Kentucky Rent Report – March 2019

• The national average rent reached $1,430 in March 2019, a year-over-year increase of 3.2%, according to data from Yardi Matrix.
• Louisville, KY renters saw the highest annual rent increase in March (3.6%), reaching $941 per month. 
• Florence, KY rents witnessed a 17.8% increase since 2015.

The national average rent in March went up by 3.2% year-over-year

The early beginning of the rental season saw rent prices increase by 3.2% over the year — the lowest annual growth we’ve seen in more than 6 months. Compared to last year’s figure, the March average national rent of $1,430/month is $44 higher. Month-over-month, however, we witnessed a 0.3% rise, or $4 more added to average rent prices. This is consistent to last spring’s growth levels, signaling the end of the sluggish winter season.

Renting in Kentucky’s cities in March 2019

The average rent in Kentucky’s largest cities is generally lower than the national average rent. The fastest growing rents in March were in Louisville, where rental apartment prices increased by 3.6% over the year, $33 more per month. Florence apartments saw the second highest annual increase, jumping by 2.5%, $21 more expensive than the same month last year. But if we look at 5-year changes in average rents, apartment prices in Florence registered the sharpest increase since 2015 (17.8%).

The slowest rising rents were in Lexington, where prices grew by a modest 2% year-0ver-year.

Of the cities analyzed, Louisville apartments are the state’s most expensive for renters, with an average rent of $941, followed by apartments in Lexington, where the average monthly rent reached $899, $18 more each month than in March 2018. The cheapest city to rent an apartment is Florence, with an average rent of $875.

Methodology

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

To prepare the state rent report, we analyzed only cities with a rental stock of at least 2,000 apartments in 50+ unit buildings. To compile the national rent report, RentCafe’s research team analyzed rent data across the 253 largest cities in the U.S., in large-scale apartment buildings with 50 or more units.

Rent data was provided by 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. Rental rate coverage is for Market Rate properties only. Fully Affordable properties are not included in the Yardi Matrix rental surveys and are not reported in rental rate averages.