Cheap Apartments for Rent in the Melrose-oak Park Neighborhood of Lexington, KY from $400 (14 Rentals)

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

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St Martin Villa
1 to 2 Bedroom Apartments

St Martin Villa

412-422 Lima DrLexington, KY 40511
  • Utilities Included
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The Lex
Studio to 4 Bedroom Apartments

The Lex

521 S BroadwayLexington, KY 40508
Student Housing
  • Utilities Included

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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330 Newtown Apartments
1 to 3 Bedroom Apartments

330 Newtown Apartments

330 Newtown PikeLexington, KY 40508
  • Utilities Included

Melrose-oak Park, Lexington, KY Local Guide

Cheapest Available Melrose-oak Park Apartments for Rent

 

The cheapest available apartment rental in the Melrose-oak Park area of Lexington, KY is a 1 Bed unit found at Preakness Apartments priced from $715. Ferrill Square Apartments - 55+ Community has the second lowest priced unit, which is a 1 Bed apartment currently listed from $854. Here are the most affordable Melrose-oak Park apartments for rent in Lexington, KY:

Apartment ListingModel NameBed/BathPriced From
Preakness ApartmentsP111BR,1BA$715
Ferrill Square Apartments - 55+ CommunityOne Bedroom1BR,1BA$854
Davis Park Station - NOW Leasing!One Bedroom1BR,1BA$870
The Studios at Belmont - MAJOR UTILITIES INCLStudioStudio,1BA$895
MidTown ApartmentsWoodland1BR,1BA$975

Best Value Apartments for Rent in Melrose-oak Park, KY

As of May 01, 2025 the best value apartment in the Melrose-oak Park area is the $1.67 price per square foot Madison 2B Model at The Village at Great Acres in the in the Redd Road Rural Historic District neighborhood starting from $1,985. The second greatest value Melrose-oak Park 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 Melrose-oak Park apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Village at Great AcresMadison 2B2BR,2.5BA$1.67
SignatureThe Secretariat2BR,2BA$1.13
Belmont Run ApartmentsTwo Bedroom2BR,1BA$1.41
Davis Park Station - NOW Leasing!One Bedroom1BR,1BA$1.18
Preakness ApartmentsP111BR,1BA$1.07
Ferrill Square Apartments - 55+ CommunityOne Bedroom1BR,1BA$1.29
907 Trifecta on Red MileTrifecta on Red Mile - One Bedroom1BR,1BA$1.66
Townley Park ApartmentsAugusta1BR,1BA$1.95
The Flats at 345325 Large One Bedroom1BR,1BA$2.01
Artek Lofts1 Bed, 1 Bath Flat1BR,1BA$2.25

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Pet Friendly Lifestyle
Melrose-Oak Park, Lexington, KY

Ranked #60

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Frequently Asked Questions about Cheap Melrose-oak Park Apartments

What is a cheap apartment in Melrose-oak Park?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Melrose-oak Park is under $1,125.

What is the price of a cheap apartment in Melrose-oak Park?

The cheapest apartment in Melrose-oak Park is Preakness Apartments which is listed at $715, while the average apartment in Melrose-oak Park costs $3,345.

What types of apartments are the cheapest in Melrose-oak Park?

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 45 regular apartments in Melrose-oak Park that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

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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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.

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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.

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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.