Kentucky Mid-Year Rent Report – June 2019

• The U.S. average rent increased by 3.2% ($45) year over year and reached $1,465 in June 2019, up by 0.8% ($12) month over month, according to Yardi Matrix data.
• The average rent in Louisville, KY reached $966, $42 more per month than a year ago.
• Frankfort, KY renters saw the highest annual rent increase in June, reaching $726.
• Newport, KY apartments are the most expensive among the cities analyzed, while apartments in Frankfort, KY have the cheapest rents. 

Renting in Kentucky’s cities in June 2019

The average rent in Kentucky’s largest cities is generally lower than the national average rent. The fastest growing rents in June were in Frankfort, where rental apartment prices increased by 8.2% over the year ($55 more expensive than last year). Georgetown apartment prices saw the second-highest annual increase, jumping by 6.7% ($58). Burlington experienced the third-fastest rent increase, up by 5.6% ($50). Over the year, rents saw the slowest increase in Florence, up by 2.7% ($23 more expensive than in June 2018).

Of the cities analyzed, Newport apartments are the state’s most expensive for renters, with an average rent of $1,137, followed by apartments in Louisville, where the average monthly rent is $966 per month. On the other hand, the cheapest cities to rent an apartment are Frankfort ($726) and Erlanger ($734).

Mid-year rent changes in Kentucky

Since the beginning of the year, there has been an increase in average rent in almost all of the cities in Kentucky. The highest increase can be seen in Frankfort, where average rent went up by 7.6%, or $51. Following closely behind is Georgetown, with a 6.5% increase in the first half of the year, a value amount of $57. The slowest increase in average rent in the first half of the year was registered in Florence, up by 2.3%, or $23.

To compare the rental market in Kentucky with other cities in the U.S., you can also check our national rent report.

Methodology