Cheap Apartments For Rent Louisville Ky . As of february 2022, the average apartment rent in louisville, ky is $652 for a studio, $1,022 for one bedroom, $1,029 for two bedrooms, and $1,554 for three bedrooms. The average apartment rent in louisville is $1,096 per month so any rental south of $877 would be considered cheap here. Phoenix Place Apartments Louisville, KY from www.abodo.com 800 tower city club apartments. We found 1 apartments for rent for less than $500 in louisville, ky that fit your budget. Apartment rent in louisville has increased by 17.6% in the past year.