- The average monthly rent in Louisville was $960 in January, $28 more than one year prior.
- Newport apartments are the most expensive in the state, renting for $1,166, while apartments in Frankfort have the cheapest rents, $726 per month.
- The national average rent in January 2020 was $1,463, up 3% compared to the same time last year according to data from Yardi Matrix.
Renting in the largest city in Kentucky
Apartments in Louisville rented for $960 on average in January. Rents in the largest Kentucky city saw a year-over-year increase of 3.0%, or $28, compared to this time last year and a month-over-month decrease of 0.3% ($3) compared to December.
Renting in Kentucky in January 2020
The average rent in Kentucky cities is lower than the national average rent. The fastest growing rents in January were in Burlington, where rental apartment prices increased by 9.6% year-over-year, or $88. Newport apartments saw the second highest annual increase, jumping by 6.0%, making them $66 more expensive than last year. The slowest rising rents were in Georgetown, where prices increased by 1.2% ($10) compared to January last year.
Newport apartments are the state’s most expensive for renters, with an average rent of $1,166, followed by apartments in Burlington, where the average monthly rent is $1,001. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Frankfort, with an average apartment rent of $726.
The January national average rent went up by 3% year-over-year
The average apartment rent reached $1,463 in January, up $43 since last year, according to apartment data from Yardi Matrix. Rents grew moderately into the new year, increasing by 3% year-over-year, the slowest pace we’ve seen in 18 months, as the seasonal winddown wears on through the winter.
Rents are likely to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S. The demand for apartments is high, including among those renting by choice. 157% more Americans who earn over $150K per year began renting this past decade, shifting from homeownership to a more flexible and comfort-driven lifestyle.
To compare the rental market in Kentucky with other cities in the U.S., you can also check our national January rent report.
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.
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