Cheap Apartments for Rent in Louisville, KY from $300 (661 Rentals)

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Search the lowest-cost Apartments available for rent right now in Louisville.

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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

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property at 1829 S 3rd St

1829 S 3rd St

LouisvilleKY40208

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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property at 4113 S 3rd St

4113 S 3rd St

LouisvilleKY40214

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Louisville, KY Local Guide

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Louisville, KY

Pricing Updated: 08/05/2025

Current apartment rentals in the Louisville, KY area range in price from $200 to $6,310 with an overall median price of $2,144. The three Louisville neighborhoods with the lowest median rent pricing are Portland at $775, Chickasaw at $650, and Shawnee at $650. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Louisville Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Portland$900$7758
Chickasaw$1,100$65026
Shawnee$1,100$6503
Park Duvalle$1,130$65019
Russell$1,224$54217
Masonic Home$1,235$9259
Downtown New Albany$1,289$37871
East Russell$1,298$54280
Parkland$1,298$542100
West Russell$1,298$200109

Cheapest Available Louisville Apartments for Rent

 

The cheapest available apartment rental in Louisville, KY is a Studio unit found at The Puritan Senior Living - 62 & Over in the Phoenix Hill neighborhood priced from $200. Yellowwood Terrace Affordable Senior Housing in the Southern Indiana neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $200. Here is today’s list of the most affordable Louisville apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Puritan Senior Living - 62 & OverStudioStudio,1BA$200
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$200
Brookview GlenStudioStudio,1BA$378
M. Fine on Spring2BT52BR,1BA$418
Gateway on BroadwayTwo Bedroom2BR,1BA$542
Aberdeen Woods Phase 1-72 Bedroom + 2 Bath2BR,2BA$550
Louisville 532 bedroom, 1 bath2BR,1BA$650
The Crossings at Mill Creek3 Bedroom3BR,2BA$651
Willow RunStudioStudio,1BA$719
Serenity Court ApartmentsEfficiencyStudio,1BA$741

Best Value Apartments for Rent in Louisville, KY

As of August 05, 2025 the best value apartment in the Louisville area is the $0.90 price per square foot 1458 S 3rd St Model at 1458 S 3rd St, Unit 1458 S. 3rd Street in the in the Phoenix Hill neighborhood starting from $2,250. The second greatest value Louisville apartment is the 3 Townhouse Model at Mayfair Apartment Homes starting at $1,359 with a $0.85 price per square foot in the Oak Park neighborhood. Here is today’s list of the best values for Louisville apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1458 S 3rd St, Unit 1458 S. 3rd Street1458 S 3rd St4BR,2BA$0.90
Mayfair Apartment Homes3 Townhouse3BR,1.5BA$0.85
Aberdeen Woods Phase 1-72 Bedroom + 2 Bath2BR,2BA$0.39
Olde Towne VillageTrenton2BR,1BA$0.80
Hunters Run2 Bedroom, 2 Bathroom2BR,2BA$0.90
M. Fine on Spring2B2BT17HC2BR,2BA$0.63
2101 Saint Xavier St, Unit 1F2101 Saint Xavier St3BR,1BA$0.81
Gateway on BroadwayOne Bedroom1BR,1BA$0.50
Bridgepointe Crossing2 br2BR,1.5BA$0.91
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$0.34

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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Louisville Overview

Steeped in tradition and bubbling over with an exuberant celebration of everything from bourbon to Beatles, every day feels like “Derby Day” in Louisville. Louisville's contradictions are what makes it special. While the Kentucky city boasts the historic Churchill Downs racetrack and the largest Victorian district in the nation, Louisville is also home to Fortune 500 companies -- and a quirky “indie” section that rivals even Portland’s famous alternative scene.

Why live in Louisville, KY?

Truly a wonderful place to be, life in apartments in Louisville can't be beat. There is never a shortage of excitement to get out and enjoy either. From nightlife to historic landmarks to the Kentucky Derby it's hard to ever be bored here!

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Louisville, KY Rentals by Map

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See the most popular apartments and homes in Louisville, KY

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Getting Around Louisville, KY

Walk Score®

52 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

51 / 100

Bikeable

Some bike infrastructure

Transit Score®

30 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Louisville, KY Area Reviews

  • Parks
  • Entertainment
  • Local Vibes
  • Restaurants
  • Location
  • Traffic
  • Public Transportation
  • Outdoor Access
  • Cost of Living
  • Safety

Frequently Asked Questions about Cheap Louisville Apartments

What is a cheap apartment in Louisville?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Louisville is under $741.

What is the price of a cheap apartment in Louisville?

The cheapest apartment in Louisville is Yellowwood Terrace Affordable Senior Housing which is listed at $200, while the average apartment in Louisville costs $2,144.

What types of apartments are the cheapest in Louisville?

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 1,960 regular apartments in Louisville 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 Louisville?

Cheap apartments in Louisville have an average cost of $396 which is $1,748 cheaper than the average rent for all rentals in Louisville.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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The 10 Best Affordable Neighborhoods for Renting in Louisville, KY

Written by: Mike Heuer

Louisville, Kentucky, founded in 1778, has grown to be the largest city in Kentucky and is a terrific city situated right along the south bank of the Ohio River.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.