500 Ohio St
LexingtonKY40508
Cheap Apartments for Rent in the Downtown Lexington Neighborhood of Lexington, KY from $500 (32 Rentals)
Search the lowest-cost Apartments available for rent right now in the Downtown Lexington area of Lexington.
358 E 2nd St
LexingtonKY40508
261 Lyndhurst Pl
LexingtonKY40508
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Rent Specials
from $7251 to 3 Bedroom Apartments Contact Us For Availability
Rosetown Apartments
320 Elm Tree LnLexington, KY 40508
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Rent Specials
from $7401 to 2 Bedroom Apartments Contact Us For Availability
Meadowthorpe Landing - Senior Housing
1447 Antique DrLexington, KY 40511
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562 Woodland Ave
LexingtonKY40508
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from $795Studio Apartments Available Aug 14
Kampus Properties STUDENT HOUSING - 2024-'25
400-418 Aylesford PlLexington, KY 40508
422 Pyke Rd
LexingtonKY40504
557 N Limestone
LexingtonKY40508
Know Your Rights - How Discrimination Laws Impact Landlords and Tenants
Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.
468 N Limestone
LexingtonKY40508
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from $8501 Bedroom Apartments Contact Us For Availability
Rose Tower Apartments
137 Rose StLexington, KY 40507
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Rent Specials
from $8541 Bedroom Apartments Available Now
Ferrill Square Apartments - 55+ Community
471 Price RdLexington, KY 40508
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from $8701 to 3 Bedroom Apartments Available Now
Davis Park Station - NOW Leasing!
512 De Roode StreetLexington, KY 40508
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Rent Specials
from $895Studio Apartments Available Now
The Studios at Belmont - MAJOR UTILITIES INCL
333 Legion DrLexington, KY 40504
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Downtown Lexington - One of the Best Affordable Neighborhoods in 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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1 Bedroom Apartments
Woodland Park Apartments - UTILITIES INCLUDED
184 Old Park AveLexington, KY 40502
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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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Showing Results 1-32, Page 1 of 1
Downtown Lexington, Lexington, KY Local Guide
How much does it cost to rent an apartment in Downtown Lexington?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Downtown Lexington Studio Apartments | $1,338 | $655 | $1,855 |
| Downtown Lexington 1 Bedroom Apartments | $1,393 | $595 | $4,017 |
| Downtown Lexington 2 Bedroom Apartments | $1,704 | $800 | $5,697 |
| Downtown Lexington 3 Bedroom Apartments | $2,106 | $875 | $6,109 |
| Downtown Lexington 4 Bedroom Apartments | $2,366 | $1,700 | $2,700 |
Browse Apartments in this Neighborhood
There are currently 32 rentals with your search options within a 2 mile radius of the Downtown Lexington Neighborhood of Lexington, KY.
See all Apartments in LexingtonExplore Lexington
Downtown Lexington, Lexington, KY Local Guide
- Nearby Lexington neighborhoods
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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. Rose Tower Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $850. Here are the most affordable Downtown Lexington apartments for rent in Lexington, KY:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| VELO - Waller Avenue | NEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO... | 1BR,1BA | $745 |
| Rose Tower Apartments | One Bedroom | 1BR,1BA | $850 |
| Ferrill Square Apartments - 55+ Community | One Bedroom | 1BR,1BA | $854 |
| Davis Park Station - NOW Leasing! | One Bedroom | 1BR,1BA | $870 |
| The Studios at Belmont - MAJOR UTILITIES INCL | Studio | Studio,1BA | $895 |
| MidTown Apartments | Woodland | 1BR,1BA | $975 |
| Preserve Lexington | A1 | 1BR,1BA | $1,051 |
| 907 Trifecta on Red Mile | Trifecta on Red Mile - One Bedroom | 1BR,1BA | $1,095 |
| Park Plaza Apartments | Maxwell | Studio,1BA | $1,120 |
| The Flats at 345 | 325 Large One Bedroom | 1BR,1BA | $1,125 |
Best Value Apartments for Rent in Downtown Lexington, KY
As of April 28, 2025 the best value apartment in the Downtown Lexington area is the $1.83 price per square foot 4 x 3 End Unit Model at Burley Properties in the in the Downtown Lexington neighborhood starting from $2,500. The second greatest value Downtown Lexington apartment is the The Secretariat Model at Signature starting at $1,040 with a $1.13 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Burley Properties | 4 x 3 End Unit | 4BR,3BA | $1.83 |
| Signature | The Secretariat | 2BR,2BA | $1.13 |
| Belmont Run Apartments | Two Bedroom | 2BR,1BA | $1.41 |
| Davis Park Station - NOW Leasing! | One Bedroom | 1BR,1BA | $1.18 |
| Hub Limestone | 2x1 A | 2BR,1BA | $1.72 |
| Ferrill Square Apartments - 55+ Community | One Bedroom | 1BR,1BA | $1.29 |
| 907 Trifecta on Red Mile | Trifecta on Red Mile - One Bedroom | 1BR,1BA | $1.66 |
| The Flats at 345 | 325 Large One Bedroom | 1BR,1BA | $2.01 |
| Artek Lofts | 1 Bed, 1 Bath Flat | 1BR,1BA | $2.25 |
| Rose Tower Apartments | One Bedroom | 1BR,1BA | $1.89 |
Quick Rent Budget Calculator
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Pet Friendly LifestyleDowntown Lexington, Lexington, KY
Ranked #34
Among neighborhoods in Lexington, KY for Apartment listings with Pet Friendly Amenities
Pet Friendliness Lifestyle Score
4.0Pet Friendly
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 $1,125.
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 30 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 $1,497 which is $1,848 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.
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.
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.
Rise of Digital Nomads: Remote Work Tips for Apartment Renters
Written by: Brandie Parton
As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.
Know Your Rights - How Discrimination Laws Impact Landlords and Tenants
Written by: Christine Leonard, Esq.
Everyone needs a place to live and to call home. For decades, the federal government has established protections to ensure that individuals and families can find housing free from discriminatory barriers.