Most Affordable Neighborhoods in Louisville, KY
Some of the cheapest neighborhoods in Louisville are South Louisville, Fern Creek, and Smoketown. These neighborhoods offer some of the lowest rent prices in Louisville, making them ideal for renters on a budget. As of April 29, 2025, the average rent in Louisville is $1,106, which is 0.2% 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.
South Louisville
Average Rent
$962/Month
Year-Over-Year Rent Change
1.4%
TransitScore® Rating
24/100
Units Available
53 Rentals
South Louisville offers a mix of residential and commercial areas with proximity to major attractions like Churchill Downs, the home of the famous Kentucky Derby. The area offers a variety of housing options to suit different lifestyles, from historic homes to modern developments.
Fern Creek
Average Rent
$993/Month
Year-Over-Year Rent Change
1.8%
TransitScore® Rating
24/100
Units Available
69 Rentals
Fern Creek offers a suburban feel with a range of housing options, from apartments to single-family homes. Here, residents love the proximity to local parks and outdoor spaces, as well as convenient shopping and dining options along Bardstown Road. This neighborhood also provides easy access to major roads, simplifying commutes for those traveling to other parts of Louisville.
Smoketown
Average Rent
$995/Month
Year-Over-Year Rent Change
3.9%
TransitScore® Rating
54/100
Units Available
38 Rentals
Smoketown is a top choice for budget-conscious renters for a variety of reasons. The average rent in Smoketown is $995 while the city average is $1,106. This is a -3.9% difference from last year. Residents enjoy convenient access to Broadbrook Center, Jefferson Comm. & Tech., DC, and Louisville Waterfront Park. The neighborhood is considered walkable with a WalkScore® of 78.
Pleasure Ridge Park
Average Rent
$1,026/Month
Year-Over-Year Rent Change
2%
TransitScore® Rating
33/100
Units Available
33 Rentals
When you’re looking for a great Louisville neighborhood on a budget, check out Pleasure Ridge Park. The average rent is $1,026, compared to the city average of $1,106. Rent prices have increased by 2%. Pleasure Ridge Park is convenient to Strip Center, Pleasure Ridge Plaza, and Dixie Depot Plaza. The community is car-dependent with a WalkScore® of 39.
Old Louisville
Average Rent
$1,094/Month
Year-Over-Year Rent Change
0.7%
TransitScore® Rating
52/100
Units Available
44 Rentals
Old Louisville is known for its historic Victorian homes and tree-lined streets, creating a charming residential setting for renters. Here, you'll enjoy living close to downtown Louisville and nearby Central Park, a popular spot for outdoor events. The area’s architectural beauty and rich history make it a standout neighborhood.
South Side
Average Rent
$1,281/Month
Year-Over-Year Rent Change
1.6%
TransitScore® Rating
16/100
Units Available
75 Rentals
South Side is a quiet residential neighborhood with easy access to shopping centers and local schools. Renters will enjoy the suburban atmosphere and proximity to Iroquois Park, offering plenty of opportunities for outdoor activities. This area is perfect for those seeking a peaceful retreat with access to urban conveniences.
Lyndon
Average Rent
$1,314/Month
Year-Over-Year Rent Change
0.6%
TransitScore® Rating
1/100
Units Available
45 Rentals
There's something for everyone in Lyndon. This popular suburban neighborhood has a mix of residential, retail, and green spaces that renters will love. Lyndon has nearby shopping and dining options, along with access to Robsion Park for outdoor activities. The area also offers easy access to major roads, making it a convenient location for commuters.
Downtown Louisville
Average Rent
$1,343/Month
Year-Over-Year Rent Change
0.3%
TransitScore® Rating
51/100
Units Available
488 Rentals
Downtown Louisville is an affordable neighborhood in Louisville with an average rent price of $1,343. Compare this to the city average of $1,106. In the past year, rent prices have decreased by 0.3%. Downtown Louisville provides easy access to Cardinal Center, Jefferson Comm. & Tech., JTC, and Central Station. It’s a walkable neighborhood with a WalkScore® of 77.
Fourth Street
Average Rent
$1,351/Month
Year-Over-Year Rent Change
0.4%
TransitScore® Rating
63/100
Units Available
87 Rentals
Fourth Street is a lively downtown neighborhood known for its entertainment district, featuring the Fourth Street Live! complex. This area is perfect for those seeking an active, urban lifestyle, particularly because of its numerous dining, shopping, and nightlife options.
Hurstbourne Acres
Average Rent
$1,358/Month
Year-Over-Year Rent Change
2.5%
TransitScore® Rating
2/100
Units Available
40 Rentals
Hurstbourne Acres is a suburban neighborhood with plenty of shopping and dining options on Hurstbourne Parkway. Along with its peaceful residential streets, renters will appreciate Hurstbourne Acres' easy access to major highways. The area also offers nearby parks, providing green spaces for outdoor relaxation.
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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.