Best Affordable Neighborhoods in Lexington, KY
Some of the cheapest neighborhoods in Lexington are Terrace View, Hamilton Park, 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 19, 2025, the average rent in Lexington is $1,081, which is 3% 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
$789/Month
TransitScore® Rating
31/100
Units Available
12 Rentals
When you’re looking for a great Lexington neighborhood on a budget, check out Terrace View. The average rent is $789, compared to the city average of $1,081. Terrace View is convenient to Explorium, State Botanical Garden of Kentucky, and University of Kentucky. The community is car-dependent with a WalkScore® of 39.
Hamilton Park
Average Rent
$789/Month
TransitScore® Rating
32/100
Units Available
12 Rentals
Hamilton Park is an affordable neighborhood in Lexington with an average rent price of $789. Compare this to the city average of $1,081. Hamilton Park provides easy access to Kentucky State University, Transylvania University, and National College, Lexington. It’s a car-dependent neighborhood with a WalkScore® of 48.
Cardinal Valley
Average Rent
$884/Month
Year-Over-Year Rent Change
9.9%
TransitScore® Rating
31/100
Units Available
13 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.
West Lexington
Average Rent
$904/Month
Year-Over-Year Rent Change
0.2%
TransitScore® Rating
28/100
Units Available
35 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.
Shriners
Average Rent
$916/Month
Year-Over-Year Rent Change
14.4%
TransitScore® Rating
30/100
Units Available
11 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
$933/Month
Year-Over-Year Rent Change
4%
TransitScore® Rating
32/100
Units Available
21 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
$940/Month
Year-Over-Year Rent Change
1.2%
TransitScore® Rating
31/100
Units Available
25 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 $940, while the city’s average stands at $1,081. In the last year, prices have increased by 1.2%. Garden Springs is near Kentucky State University, Turfland Mall, and Kentucky Horse Park.
Lakeview Woodspoint
Average Rent
$941/Month
TransitScore® Rating
32/100
Units Available
11 Rentals
Lakeview Woodspoint is a top choice for budget-conscious renters for a variety of reasons. The average rent in Lakeview Woodspoint is $941 while the city average is $1,081. Residents enjoy convenient access to University of Kentucky, National College, Lexington, and State Botanical Garden of Kentucky. The neighborhood is considered somewhat walkable with a WalkScore® of 62.
Alsab Farm
Average Rent
$941/Month
TransitScore® Rating
30/100
Units Available
11 Rentals
When you’re looking for a great Lexington neighborhood on a budget, check out Alsab Farm. The average rent is $941, compared to the city average of $1,081. Alsab Farm is convenient to Waveland State Historic Site, East Gate Center, and Boone Station State Historic Site. The community is somewhat walkable with a WalkScore® of 65.
The Oaks Condominiums
Average Rent
$961/Month
TransitScore® Rating
24/100
Units Available
13 Rentals
The Oaks Condominiums is an affordable neighborhood in Lexington with an average rent price of $961. Compare this to the city average of $1,081. The Oaks Condominiums provides easy access to University of Kentucky, State Botanical Garden of Kentucky, and Explorium. It’s a car-dependent neighborhood with a WalkScore® of 15.
Ready to make your move to Lexington? Check out the rent specials, price drops, and great deals on ApartmentFinder.com!
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.