Last updated
Average Rent in Lexington 40508 & Rent Trends
Rent prices and market trends across 4 apartment communities in Lexington 40508, Lexington, KY. Updated daily.
Market Average
$1,142/mo
▼ 8.9% from last month
Lowest Available
$820/mo
cheapest unit on market
Communities
4
tracked daily
Units Listed
18
available now
Lexington 40508 vs Lexington, KY Average
Lexington 40508 is cheaper the Lexington, KY average by $140/mo (11%). The citywide average is $1,282/mo across all neighborhoods.
Is Rent Going Up or Down in Lexington 40508?
As of May 2026, the average rent in Lexington 40508 is $1,142 per month across 4 apartment communities and 18 available units. Rents have decreased $112 (8.9%) over the past month.
The most affordable option is Limestone Square/Medical Villas Apartments starting at $820/mo. By unit type, a studio averages $970/mo, a 1-bedroom averages $913/mo, a 2-bedroom averages $1,518/mo, a 3-bedroom averages $828/mo.
Prices range from $820 to $1,925 per month. The most common price point is the $800 range, where 11 units are currently listed.
Lexington 40508 Rent Price History
Average Rent by Bedroom
Rent Price Distribution
Rent by Bedroom Type in Lexington 40508
Rent Prices by Apartment in Lexington 40508
| Property | Starting at | Average | Units | Rating |
|---|---|---|---|---|
| Limestone Square/Medical Villas Apartments | $820/mo | $875/mo | 3 | 4.3 |
| Bluegrass Rental Properties | $875/mo | $1,143/mo | 7 | 4.1 |
| UKMVP | $875/mo | $1,143/mo | 7 | 4.1 |
| The Flats at 345 | $1,925/mo | $1,925/mo | 1 | 4.8 |
Google Search Trends for Lexington 40508 Apartments
Search interest for apartments in this area over the past 12 months.
Search Interest Over Time
Frequently Asked Questions About Rent in Lexington 40508
What is the average rent in Lexington 40508?
Is rent going up or down in Lexington 40508?
What is the cheapest apartment in Lexington 40508?
How much is a 1-bedroom apartment in Lexington 40508?
How many apartments are available in Lexington 40508?
What salary do I need to live comfortably in Lexington 40508?
Built on the 25 to 30 percent rent-to-income guideline used by most landlords and credit-scoring models.
Minimum to afford average rent
$46,000/year
30 percent rule -- using our average rent of $1,142/mo.
Comfortable income
$55,000/year
25 percent rule -- leaves more room for savings, transport, and groceries.
To afford the cheapest tracked apartment ($820/mo), you need to earn at least $33,000/year.
Median household income in Lexington 40508 is $67,631 , about 23% above the comfortable-living threshold.
Cost of living in Lexington 40508
Overall prices in Lexington 40508 runs below the national average by about 7% (BEA Regional Price Parity index 92.5, where 100 equals the U.S. average). The breakdown below estimates monthly costs for a single adult, using national consumer-spending baselines from the Bureau of Labor Statistics scaled by Lexington 40508's regional price parities.
| Category | Monthly estimate |
|---|---|
| Rent (market average) | $1,142 |
| Utilities | $320 |
| Groceries | $510 |
| Transportation | $763 |
| Healthcare | $372 |
| Other goods and services | $595 |
| Estimated total | $3,702/mo |
Population
321,122
Median household income
$67,631
Census median rent
$1,101/mo
Rent as % of income
29.9%
Median age
35.2
Mean commute
21 min
Methodology
Rent data
Sourced directly from each tracked apartment community and refreshed every 24 hours. Every listed unit price on this page is real and listed today.
Cost of living
Estimates combine national consumer-spending baselines from the U.S. Bureau of Labor Statistics (Consumer Expenditure Survey) with the U.S. Bureau of Economic Analysis Regional Price Parities (MARPP dataset). Both are peer-reviewed federal data releases published annually.
Salary to live comfortably
Applies the standard 25 to 30 percent rent-to-income rule on top of the listed rent. This is the same affordability guideline used by most landlords and credit-scoring models.
Demographic figures
Median household income, population, median age, commute time, Census median rent, and rent as percentage of income come from the U.S. Census Bureau's American Community Survey 5-year estimates, the most recent complete release.
Cost of living and demographic figures were last published in 2023.
Explore Lexington 40508 Apartments
Browse all 4 communities with daily-updated pricing and availability.