Cheap Apartments for Rent in the Southwest Lexington Neighborhood of Lexington, KY from $400 (98 Rentals)

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

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property at 402 Gunn St

$900 - $1,025

1 Bedroom Rentals

Available Now

402 Gunn St

LexingtonKY40508
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Barrel Oaks Apartments
Rent Specials
$969 - $1,399
Total Monthly Price

Total Monthly Price

Base Rent
$969 - $1,399
Total Monthly Price
$969 - $1,399
1 to 3 Bedroom Apartments Available Now

Barrel Oaks Apartments

249 E Reynolds RdLexington, KY 40517
Corporate Housing
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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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

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305 E Maxwell St, Unit #1
$1,000
Total Monthly Price

Total Monthly Price

Base Rent
$1,000
Total Monthly Price
$1,000
1 Bedroom Apartment Available Aug 1

305 E Maxwell St, Unit #1

305 E Maxwell StLexington, KY 40508
Affordability

Navigating the Rental Market: Tips for First-Time Renters

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Southwest Lexington, Lexington, KY Local Guide

Cheapest Available Southwest Lexington Apartments for Rent

 

The cheapest available apartment rental in the Southwest Lexington area of Lexington, KY is a 1 Bed unit found at VELO - Waller Avenue priced from $745. 1592 Alexandria Dr has the second lowest priced unit, which is a 1 Bed apartment currently listed from $750. Here are the most affordable Southwest Lexington apartments for rent in Lexington, KY:

Apartment ListingModel NameBed/BathPriced From
VELO - Waller AvenueNEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO...1BR,1BA$745
1592 Alexandria Dr1 Beds, 1 Baths1BR,1BA$750
Emerson Center 62+ Senior ApartmentsStudioStudio,1BA$750
Preakness ApartmentsP111BR,1BA$750
Crescent at Shadeland Apartments0BR/1.0BAStudio,1BA$819
Breckinridge CourtStudio 460 sf (st2)1BR,1BA$825
Tates Creek Village1 Bedroom 1 Bathroom1BR,1BA$850
The Crossings Apartment Homes1 Bedroom, 1 Bathroom1BR,1BA$860
The Studios at Belmont - MAJOR UTILITIES INCLStudioStudio,1BA$895

Best Value Apartments for Rent in Southwest Lexington, KY

As of March 19, 2026 the best value apartment in the Southwest Lexington area is the $0.92 price per square foot House Model at MidTown Apartments in the in the Montclair neighborhood starting from $1,445. The second greatest value Southwest Lexington apartment is the Belmont Park Model at Saddlebrook at Tates Creek starting at $1,465 with a $1.12 price per square foot in the The Meadows At Brannon Crossing neighborhood. Here is today’s list of the best values for Southwest Lexington apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
MidTown ApartmentsHouse4BR,4BA$0.92
Saddlebrook at Tates CreekBelmont Park2BR,2.5BA$1.12
Shillito Park Apartments2 Bed 2 Bath2BR,2BA$1.15
Saddle Run TownhomesGuadalupe2BR,1.5BA$1.06
The Colony at the OaksThe Cypress2BR,1.5BA$1.19
Tates Creek Crossings2 Bedroom 1.5 Bath2BR,1.5BA$1.15
Preakness ApartmentsP313BR,1BA$1.14
2204 Winterberry Dr, Unit Side A2204 Winterberry Dr2BR,1BA$1.11
Harrods Point Apartments - Newly remodeled1 Bedroom FULLY RENOVATED1BR,1BA$1.24
1592 Alexandria Dr1 Beds, 1 Baths1BR,1BA$1.15

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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Best Local Schools in
Southwest Lexington, Lexington, KY

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Lifestyle Ratings

This website is proud to bring you our detailed rental search system called 'Lifestyle ratings', composed of rentals in cities and towns across the United States including Southwest Lexington, Lexington, and the greater Lexington area. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including rankings of the best places for convenient access to the outdoors, luxury amenities, pet-friendly features, family-friendliness, proximity to transit, and more. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Southwest Lexington Apartments

What is a cheap apartment in Southwest Lexington?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Southwest Lexington is under $895.

What is the price of a cheap apartment in Southwest Lexington?

The cheapest apartment in Southwest Lexington is VELO - Waller Avenue which is listed at $745, while the average apartment in Southwest Lexington costs $5,200.

What types of apartments are the cheapest in Southwest Lexington?

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 79 regular apartments in Southwest Lexington that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Southwest Lexington?

Cheap apartments in Southwest Lexington have an average cost of $648 which is $4,552 cheaper than the average rent for all rentals in Southwest Lexington.

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

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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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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.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.