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

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

close
View Me
Oxford Circle
$1,022 - $1,222
Total Monthly Price

Total Monthly Price

Base Rent
$1,022 - $1,222
Total Monthly Price
$1,022 - $1,222
1 Bedroom Apartments Available Now

Oxford Circle

1805 Oxford CirLexington, KY 40504
Affordability
  • Verified

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.

Read Article
close
View Me
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.

Read Article
close
View Me
1356 Royalty Ct
1 to 2 Bedroom Apartments

1356 Royalty Ct

1356 Royalty CtLexington, KY 40504
  • Utilities Included
close
View Me
Preakness Apartments
1 to 3 Bedroom Apartments

Preakness Apartments

1707-1724 Versailles RdLexington, KY 40504
close
View Me
Medical View Properties
1 to 2 Bedroom Apartments

Medical View Properties

805 Press AveLexington, KY 40508
Student Housing
  • Utilities Included
close
View Me
Stableview
2 Bedroom Apartments

Stableview

1050 Horsemans LnLexington, KY 40504
  • Utilities Included
close
View Me
Bluegrass Commons
Studio to 1 Bedroom Apartments

Bluegrass Commons

165 Virginia AveLexington, 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.

Read Article
close
View Me
Christian Tpwers
1 Bedroom Apartments

Christian Tpwers

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

Whitney Woods

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

Medical Villas

180 Leader AveLexington, KY 40508
Student Housing
  • Utilities Included
close
View Me
Preserve Lexington
1 to 4 Bedroom Apartments

Preserve Lexington

845 Red Mile RdLexington, KY 40504
close
View Me
Red Mile Square Townhomes
4 to 5 Bedroom Apartments

Red Mile Square Townhomes

1125 Unity DrLexington, KY 40504
Student Housing
  • 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

Read Article
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 Preakness Apartments priced from $750. The Studios at Belmont - MAJOR UTILITIES INCL has the second lowest priced unit, which is a Studio apartment currently listed from $935. Here are the most affordable Red Mile apartments for rent in Lexington, KY:

Apartment ListingModel NameBed/BathPriced From
Preakness ApartmentsP111BR,1BA$750
The Studios at Belmont - MAJOR UTILITIES INCLStudioStudio,1BA$935
1901 Apartments1BR - 1BTH Upgraded1BR,1BA$945
Senior Housing 55+ - Christian Towers IIStandard1BR,1BA$992
MidTown ApartmentsWoodland1BR,1BA$1,015
Oxford Circleoxf 1.11BR,1BA$1,022
Thoroughbred Crossing2 Bedroom Garden floor2BR,1BA$1,100
Belmont Run ApartmentsOne Bedroom1BR,1BA$1,125
Christian Tpwers1 bedroom 1 bath1BR,1BA$1,219
Gateway Lofts LexingtonYoungStudio,1BA$1,350

Best Value Apartments for Rent in Red Mile, KY

As of July 26, 2026 the best value apartment in the Red Mile area is the $0.53 price per square foot 525: 4 bed - 4.5 Bath Model at Latitude Lexington in the in the Downtown Lexington neighborhood starting from $774. The second greatest value Red Mile apartment is the 2 Bedrooms W/ Balcony Model at Thoroughbred Crossing starting at $1,200 with a $1.25 price per square foot in the Beaumont Residential 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.
Latitude Lexington525: 4 bed - 4.5 Bath4BR,4.5BA$0.53
Thoroughbred Crossing2 Bedrooms W/ Balcony2BR,1BA$1.25
Limestone Square/Medical Villas2 Bedroom w/ Study2BR,2BA$1.31
Preserve LexingtonA31BR,1BA$2.04
1901 Apartments2BR - 1BTH Renovated2BR,1BA$1.51
Oxford Circleoxf 1.11BR,1BA$1.46
Belmont Run ApartmentsOne Bedroom1BR,1BA$1.63
Preakness ApartmentsP111BR,1BA$1.12
Senior Housing 55+ - Christian Towers IIStandard1BR,1BA$1.59
Christian Tpwers1 bedroom 1 bath1BR,1BA$2.33

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

Pet Friendly Lifestyle
Red Mile, Lexington, KY

Ranked #47

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

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

decorative image of woman handing cat to small boy

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 a cheap apartment in Red Mile?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Red Mile is under $1,350.

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

The cheapest apartment in Red Mile is Preakness Apartments which is listed at $750, while the average apartment in Red Mile costs $4,797.

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 13 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.

Helpful Local Expert Guides

decorative image for Horses, Hoops, and a Short Commute: Renting Near Lexington's Top Employers article

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.

decorative image for The Southern Spirit: Your Guide to Finding the Perfect Neighborhood to Rent in Lexington article

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.

decorative image for The Ultimate Lexington Student Housing Guide - Top Neighborhoods for Renting Near Major Universities article

The Ultimate Lexington Student Housing Guide - Top Neighborhoods for Renting Near Major Universities

Written by: Catrina Cowart

I'm Catrina, your ApartmentHomeLiving.

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.

Articles, How-To's, and Tips

decorative image for Rent According to Income: A Look at Income-Restricted Rentals article

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.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

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.

decorative image for Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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

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.