NEWPORT, Ky. — Newport apartments are the state’s most expensive for renters, with an average rent of $1,138, followed by apartments in Louisville, where the average monthly rent is $972. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Erlanger, with an average apartment rent of $734, followed by Frankfort, with only a $5 difference in rent ($739).
The average rent in Louisville clocked in at $972 per month, a $5 net increase since June, and $46 above what renters were paying a year ago. Lexington hit $922 this July, up by 3.6% year over year.
The average rent in Kentucky cities is lower than the national average rent, the latest National Rent Report from RentCafé found.
The fastest growing rents in July were in Frankfort where rental apartment prices increased by 9.3% year over year, $63 more since last year. Burlington apartments saw the second highest annual increase, jumping by 5.5%, $49 more expensive than last year.
The slowest rising rents were in Georgetown, where prices increased by 1.8% ($16) compared to July last year and actually decreased in July compared to June.
Nationally, the average rent went up by 3.4% year-over-year, reaching $1,469 in July. Overall, renters had to pay $48 more than they did at the same time last year, according to the latest rent survey from Yardi Matrix. However, July also displayed the slowest month-over-month increase since February, which at 0.2% is a clear signal that peak rental season is nearing its end. The trend is in line with last year’s data – once the busy late spring to early summer period winds down, rents are expected to slow their growth throughout the rest of the year.
The figures come from RENTCafé, a nationwide apartment search website and a part of Yardi, which provides original research, insights and in-depth analysis of the U.S. real estate market.
More highlights from the Kentucky Rent Report compiled by RentCafe:
- The average rent in Louisville reached $972 per month in July, up by 5% year-over-year, $46 above what renters were paying a year ago. Lexington rents rose by $32 over the year, hitting $922.
- The fastest-growing rents in July were registered in Frankfort, where rental apartment prices grew by $15 compared to June and by $63 since July 2018.
- Rents decreased over the last month in Georgetown, down by 2.2% or $20 less compared to June 2019.
• Newport apartments are the state’s most expensive for renters, with an average rent of $1,138/month. On the other hand, the cheapest city to rent an apartment in is nearby Erlanger at $734 per month.