Best Affordable Neighborhoods in Lexington, KY
Some of the cheapest neighborhoods in Lexington are West Lexington, Cardinal Valley, and Lakeview Woodspoint. These neighborhoods offer some of the lowest rent prices in Lexington, making them ideal for renters on a budget. As of March 20, 2026, the average rent in Lexington is $1,088, which is 2.5% 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.
West Lexington
Average Rent
$886/Month
Year-Over-Year Rent Change
0.4%
Units Available
31 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
$891/Month
Year-Over-Year Rent Change
3.3%
Units Available
11 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.
Lakeview Woodspoint
Average Rent
$938/Month
Units Available
14 Rentals
Lakeview Woodspoint is a top choice for budget-conscious renters for a variety of reasons. The average rent in Lakeview Woodspoint is $938 while the city average is $1,088. Residents enjoy convenient access to Raven Run Nature Sanctuary, Boone Station State Historic Site, and Eastern Kentucky University.
Alsab Farm
Average Rent
$938/Month
Units Available
14 Rentals
When you’re looking for a great Lexington neighborhood on a budget, check out Alsab Farm. The average rent is $938, compared to the city average of $1,088. Alsab Farm is convenient to Boone Station State Historic Site, Raven Run Nature Sanctuary, and Waveland State Historic Site.
Canterfield
Average Rent
$940/Month
Units Available
16 Rentals
Canterfield is an affordable neighborhood in Lexington with an average rent price of $940. Compare this to the city average of $1,088. Canterfield provides easy access to State Botanical Garden of Kentucky, Clearwater Commons, and Transylvania University.
Garden Springs
Average Rent
$959/Month
Year-Over-Year Rent Change
0.2%
Units Available
27 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 $959, while the city’s average stands at $1,088. In the last year, prices have decreased by 0.2%. Garden Springs is near Kentucky Horse Park, Kentucky State University, and Explorium.
Shriners
Average Rent
$962/Month
Year-Over-Year Rent Change
5.5%
Units Available
14 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
$964/Month
Year-Over-Year Rent Change
1.9%
Units Available
24 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.
Emerson Woods
Average Rent
$982/Month
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 $982 while the city average is $1,088. Residents enjoy convenient access to State Botanical Garden of Kentucky, University of Kentucky, and Waveland State Historic Site.
Ohio/Chestnut Street
Average Rent
$1,001/Month
Units Available
11 Rentals
When you’re looking for a great Lexington neighborhood on a budget, check out Ohio/Chestnut Street. The average rent is $1,001, compared to the city average of $1,088. Ohio/Chestnut Street is convenient to Kentucky State University, Transylvania University, and Kentucky Horse Park.
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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.