, and Tips

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

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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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

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

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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.