Kentucky Mid-Year Rent Report – June 2019

Nicky Iudean - July 15, 2019

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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.

Mid-year the national average rent sees a spike as peak rental season is in full effect

In true seasonality fashion, June brings rent increases consistent with the end of the second quarter. Nationally, average rent prices reached $1,465 following a 3.2% annual increase and up 0.8% since last month — the highest monthly jump since May 2018. Compared to last June, renters pay $45 more on average according to the latest rent survey from Yardi Matrix.

Since the beginning of the year, apartment rents have increased by 2.6% – that’s an extra $37 added to the average monthly rent in six months. Rent increases during the first half of the year are typically more accelerated, whereas during the second half of the year they’re expected to slow down, a typical pattern confirmed by rent evolution in the past years.

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

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.

Fair use and redistribution

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Nicky Iudean

Nicky is a Senior Communications Specialist for RENTCafé.com, where she researches and writes about real estate, interior design, and all things that spark renters’ interests. She is also your go-to person for content collaborations. Nicky double majored in Marketing and Applied Economics and holds a master's degree in Marketing Strategies and Policies. You can reach her via email at nicky.rentcafe@yardi.com.