Cheap Apartments for Rent in the Downtown Louisville Neighborhood of Louisville, KY from $400 (181 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Louisville area of 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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property at 1144 S 3rd St

1144 S 3rd St

LouisvilleKY40203

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 1215 S 1st St

1215 S 1st St

LouisvilleKY40203

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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property at 730 M St

730 M St

LouisvilleKY40208

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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property at 732 S 32nd St

732 S 32nd St

LouisvilleKY40211
property at 4113 S 3rd St

4113 S 3rd St

LouisvilleKY40214

Downtown Louisville - One of the Best Affordable Neighborhoods in Louisville

Named as one of the Best Affordable Neighborhoods to rent in Louisville by our Louisville, KY Local Expert Mike Heuer. See how it ranks!

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Downtown Louisville, Louisville, KY Local Guide

Cheapest Available Downtown Louisville Apartments for Rent

 

The cheapest available apartment rental in the Downtown Louisville area of Louisville, KY is a Studio unit found at The Puritan Senior Living - 62 & Over priced from $200. M. Fine on Spring has the second lowest priced unit, which is a 2 Beds apartment currently listed from $418. Here are the most affordable Downtown Louisville apartments for rent in Louisville, KY:

Apartment ListingModel NameBed/BathPriced From
The Puritan Senior Living - 62 & OverStudioStudio,1BA$200
M. Fine on Spring2BT52BR,1BA$418
Gateway on BroadwayTwo Bedroom2BR,1BA$542
Yugo Louisville Nine4 Bed, 4 Bath Classic Balcony4BR,4BA$709
Iroquois Green1 Bedroom - With Balcony1BR,1BA$735
Heritage Green ApartmentsThe Single1BR,1BA$754
The QuadStudio – 1 BathroomStudio,1BA$795
Vue at 3rd StreetStudioStudio,1BA$799

Best Value Apartments for Rent in Downtown Louisville, KY

As of June 20, 2025 the best value apartment in the Downtown Louisville area is the $1.05 price per square foot 1445 S 3rd St Model at 1445 S 3rd St, Unit 7 in the in the Phoenix Hill neighborhood starting from $4,200. The second greatest value Downtown Louisville apartment is the 2 bedroom Model at Big 4 Station Residence starting at $1,150 with a $1.05 price per square foot in the Phoenix Hill neighborhood. Here is today’s list of the best values for Downtown Louisville apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1445 S 3rd St, Unit 71445 S 3rd St6BR,3BA$1.05
Big 4 Station Residence2 bedroom2BR,1BA$1.05
Gateway on BroadwayOne Bedroom1BR,1BA$0.50
By the ParkTwo bedroom2BR,1BA$0.93
500 W Saint Catherine St, Unit 1500 W Saint Catherine St2BR,1BA$1.10
Yugo Louisville Nine2 Bed, 2 Bath Classic Pool View2BR,2BA$1.05
Derby Row | Student HousingThoroughbred2BR,2BA$0.98
M. Fine on Spring1BT131BR,1BA$0.68
3149 Vermont Ave, Unit 33149 Vermont Ave1BR,1BA$1.10
200 N 18th St, Unit 1200 N 18th St1BR,1BA$1.10

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Downtown Louisville, Louisville, KY

Ranked #4

Among neighborhoods in Louisville, KY for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Downtown Louisville, Louisville, KY

School data provided by Great Schools

Lifestyle Ratings

Our team of engineers and researchers compiles millions of data points to bring you comprehensive Lifestyle Ratings of rentals and neighborhoods across the USA, and customized analysis for Central Louisville, KY. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including rankings of the best places for easy access to the parks, luxury amenities, pet-friendly features, places to raise kids, proximity to transit, and how walkable or bikeable each community and area is. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Louisville Apartments

What is a cheap apartment in Downtown Louisville?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Louisville is under $799.

What is the price of a cheap apartment in Downtown Louisville?

The cheapest apartment in Downtown Louisville is Gateway on Broadway which is listed at $542, while the average apartment in Downtown Louisville costs $4,200.

What types of apartments are the cheapest in Downtown 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 117 regular apartments in Downtown 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 Downtown Louisville?

Cheap apartments in Downtown Louisville have an average cost of $201 which is $3,999 cheaper than the average rent for all rentals in Downtown 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.

decorative image for The 10 Best Affordable Neighborhoods for Renting in Louisville, KY article

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.

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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.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.