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Monday, June 24, 2019

Fort Thomas saw highest rent increase in Kentucky, year-over-year

Fort Thomas saw the highest rent increase from last year, according to data compiled by Kentucky Rent Report.

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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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.

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:

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