Most Affordable Neighborhoods in Lexington, KY
Some of the cheapest neighborhoods in Lexington are Terrace View, Hamilton Park, and West Lexington. These neighborhoods offer some of the lowest rent prices in Lexington, making them ideal for renters on a budget. As of September 12, 2025, the average rent in Lexington is $1,080, which is 2.6% 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.
Terrace View
Average Rent
$791/Month
TransitScore® Rating
31/100
Units Available
12 Rentals
Terrace View is a top choice for budget-conscious renters for a variety of reasons. The average rent in Terrace View is $791 while the city average is $1,080. Residents enjoy convenient access to Transylvania University, Blue Grass, and Waveland State Historic Site. The neighborhood is considered car-dependent with a WalkScore® of 39.
Hamilton Park
Average Rent
$791/Month
TransitScore® Rating
32/100
Units Available
12 Rentals
When you’re looking for a great Lexington neighborhood on a budget, check out Hamilton Park. The average rent is $791, compared to the city average of $1,080. Hamilton Park is convenient to Tattersall's Shoppes, Blue Grass, and University of Kentucky. The community is car-dependent with a WalkScore® of 48.
West Lexington
Average Rent
$865/Month
Year-Over-Year Rent Change
0.9%
TransitScore® Rating
28/100
Units Available
23 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.
Brookdale Place
Average Rent
$897/Month
Units Available
12 Rentals
Brookdale Place is an affordable neighborhood in Lexington with an average rent price of $897. Compare this to the city average of $1,080. Brookdale Place provides easy access to State Botanical Garden of Kentucky, Village Shops, and National College, Lexington.
East Lexington
Average Rent
$911/Month
Year-Over-Year Rent Change
0.4%
TransitScore® Rating
32/100
Units Available
18 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.
Shriners
Average Rent
$947/Month
Year-Over-Year Rent Change
18.6%
TransitScore® Rating
30/100
Units Available
13 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.
The Oaks Condominiums
Average Rent
$972/Month
TransitScore® Rating
24/100
Units Available
16 Rentals
If you’re looking for a great, affordable neighborhood in Lexington, The Oaks Condominiums might be the perfect place! It has an average rent price of $972, while the city’s average stands at $1,080. The Oaks Condominiums is near State Botanical Garden of Kentucky, Transylvania University, and University of Kentucky.
Emerson Woods
Average Rent
$1,039/Month
TransitScore® Rating
24/100
Units Available
18 Rentals
Emerson Woods is a top choice for budget-conscious renters for a variety of reasons. The average rent in Emerson Woods is $1,039 while the city average is $1,080. Residents enjoy convenient access to Boone Station State Historic Site, State Botanical Garden of Kentucky, and Redding Center. The neighborhood is considered car-dependent with a WalkScore® of 42.
Canterfield
Average Rent
$1,045/Month
TransitScore® Rating
0/100
Units Available
17 Rentals
When you’re looking for a great Lexington neighborhood on a budget, check out Canterfield. The average rent is $1,045, compared to the city average of $1,080. Canterfield is convenient to Tates Creek South, Clearwater Commons, and State Botanical Garden of Kentucky. The community is somewhat walkable with a WalkScore® of 53.
Whispering Hills
Average Rent
$1,046/Month
TransitScore® Rating
25/100
Units Available
15 Rentals
Whispering Hills is an affordable neighborhood in Lexington with an average rent price of $1,046. Compare this to the city average of $1,080. Whispering Hills provides easy access to National College, Lexington, Waveland State Historic Site, and Lansbrook Center. It’s a car-dependent neighborhood with a WalkScore® of 24.
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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.