Cheapest Neighborhoods in Lexington, KY
Some of the cheapest neighborhoods in Lexington are Shriners, East Lexington, and Terrace View. These neighborhoods offer some of the lowest rent prices in Lexington, making them ideal for renters on a budget. As of June 19, 2026, the average rent in Lexington is $1,110, which is 1.8% 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
$956/Month
Year-Over-Year Rent Change
6.6%
Units Available
16 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.
East Lexington
Average Rent
$958/Month
Year-Over-Year Rent Change
1.6%
Units Available
27 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.
Terrace View
Average Rent
$963/Month
Units Available
29 Rentals
When you’re looking for a great Lexington neighborhood on a budget, check out Terrace View. The average rent is $963, compared to the city average of $1,110. Terrace View is convenient to Kentucky State University, Transylvania University, and Waveland State Historic Site.
Hamilton Park
Average Rent
$963/Month
Units Available
29 Rentals
Hamilton Park is an affordable neighborhood in Lexington with an average rent price of $963. Compare this to the city average of $1,110. Hamilton Park provides easy access to Kentucky State University, Blue Grass, and State Botanical Garden of Kentucky.
West Lexington
Average Rent
$986/Month
Year-Over-Year Rent Change
1.4%
Units Available
65 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.
Garden Springs
Average Rent
$989/Month
Year-Over-Year Rent Change
1.7%
Units Available
17 Rentals
If you’re looking for a great, affordable neighborhood in Lexington, Garden Springs might be the perfect place! It has an average rent price of $989, while the city’s average stands at $1,110. In the last year, prices have increased by 1.7%. Garden Springs is near Commonwealth Plaza, Kentucky Horse Park, and Kentucky State University.
Cardinal Valley
Average Rent
$1,029/Month
Units Available
47 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.
Tates Creek
Average Rent
$1,135/Month
Year-Over-Year Rent Change
5.9%
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.
Eastland Parkway
Average Rent
$1,177/Month
Year-Over-Year Rent Change
0.5%
Units Available
39 Rentals
Eastland Parkway is a tranquil neighborhood offering affordable housing and good schools like Dixie Elementary Magnet School. Eastland Parkway is known for Patchen Wilkes Farm, the horse nursery of businessman and University of Kentucky royalty Warren W. Rosenthal.
Lansdowne
Average Rent
$1,208/Month
Year-Over-Year Rent Change
3.7%
Units Available
28 Rentals
Lansdowne is a sought-after neighborhood that residents appreciate for its suburban atmosphere and proximity to shopping and dining along Tates Creek Road. The area is perfect for renters seeking a peaceful, well-maintained community.
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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.