Cheap Apartments for Rent in the Red Mile Neighborhood of Lexington, KY from $500 (18 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Red Mile area of 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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1356 Royalty Ct
1 Bedroom Apartments

1356 Royalty Ct

1356 Royalty CtLexington, KY 40504
  • Utilities Included
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Oxford Circle
1 Bedroom Apartments

Oxford Circle

1805 Oxford CirLexington, KY 40504
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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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Stableview
2 Bedroom Apartments

Stableview

1050 Horsemans LnLexington, KY 40504
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Red Mile, Lexington, KY Local Guide

Cheapest Available Red Mile Apartments for Rent

 

The cheapest available apartment rental in the Red Mile area of Lexington, KY is a 1 Bed unit found at VELO - Waller Avenue priced from $745. 1901 Apartment Homes has the second lowest priced unit, which is a 1 Bed apartment currently listed from $755. Here are the most affordable Red Mile apartments for rent in Lexington, KY:

Apartment ListingModel NameBed/BathPriced From
VELO - Waller AvenueNEWLY RENOVATED, AFFORDABLE, UNFURNISHED STUDIO...1BR,1BA$745
1901 Apartment Homes1 Bedroom, 1 Bathroom1BR,1BA$755
Preakness ApartmentsP212BR,1BA$815
The Crossings Apartment Homes1 Bedroom, 1 Bathroom1BR,1BA$860
Preserve LexingtonA11BR,1BA$1,057

Best Value Apartments for Rent in Red Mile, KY

As of March 27, 2025 the best value apartment in the Red Mile 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 Red Mile 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 Red Mile 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
Preakness ApartmentsP212BR,1BA$0.88
SignatureThe Secretariat2BR,2BA$1.13
Thoroughbred Crossing2 Bedroom Garden floor2BR,1BA$1.22
1901 Apartment Homes2 Bedrooms, 1 Bathroom2BR,1BA$1.13
Trifecta on Red Mile: MAJOR RenovationsOne Bedroom1BR,1BA$1.68
The Crossings Apartment Homes1 Bedroom, 1 Bathroom1BR,1BA$1.38
Limestone Square/Medical VillasMedical Villas (Renovated)1BR,1BA$2.44
Preserve LexingtonA11BR,1BA$2.39

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Red Mile, Lexington, KY

Ranked #48

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

This website is proud to bring you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals in cities and towns across the United States and customized analysis for Lexington, Kentucky. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including filtering automatically for proximity to parks, luxury housing options, apartment complexes for the kids, raising pets, transit options, and more. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Getting Around the Red Mile Neighborhood in Lexington, KY

Walk Score®

57 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

66 / 100

Bikeable

Some bike infrastructure

Transit Score®

45 / 100

Some Transit

A few nearby public transportation options

Frequently Asked Questions about Cheap Red Mile Apartments

What is a cheap apartment in Red Mile?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Red Mile is under $1,269.

What is the price of a cheap apartment in Red Mile?

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

What types of apartments are the cheapest in Red Mile?

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 17 regular apartments in Red Mile 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 Red Mile?

Cheap apartments in Red Mile have an average cost of $1,581 which is $1,764 cheaper than the average rent for all rentals in Red Mile.

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.

decorative image for Understanding Amenity Fees: Know Where You Might Be Able to Save Money article

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.