Cheap Apartments for Rent in the Melrose-oak Park Neighborhood of Lexington, KY from $500 (25 Rentals)

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

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Lorillard Lofts
1 Bedroom Apartments

Lorillard Lofts

201 Price RdLexington, KY 40511

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.

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355 S Broadway
Studio Apartments

355 S Broadway

355 S BroadwayLexington, KY 40508
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347 S Upper St
Studio Apartments

347 S Upper St

347 S Upper StLexington, KY 40508
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1435 N Forbes Rd
1 Bedroom Apartments

1435 N Forbes Rd

1435 N Forbes RdLexington, KY 40511

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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Preakness Apartments
1 to 3 Bedroom Apartments

Preakness Apartments

1707-1724 Versailles RdLexington, KY 40504
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330 Newtown Apartments
1 to 3 Bedroom Apartments

330 Newtown Apartments

330 Newtown PikeLexington, KY 40508
  • Utilities Included

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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St Martin Villa
1 to 2 Bedroom Apartments

St Martin Villa

412-422 Lima DrLexington, KY 40511
  • Utilities Included
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1416 Townley Dr
Studio Apartments

1416 Townley Dr

1416 Townley DrLexington, KY 40511
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Townley Park East
1 to 2 Bedroom Apartments

Townley Park East

158 Louie PlLexington, KY 40511
  • Utilities Included

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

Apartment ListingModel NameBed/BathPriced From
Preakness ApartmentsP111BR,1BA$750
Meadowthorpe Landing - Senior HousingOne Bedroom1BR,1BA$770
Senior Housing 55+ - Christian Towers IIStandard1BR,1BA$992
Artek Lofts1 Bed, 1 Bath Flat1BR,1BA$1,180
Trifecta on Red Mile - Newly Renovated!Trifecta on Red Mile - Two Bedroom2BR,1BA$1,295

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

As of June 17, 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 ListingModel NameBed/BathPrice Per Sq.Ft.
Trifecta on Red Mile - Newly Renovated!Trifecta on Red Mile - Two Bedroom2BR,1BA$1.75
Preakness ApartmentsP111BR,1BA$1.12
Meadowthorpe Landing - Senior HousingOne Bedroom1BR,1BA$1.17
Senior Housing 55+ - Christian Towers IIStandard1BR,1BA$1.59
Artek Lofts1 Bed, 1 Bath Flat1BR,1BA$2.36

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 #72

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

What is the price of a cheap apartment in Melrose-oak Park?

The cheapest apartment in Melrose-oak Park is Preakness Apartments which is listed at $750, while the average apartment in Melrose-oak Park costs $1,197.

What types of apartments are the cheapest in Melrose-oak Park?

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 1 regular apartments in Melrose-oak Park that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

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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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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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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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.

Articles, How-To's, and Tips

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.