Cheap Apartments for Rent in the Red Mile Neighborhood of Lexington, KY from $500 (36 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Red Mile area of Lexington.

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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Hillrise Place
Studio Apartments

Hillrise Place

709 Hill Rise CtLexington, KY 40504
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1356 Royalty Ct
1 to 2 Bedroom Apartments

1356 Royalty Ct

1356 Royalty CtLexington, KY 40504
  • Utilities Included

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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Oxford Circle
1 Bedroom Apartments

Oxford Circle

1805 Oxford CirLexington, KY 40504
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Medical View Properties
1 to 2 Bedroom Apartments

Medical View Properties

805 Press AveLexington, KY 40508
Student Housing
  • Utilities Included
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Bluegrass Commons
Studio to 1 Bedroom Apartments

Bluegrass Commons

165 Virginia AveLexington, KY 40508
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Stableview
2 Bedroom Apartments

Stableview

1050 Horsemans LnLexington, KY 40504
  • 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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Christian Tpwers
1 Bedroom Apartments

Christian Tpwers

1511 Versailles RdLexington, KY 40504
Senior Living
  • Utilities Included
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Whitney Woods
2 to 3 Bedroom Apartments

Whitney Woods

700 Whitney Woods PlLexington, KY 40504
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Medical Villas
1 Bedroom Apartments

Medical Villas

180 Leader AveLexington, KY 40508
Student Housing
  • Utilities Included

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 1-36, Page 1 of 1

Red Mile, Lexington, KY Local Guide

Cheapest Available Red Mile Apartments for Rent

 

The cheapest available apartment rental in the Red Mile area of Lexington, KY is a 1 Bed unit found at VELO Lexington priced from $745. Preakness Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $750. Here are the most affordable Red Mile apartments for rent in Lexington, KY:

Apartment ListingModel NameBed/BathPriced From
VELO LexingtonNEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO...1BR,1BA$745
Preakness ApartmentsP111BR,1BA$750
1901 Apartment Homes1 Bedroom 1 Bathroom1BR,1BA$755
Oxford Circleoxf 1.11BR,1BA$760
The Crossings Apartment Homes1 Bedroom, 1 Bathroom1BR,1BA$860
The Studios at Belmont - MAJOR UTILITIES INCLStudioStudio,1BA$895
Senior Housing 55+ - Christian Towers IIStandard1BR,1BA$992
Preserve LexingtonA11BR,1BA$999
Trifecta on Red Mile - Newly Renovated!Trifecta on Red Mile - One Bedroom1BR,1BA$1,095
Thoroughbred Crossing2 Bedroom Garden floor2BR,1BA$1,100

Best Value Apartments for Rent in Red Mile, KY

As of April 27, 2026 the best value apartment in the Red Mile area is the $1.25 price per square foot 2 Bedrooms W/ Balcony Model at Thoroughbred Crossing in the in the Beaumont Residential neighborhood starting from $1,200. The second greatest value Red Mile 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 Red Mile apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Thoroughbred Crossing2 Bedrooms W/ Balcony2BR,1BA$1.25
Latitude Lexington525: 1 Bed - 1 Bath1BR,1BA$1.75
1901 Apartment Homes2 Bedrooms, 1 Bathroom2BR,1BA$1.13
Trifecta on Red Mile - Newly Renovated!Trifecta on Red Mile - Two Bedroom2BR,1BA$1.75
Preakness ApartmentsP111BR,1BA$1.12
The Crossings Apartment Homes1 Bedroom, 1 Bathroom1BR,1BA$1.38
Senior Housing 55+ - Christian Towers IIStandard1BR,1BA$1.59
Oxford Circleoxf 1.11BR,1BA$1.36
Christian Tpwers1 bedroom 1 bath1BR,1BA$2.33
Preserve LexingtonA21BR,1BA$2.45

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.

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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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Quick 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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Pet Friendly Lifestyle
Red Mile, Lexington, KY

Ranked #40

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

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Lifestyle Ratings

This website is proud to bring you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals in cities and towns across the United States and customized analysis for Lexington, Kentucky. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including filtering automatically for proximity to parks, luxury housing options, apartment complexes for the kids, raising pets, transit options, and more. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Red Mile Apartments

What is the price of a cheap apartment in Red Mile?

The cheapest apartment in Red Mile is VELO Lexington which is listed at $745, while the average apartment in Red Mile costs $5,200.

What types of apartments are the cheapest in Red Mile?

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 26 regular apartments in Red Mile 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.

Articles, How-To's, and Tips

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Lexington article

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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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

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.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.

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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.