Cheap Apartments for Rent in Lexington, KY from $400 (212 Rentals)

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

Lexington's Best Affordable Neighborhoods

Learn about Lexington and the best places to live with original content written by our Local Expert Catrina Cowart

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property at 468 N Limestone

468 N Limestone

LexingtonKY40508
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Lexington, KY Local Guide

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Written By:
Trey Huguley
Director, Product Marketing

Cheapest Neighborhoods for Apartments in Lexington, KY

Pricing Updated: 04/14/2025

Current apartment rentals in the Lexington, KY area range in price from $495 to $6,123 with an overall median price of $2,616. The three Lexington neighborhoods with the lowest median rent pricing are Pralltown at $680, Castlewood at $495, and Calumet at $715. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Lexington Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Pralltown$1,185$6806
Castlewood$1,295$49571
Calumet$1,355$71527
Adena Ridge$1,426$85424
Shriners$1,429$574115
Gainesway$1,475$74560
Georgetown$1,536$49562
Southeastern Hills$1,650$745137
St. Martins Village$1,663$49563
Green Acres$1,689$49574

Cheapest Available Lexington Apartments for Rent

 

The cheapest available apartment rental in Lexington, KY is a Studio unit found at BelleFontaine Apartment Homes in the Boone Creek neighborhood priced from $685. The Dawn Run Apartments in the Eastland Parkway neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $690. Here is today’s list of the most affordable Lexington apartments for rent:

Apartment ListingModel NameBed/BathPriced From
BelleFontaine Apartment Homes0-1Studio,1BA$685
The Dawn Run ApartmentsStudio MDStudio,1BA$690
Caballo Crossing1 Bedroom 1 Bath1BR,1BA$700
Landing at Malabu1 Bed, 1 bath1BR,1BA$745
VELO - Waller AvenueNEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO...1BR,1BA$745
CedarwoodThe BristolStudio,1BA$749
1901 Apartment Homes1 Bedroom, 1 Bathroom1BR,1BA$755
Flats at FontaineBuilding CStudio,1BA$775
Ferrill Square Apartments - 55+ CommunityOne Bedroom1BR,1BA$794
Breckinridge CourtStudio 460 sf (st2)1BR,1BA$800

Best Value Apartments for Rent in Lexington, KY

As of April 15, 2025 the best value apartment in the Lexington area is the $1.12 price per square foot RM - 30G1 Model at rmLexington in the in the The Meadows At Brannon Crossing neighborhood starting from $1,910. The second greatest value Lexington apartment is the 3 Bedroom 2.5 Bath Model at The Pines starting at $1,500 with a $1.07 price per square foot in the Boone Creek neighborhood. Here is today’s list of the best values for Lexington apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
rmLexingtonRM - 30G13BR,2BA$1.12
The Pines3 Bedroom 2.5 Bath3BR,2.5BA$1.07
Alcove at RussellThree Bedroom3BR,2BA$1.06
Richwood Bend - Affordable HousingThree Bedroom3BR,2BA$1.09
SignatureThe Secretariat2BR,2BA$1.13
Caballo Crossing2 Bedroom 1 Bath2BR,1BA$0.95
Twenty Two Twenty2 Bedrooms, 1.5 Bathrooms2BR,1.5BA$0.95
Double Tree Apartments1 Bedroom1BR,1BA$1.02
1901 Apartment Homes2 Bedrooms, 1 Bathroom2BR,1BA$1.13
Park VistaPV1.11BR,1BA$1.12

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Lexington Overview

Lexington, a vibrant, diverse city, offers its residents a high quality of life in a beautiful setting. The city is one of the oldest in the nation and distinguished itself early on as a destination for thoroughbred horse farms and racing. The city lies in the heart of the Blue Grass region of Kentucky with rolling, verdant hills and a moderate four-season climate. Life in Lexington apartments provides lots of options and conveniences to enjoy this region where employment opportunities are abundant in academia, manufacturing and services. Wages in the region are higher than the national rate, but the cost of housing ranks 26 percent lower than the U.S. average.

Why live in Lexington, KY?

Few cities in the U.S. offer the diversity found in Lexington, from historical significance to a vibrant economic base rooted in higher education, manufacturing, high tech and services. The cost of living in Lexington is lower than the U.S. average, while wages for some jobs tend to be higher - since Kentucky isn’t a right-to-work state. The unemployment rate is typically lower than the national average, while the climate in Lexington offers four distinct seasons without the extremes and outdoor recreation is abundant. The city and surrounding environment offer stunning beauty and recreation, along with the world-class horse racing. All of this and much more make life in apartments in Lexington oamong the best in the country!

Pet Friendly Lifestyle
Lexington, KY

Ranked #2

Among cities in Kentucky for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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

Explore Lexington, KY Rentals by Map

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See the most popular apartments and homes in Lexington, KY

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Getting Around Lexington, KY

Walk Score®

58 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

55 / 100

Bikeable

Some bike infrastructure

Transit Score®

38 / 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.

Lexington, KY Area Reviews

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

Catrina • 4+ years in Lexington

February 25, 2025

Lexington is a great place for people of all types. It is, interestingly, highly bilingual, with many Spanish-speaking residents. Public transportation throughout Lexington is not the best, and the cost of living has skyrocketed in recent years. That being said, it is very safe for a city, and while I've experienced petty theft twice, both times were because I had left my vehicle unlocked at an apartment complex. The outdoor areas are beautiful here, and there are more restaurants than you'd know what to do with. Overall, you get modern amenities with a southern touch.

Frequently Asked Questions about Cheap Lexington Apartments

What is a cheap apartment in Lexington?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Lexington is under $800.

What is the price of a cheap apartment in Lexington?

The cheapest apartment in Lexington is Caballo Crossing which is listed at $700, while the average apartment in Lexington costs $2,616.

What types of apartments are the cheapest in 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 634 regular apartments in 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 Lexington?

Cheap apartments in Lexington have an average cost of $1,139 which is $1,477 cheaper than the average rent for all rentals in Lexington.

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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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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Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

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Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.