Kentucky Rent Report – November 2019

• The national average rent went up by 3.1% in the past year and decreased by 0.2% month-over-month, reaching $1,473 in November, according to data from Yardi Matrix.
• Burlington, KY renters saw the highest annual rent increase in November, with the average rate reaching $1,011 per month. 
• Newport apartments are the most expensive, while apartments in Frankfort have the cheapest rents. 

The year ends with another decrease in the average rent reaching $1,473 in November

The beginning of the winter season has taken the slow trend seen throughout fall to a new low, with the average national rent decreasing 0.2% since last month. The national average rent in November dropped to $1,473, despite an annual increase of 3.1% ($44). Given that people move less during this time of year, the $3 monthly drop is not unexpected.

Renting in Kentucky in November 2019

The average rent in Kentucky cities is lower than the national average rent. The fastest growing rents in November were in Burlington, where rental apartment prices increased by 11.6% year-over-year, or $105. Frankfort apartments saw the second highest annual increase, jumping by 10%, making them $67 more expensive than last year. The slowest rising rents were in Georgetown, where prices increased by 2.1% ($19) compared to November last year.

Newport apartments are the state’s most expensive for renters, with an average rent of $1,171, followed by apartments in Burlington, where the average monthly rent is $1,011. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Frankfort, with an average apartment rent of $740.

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.