Rents in the 41075 zip code increased 8.9% or $70 year over year. 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 report used information gathered 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.
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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.
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).
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.
Kentucky Rent Rate Report, May 2019: