Cheap Apartments for Rent in the Downtown Lexington Neighborhood of Lexington, KY from $500 (37 Rentals)

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

property at 468 N Limestone

468 N Limestone

LexingtonKY40508

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 916 N Limestone

916 N Limestone

LexingtonKY40505

Downtown Lexington

Named as one of the Best Affordable Neighborhoods to rent in Lexington by our Local Expert Catrina Cowart. See how it ranks!

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Stonehurst Studios
Studio Apartments

Stonehurst Studios

256 Lyndhurst PlLexington, KY 40508
Student Housing
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Kampus Terraces
Studio Apartments

Kampus Terraces

317 Transylvania ParkLexington, KY 40508
Student Housing
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1356 Royalty Ct
1 Bedroom Apartments

1356 Royalty Ct

1356 Royalty CtLexington, KY 40504
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Kampus Heights
Studio Apartments

Kampus Heights

350 Linden WalkLexington, KY 40508
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426 E High St
1 Bedroom Apartments

426 E High St

426 E High StLexington, KY 40507
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Medical View Properties
1 to 2 Bedroom Apartments

Medical View Properties

805 Press AveLexington, KY 40508
Student Housing
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Bluegrass Commons
Studio to 1 Bedroom Apartments

Bluegrass Commons

165 Virginia AveLexington, KY 40508
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Arlington Lofts
Studio to 1 Bedroom Apartments

Arlington Lofts

1001-1021 N Limestone StLexington, KY 40505
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The Lex
Studio to 4 Bedroom Apartments

The Lex

521 S BroadwayLexington, KY 40508
Student Housing
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330 Newtown Apartments
1 to 3 Bedroom Apartments

330 Newtown Apartments

330 Newtown PikeLexington, KY 40508
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Showing Results 1-37, Page 1 of 1

Downtown Lexington, Lexington, KY Local Guide

Cheapest Available Downtown Lexington Apartments for Rent

 

The cheapest available apartment rental in the Downtown Lexington area of Lexington, KY is a 1 Bed unit found at VELO - Waller Avenue priced from $745. Ferrill Square Apartments - 55+ Community has the second lowest priced unit, which is a 1 Bed apartment currently listed from $794. Here are the most affordable Downtown Lexington apartments for rent in Lexington, KY:

Apartment ListingModel NameBed/BathPriced From
VELO - Waller AvenueNEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO...1BR,1BA$745
Ferrill Square Apartments - 55+ CommunityOne Bedroom1BR,1BA$794
Rose Tower ApartmentsOne Bedroom1BR,1BA$850
Preserve LexingtonA11BR,1BA$1,059
Trifecta on Red Mile: MAJOR RenovationsOne Bedroom1BR,1BA$1,095
Park Plaza ApartmentsMaxwellStudio,1BA$1,120
Artek Lofts1 Bed, 1 Bath Flat1BR,1BA$1,125
Studios180 - Short/Long Term LeasesStudioStudio,1BA$1,195
Gateway Lofts LexingtonYoungStudio,1BA$1,253
Studios340 - All Inclusive PricingSTUDIOSStudio,1BA$1,255

Best Value Apartments for Rent in Downtown Lexington, KY

As of March 27, 2025 the best value apartment in the Downtown Lexington area is the $1.08 price per square foot House Model at MidTown Apartments in the in the Montclair neighborhood starting from $1,700. The second greatest value Downtown Lexington apartment is the 4 x 3 End Unit Model at Burley Properties starting at $2,500 with a $1.83 price per square foot in the Downtown Lexington neighborhood. Here is today’s list of the best values for Downtown Lexington apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
MidTown ApartmentsHouse4BR,4BA$1.08
Burley Properties4 x 3 End Unit4BR,3BA$1.83
SignatureThe Secretariat2BR,2BA$1.13
Hub Limestone2x1 A2BR,1BA$1.72
Ferrill Square Apartments - 55+ CommunityOne Bedroom1BR,1BA$1.20
Trifecta on Red Mile: MAJOR RenovationsOne Bedroom1BR,1BA$1.68
559 S Limestone, Unit 202559 S Limestone2BR,1BA$2.31
Artek Lofts1 Bed, 1 Bath Flat1BR,1BA$2.25
Rose Tower ApartmentsOne Bedroom1BR,1BA$1.89
Preserve LexingtonA11BR,1BA$2.39

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Downtown Lexington, Lexington, KY

Ranked #21

Among neighborhoods in Lexington, 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 Lexington, Lexington, KY

School data provided by Great Schools

Best Local Schools in
Downtown Lexington, Lexington, KY

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental search system called 'Lifestyle ratings', composed of rentals in metropolitan areas across the United States, including Lexington. 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 proximity to parks, luxury amenities, apartment complexes for the kids, raising pets, transit options, and much more. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Lexington Apartments

What is a cheap apartment in Downtown Lexington?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Lexington is under $1,255.

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

The cheapest apartment in Downtown Lexington is VELO - Waller Avenue which is listed at $745, while the average apartment in Downtown Lexington costs $3,345.

What types of apartments are the cheapest in Downtown 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 25 regular apartments in Downtown 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 Downtown Lexington?

Cheap apartments in Downtown Lexington have an average cost of $1,541 which is $1,804 cheaper than the average rent for all rentals in Downtown 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.

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Lexington article

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.