Kentucky Rent Report – May 2019

Nicky Iudean-June 15, 2019

Share this article:

The U.S. average rent increased by 2.5% ($35) year over year and reached $1,442 in May 2019, up by 0.3% ($5) month over month, according to Yardi Matrix data.
The average rent in Louisville, KY is now $949, with a 3.2% ($29) year-over-year increase – the most expensive rental market in KY.
Fort Thomas, KY saw the highest rent increase, up by 8.9% ($70) y-o-y.

Apartment rents increase by 2.5% as the prime rental season kicks off

Average rent prices went up by 2.5% year-over-year in May and reached a $1,442 monthly average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we’ve seen in 18 months.

Residential rents are rising steadily across markets, with the third month in a row sprouting a 0.3% month-over-month jump. Compared to last May, renters pay $35 more on average, according to the latest Yardi Matrix data on apartment market trends

Renting in Kentucky’s cities in May 2019

The average rent in Kentucky is generally lower than the national average rent. Of the cities analyzed, Louisville apartments are the state’s most expensive for renters, averaging $949, followed by apartments in Independence with $941 per month. Averaging $932, Georgetown is the third-most expensive rental market in Kentucky

On the flipside, the most affordable cities in Kentucky to rent an apartment are Erlanger ($717), Shepherdsville ($723) and Elizabethtown ($769).

The fastest growing rents year-over-year were in Fort Thomas, where prices increased by 8.9%. Renters here now pay $70 more per month than they did in May 2018. Georgetown saw the second highest annual increase, with rents jumping by 5.1%, $45 more expensive than the same month last year. Independence and Elizabethtown experienced the third and fourth fastest rent increases, up by 4.6% and 4.1% y-o-y, respectively.

The slowest rising rents over the year were in Shepherdsville (0.8%) and Burlington (1.9%).

If we look at 5-year rent changes, Independence rents picked up speed as the city saw the highest rent increase in the entire state, up by 20.49% ($160) since 2015. Runner-ups are Florence (with an 18.78% rent spike or $139 more than in 2015) and Burlington, up by 16.43% ($128). Louisville rents grew by 14.48% ($120) in this timeframe.

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

We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to RentCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.

Share this article:

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.