By Sanziana Bona, RentCafe
SANTA BARBARA, Calif. — As part of a seasonal respite, the national average rent decreased for the first time since February 2017, dipping by -0.1% ($1) from last month to $1,471. The decrease might seem insignificant, but coupled with the slowest year-over-year hike in the past 13 months, 3.2% ($45), it points to a slight wind-down in rent prices in the context of a more volatile financial climate, according to Yardi Matrix.
The average rent in Kentucky cities is lower than the national average rent. The fastest growing rents in September were in Elizabethtown, where rental apartment prices increased by 5.7% year-over-year, or $42. Louisville apartments saw the second highest annual increase, jumping by 5.5%, making them $51 more expensive than last year. The slowest rising rents were in Georgetown, where prices increased by 1.1% ($10) compared to September last year.
| City | Avg. Sept. rent | M-o-M % change | Net 1-yr change |
|---|---|---|---|
| Frankfort, KY | $709 | -3.4% | $33 |
| Erlanger, KY | $732 | -0.4% | $32 |
| Elizabethtown, KY | $776 | 0.3% | $42 |
| Fort Mitchell, KY | $794 | -0.5% | $24 |
| Florence, KY | $890 | -0.1% | $22 |
| Georgetown, KY | $907 | -0.4% | $10 |
| Lexington, KY | $916 | -0.8% | $27 |
| Burlington, KY | $943 | 0.1% | $41 |
| Louisville, KY | $977 | 0.2% | $51 |
| Newport, KY | $1,135 | -0.4% | $34 |
To compare the rental market in Kentucky with other cities in the U.S., you can also check out RentCafe’s national September rent report.Newport apartments are the state’s most expensive for renters, with an average rent of $1,135, followed by apartments in Louisville, where the average monthly rent is $977. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Frankfort, with an average apartment rent of $709.
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