Richmond, KY Rental Market Trends
Last updated: October 19, 2025 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau
Highlights
The average rent for an apartment in Richmond is $967, a 11.74% increase compared to the previous year, when the average rent was $866.
One-bedroom apartments provide 644 square feet for $799, balancing privacy and affordability.
Two-beedroom units at $1,051 offer 1,029 square feet, perfect for roommates or small families.
Three-bedroom apartments deliver maximum space (1,115 sq ft) for $1,092, suitable for larger households.
Average rent in Richmond, KY
Last updated: October 19, 2025
| Average Rent | Average Apartment Size | |
|---|---|---|
| All Rentals | $967 | 903 sq. ft. |
| Studio | n/a | n/a |
| 1 Bed | $799 | 644 sq. ft. |
| 2 Beds | $1,051 | 1,029 sq. ft. |
| 3 Beds | $1,092 | 1,115 sq. ft. |
Richmond, KY rent trends
Rental prices in Richmond, KY have increased by 11.74% over the past year. The average rent moved from $866 to $967.
What's the typical rent budget in Richmond, KY?
The largest share of rentals in Richmond, KY (63%) fall between - per month. This suggests that most people succesfully find suitable apartments within this price.
Do most people rent or own in Richmond, KY?
8,823 or 60% of the households in Richmond, KY are renter-occupied while 5,918 or 40% are owner-occupied.
How Richmond Compares to Other Cities
| City | Average Rent |
|---|---|
| Richmond | $967 |
| Louisville | $1,317 |
| Lexington | $1,347 |
| Florence | $1,402 |
| Covington | $1,566 |
| Newport | $1,493 |
| Ft Mitchell | $1,191 |
| Erlanger | $1,372 |
| Oak Grove | $891 |
| Shelbyville | $1,149 |
| Burlington | $1,469 |
| Frankfort | $1,060 |
| Nicholasville | $1,378 |
| Georgetown, KY | $1,374 |
| Lawrenceburg, KY | $824 |
Where this data comes from
The rental statistics on this page were compiled by RentCafe.com, a nationwide apartment search website trusted by millions of renters to find apartments and houses for rent throughout the U.S.
Rent prices, trends, and apartment sizes were calculated based on data from our sister company, Yardi Matrix, an apartment market intelligence solution that covers approximately 90% of the U.S. metro area population. The data includes comprehensive information on all Richmond apartment buildings with 50 or more units, totaling 23.5 million apartments across 181 U.S. markets.
Housing composition data was sourced from the U.S. Census Bureau, using the most recently available information by tenure.