Most Affordable Neighborhoods in Lexington, KY
Some of the cheapest neighborhoods in Lexington are Shriners, West Lexington, and Cardinal Valley. These neighborhoods offer some of the lowest rent prices in Lexington, making them ideal for renters on a budget. As of December 26, 2024, the average rent in Lexington is $1,040, which is 4.5% higher than last year. However, it's important to remember that rental prices can vary significantly based on factors such as location, amenities, and floor plans.
Shriners
Average Rent
$817/Month
Year-Over-Year Rent Change
4.2%
TransitScore® Rating
30/100
Units Available
12 Rentals
Named after the Shriners Children's Hospital, Shriners is a charming residential neighborhood offering renters a diverse selection of housing options. Although the hospital relocated to the UK HealthCare campus in 2017, Clay's Spring Park in front of the former hospital location remains a meeting point for community events.
West Lexington
Average Rent
$867/Month
Year-Over-Year Rent Change
4.6%
TransitScore® Rating
28/100
Units Available
27 Rentals
West Lexington is located just inside Kentucky Route 4, giving residents easy access to the rest of the city while providing a slow pace of life surrounded by greenery. Ranch-style and colonial homes are a hallmark of this neighborhood.
Cardinal Valley
Average Rent
$871/Month
TransitScore® Rating
31/100
Units Available
12 Rentals
Cardinal Valley offers a community-oriented atmosphere and easy access to shopping and dining along Versailles Road. The area has a variety of homes in ranch and colonial architecture with manicured front lawns.
East Lexington
Average Rent
$920/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
32/100
Units Available
23 Rentals
East Lexington is a growing neighborhood offering a variety of housing options and easy travel throughout Lexington. Its location along Kentucky Route 4 makes it ideal for commuters.
Garden Springs
Average Rent
$922/Month
Year-Over-Year Rent Change
5.2%
TransitScore® Rating
31/100
Units Available
10 Rentals
Garden Springs is a top choice for budget-conscious renters for a variety of reasons. The average rent in Garden Springs is $922 while the city average is $1,040. This is a 5.2% difference from last year. Residents enjoy convenient access to University of Kentucky, Blue Grass, and Kentucky Horse Park. The neighborhood is considered somewhat walkable with a WalkScore® of 59.
Kenwick
Average Rent
$928/Month
Year-Over-Year Rent Change
1.4%
TransitScore® Rating
70/100
Units Available
15 Rentals
Kenwick is a historic neighborhood known for its charming bungalows and tree-lined streets. Renters will enjoy the close-knit community and proximity to downtown Lexington, as well as local cafes and shops. The neighborhood is ideal for those seeking a blend of historic charm and modern living.
North Elizabeth Street
Average Rent
$1,000/Month
Year-Over-Year Rent Change
1.4%
TransitScore® Rating
76/100
Units Available
15 Rentals
North Elizabeth Street is a charming neighborhood next door to the University of Kentucky. The college enriches the neighborhood culture by providing residents with easy access to shows at the Otis A. Singletary Center for the Arts, art exhibits at the University of Kentucky Art Museum, and sporting events at the University of Kentucky Memorial Coliseum.
Tates Creek
Average Rent
$1,020/Month
Year-Over-Year Rent Change
10.6%
TransitScore® Rating
23/100
Units Available
13 Rentals
Tates Creek is a desirable neighborhood known for its spacious homes, well-maintained parks, and top-rated schools. This neighborhood is set apart by the Tates Creek Golf Course, a public golf course with a banquet room that residents can book for events.
Beaumont Residential
Average Rent
$1,133/Month
Year-Over-Year Rent Change
0.8%
TransitScore® Rating
26/100
Units Available
11 Rentals
When you’re looking for a great Lexington neighborhood on a budget, check out Beaumont Residential. The average rent is $1,133, compared to the city average of $1,040. Rent prices have increased by 0.8%. Beaumont Residential is convenient to National College, Lexington, Waveland State Historic Site, and Palomar Center. The community is somewhat walkable with a WalkScore® of 60.
Southeast Lexington
Average Rent
$1,185/Month
Year-Over-Year Rent Change
6.4%
TransitScore® Rating
38/100
Units Available
331 Rentals
Southeast Lexington is an affordable neighborhood in Lexington with an average rent price of $1,185. Compare this to the city average of $1,040. In the past year, rent prices have increased by 6.4%. Southeast Lexington provides easy access to National College, Lexington, Transylvania University, and Raven Run Nature Sanctuary. It’s a somewhat walkable neighborhood with a WalkScore® of 63.
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Methodology
Transit Score measures access to public transit. Scores range from 0 (minimal transit) to 100 (rider’s paradise). Learn more about the Transit Score methodology. Rental data is sourced from CoStar Group’s Market Trend reports. As a leading authority in commercial real estate information, analytics, and news, CoStar performs in-depth research to build and sustain an extensive database of commercial real estate insights.
We've combined this data with public records to provide the most current rental information available.