Covington, KY Rental Market Trends
Highlights
The average rent for an apartment in Covington is $1,116, a 1% decrease compared to the previous year, when the average rent was $1,130.
Average Rent in Covington, KY
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,116 | -1% | 910 sq. ft. |
The average size for a Covington, KY apartment is 910 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Covington, KY Apartment Rent Ranges
- $501-$70016%
- $701-$1,00037%
- $1,001-$1,50030%
- $1,501-$2,0008%
- > $2,0008%
Covington, KY Occupied Housing Units
- Renter-occupied Households50%
- Owner-occupied Households49%
8,491 or 50% of the households in Covington, KY are renter-occupied while 8,460 or 49% are owner-occupied.
Covington, KY Rent Trends
| Average Rent | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Mar / 2021 |
|---|---|---|---|---|---|---|---|---|---|
| Covington, KY | $781 | $783 | $801 | $858 | $897 | $1,130 | $1,117 | $1,127 | $1,116 |
| National | $1,311 | $1,342 | $1,351 | $1,356 | $1,388 | $1,395 | $1,397 | $1,389 | $1,392 |
How Covington Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Cincinnati | $1,032 | 2% |
| Louisville | $999 | 2% |
| Lexington | $950 | 4% |
| Florence | $998 | 9% |
| Covington | $1,116 | -1% |
| Erlanger | $863 | 8% |
| Ft Mitchell | $837 | 2% |
| Newport | $1,059 | 3% |
| Fort Wright | $1,145 | -2% |
| Fort Mitchell City | $837 | 2% |
| Crescent Springs | $837 | 2% |
For more information about the Covington rental trends, check out our monthly rent report
Check out Kentucky Cities, Kentucky Neighborhoods and Kentucky Zip Codes for more details on verified listings, including the Kentucky Average Rent.
Curious about listings in your area? Check out our apartments near you for more details!