Search the lowest-cost Apartments available for rent right now in the Melrose-oak Park area of Lexington.
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.
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.
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.
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.
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Melrose-oak Park 1 Bedroom Apartments | $1,177 | $740 | $1,705 |
| Melrose-oak Park 2 Bedroom Apartments | $1,242 | $875 | $1,900 |
| Melrose-oak Park 3 Bedroom Apartments | $1,129 | $1,009 | $1,270 |
| Melrose-oak Park 4 Bedroom Apartments | $1,016 | $959 | $1,059 |
There are currently 25 rentals with your search options within a 1 mile radius of the Melrose-oak Park Neighborhood of Lexington, KY.
See all Apartments in LexingtonThe 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 Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Preakness Apartments | P11 | 1BR,1BA | $750 |
| Senior Housing 55+ - Christian Towers II | Standard | 1BR,1BA | $992 |
| Trifecta on Red Mile - Newly Renovated! | Trifecta on Red Mile - One Bedroom | 1BR,1BA | $1,095 |
| Artek Lofts | 1 Bed, 1 Bath Flat | 1BR,1BA | $1,180 |
| Christian Tpwers | 1 bedroom 1 bath | 1BR,1BA | $1,219 |
As of May 01, 2026 the best value apartment in the Melrose-oak Park area is the $1.75 price per square foot Trifecta on Red Mile - Two Bedroom Model at Trifecta on Red Mile - Newly Renovated! in the in the Downtown Lexington neighborhood starting from $1,295. The second greatest value Melrose-oak Park apartment is the P11 Model at Preakness Apartments starting at $750 with a $1.12 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Trifecta on Red Mile - Newly Renovated! | Trifecta on Red Mile - Two Bedroom | 2BR,1BA | $1.75 |
| Preakness Apartments | P11 | 1BR,1BA | $1.12 |
| Senior Housing 55+ - Christian Towers II | Standard | 1BR,1BA | $1.59 |
| Christian Tpwers | 1 bedroom 1 bath | 1BR,1BA | $2.33 |
| Artek Lofts | 1 Bed, 1 Bath Flat | 1BR,1BA | $2.36 |
Learn the property manager's true secrets to a zero-deduction move-out. Use this step-by-step guide on documentation, cleaning, and lease-reading to reclaim your security deposit.
Read ArticleAvoid 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 ArticleDiscover 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 ArticleMoving 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 ArticleDiscover 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 ArticleThe 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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The cheapest apartment in Melrose-oak Park is Preakness Apartments which is listed at $750, while the average apartment in Melrose-oak Park costs $1,264.
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 2 regular apartments in Melrose-oak Park that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.
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.
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.
Written by: Lauren Harrington
I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.
Written by: Lauren Harrington
This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.
Written by: Lauren Harrington
This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.
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