Cheap Homes for Rent in Louisville, KY from $500 (214 Rentals)

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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 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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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 714 S 42nd St

714 S 42nd St

LouisvilleKY40211

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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Louisville's Best Affordable Neighborhoods

Learn about Louisville with original content written by our Louisville, KY Local Expert, Mike Heuer

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Louisville, KY Local Guide

Cheapest Neighborhoods for Apartments in Louisville, KY

Pricing Updated: 06/11/2025

Current apartment rentals in the Louisville, KY area range in price from $525 to $8,750 with an overall median price of $2,955. The three Louisville neighborhoods with the lowest median rent pricing are Limerick at $850, Rolling Hills at $1,350, and Taylor Berry at $799. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Louisville Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Limerick$874$8502
Rolling Hills$1,350$1,3501
Taylor Berry$1,435$79920
Newburg$1,480$1,09510
Southland Park$1,500$1,2003
Standiford$1,500$1,1754
Watterson Park$1,500$1,09515
East Russell$1,550$69522
Jacobs$1,562$79913
Cloverleaf$1,582$62530

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
Louisville 532 bedroom, 1 bath2BR,1BA$650
Yugo Louisville Nine4 Bed, 4 Bath Classic Balcony4BR,4BA$709
Lofts on OrmsbyStudioStudio,1BA$725
Iroquois Green1 Bedroom - With Balcony1BR,1BA$735

Best Value Apartments for Rent in Louisville, KY

As of June 11, 2025 the best value apartment in the Louisville area is the $0.79 price per square foot Three Bedroom Model at Nicholas Landing in the in the Southern Indiana neighborhood starting from $1,411. The second greatest value Louisville apartment is the 3 Bed, 1 Full & 2 Half Bath TH with W/D Hook-Up Model at River Chase Apartments starting at $1,230 with a $0.92 price per square foot in the Southern Indiana 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.
Nicholas LandingThree Bedroom3BR,2BA$0.79
River Chase Apartments3 Bed, 1 Full & 2 Half Bath TH with W/D Hook-Up3BR,3BA$0.92
Gateway on BroadwayOne Bedroom1BR,1BA$0.50
By the ParkTwo bedroom2BR,1BA$0.93
Huntley Ridge TownhomesNorfolk Townhome2BR,1.5BA$0.96
Stone Creek Apartments I & II2 Bed 1 Bath2BR,1BA$0.95
Olde Towne VillageAshton1BR,1BA$0.89
M. Fine on Spring1BT131BR,1BA$0.68
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$0.34
Brookview GlenStudioStudio ,1BA$0.95

Quick Rent Budget Calculator

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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, KY Area Reviews

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Frequently Asked Questions about Louisville

What type of rentals are currently available in Louisville?

There are currently 2767 Apartments for Rent in Louisville, KY with pricing that ranges from $200 to $8,940. There are also 668 Single Family Homes for rent, Condos, and Townhome rentals currently available in Louisville ranging from $525 to $8,750.

What is the current price range for Rental Homes in Louisville?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Louisville ranges from $525 to $8,750 with an average monthly rent of $2,286.

How much are larger Three and Four Bedroom Rentals in Louisville?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Louisville range from $675 to $6,160, while Three Bedroom Homes, Condos, and Townhomes for rent range from $850 to $8,500. Four Bedroom Single-Family rentals are also available starting from $900 and Four Bedroom Apartments start at $535.

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.

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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.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.