What's The Average Rent In Lexington, KY

Zoe Harper

Marketing

Market Insights

August 1, 2024

If you're thinking about renting in Lexington, KY, or just love real estate, this is for you. We'll dive into the rental market in Lexington, KY. We'll compare Lexington's living costs to what's typical across the country.

The average rent in Lexington is $1,153. This makes it more pocket-friendly than the usual U.S. rent of $1,411¹. For a 1-bedroom, it's $936. A 2-bedroom goes for $1,149¹. Yet, rent went up 6.1% in the first half of 2024¹.

Back in 2019, renting in Lexington would have cost you about $885 a month on average. The average rent was slightly higher at $901². Only 4.69% of homes were empty, and renters made up 41.10% of households². These stats show how the housing market in Lexington is affordable yet competitive.

Key Takeaways

The median rent in Lexington, KY is $1,153, which is less than the national average by 18.3%¹
Median rent for a 1-bedroom apartment in Lexington is $936, and $1,149 for a 2-bedroom apartment¹
In 2019, the average gross rent was $901²
Lexington experienced a 6.1% rent growth in 2024¹
41.10% of Lexington households were renters in 2019²

Current Average Rent in Lexington, KY

Recent reports show the current Lexington rent prices at a median of $1,153¹. That's up by 2.0% from last month and 4.7% from last year¹. In the first half of 2024, the Lexington rental market grew by 6.1%¹. These changes help renters and people in the market understand the city's rental trends.

Median Rent for Different Apartment Sizes

Looking into the median apartment rent in Lexington by size helps renters see their options. A 1-bedroom apartment costs about $936, and a 2-bedroom is $1,149¹. This info helps people budget and choose the right home for them in Lexington.

Comparison with National Rent Averages

Compared to the U.S., Lexington's median rent is 18.3% cheaper¹. The U.S. median is $1,239 for 1-bedroom and $1,396 for 2-bedrooms, but Lexington is more affordable¹. As the 84th priciest large city, Lexington offers a good urban life at a lower cost¹. Its unique features and culture make it an attractive spot for renters.

For deeper insights on current Lexington rent prices and trends, you can view the detailed report by Apartment List ³.

Factors Influencing Rent Prices in Lexington

Several things greatly affect rent prices in Lexington, KY. The city's economic growth, the supply and demand of housing, and the available amenities matter a lot. Knowing these factors helps people looking to rent make better choices.

Economic Growth and Job Market

Lexington's economic growth is a big factor in rent prices. Jobs are increasing, leading to more people moving here. Since 2010, the population has been growing by 0.9% every year⁴. This demand makes rental properties more sought after. Lexington's median income is $58,954, higher than the average, showing the city's economic health⁵.

Supply and Demand in the Housing Market

The balance between available houses and those wanting them affects rent prices. In February 2024, there were 762 homes for sale, a 7.8% rise⁴. Although more houses were available, prices went up by 8.9% in January 2024⁴. This shows how supply and demand influence rents. Before February 2024, the average house price dropped by 1.6% from the year before, showing market changes⁴.

Neighborhood and Amenities

What a neighborhood offers impacts rental prices. Historic areas like Downtown Lexington and Ashland Park have houses ranging from 1,800 to 3,000 sq. ft⁴.. Newer places like Masterson Station have homes starting at 2,500 sq. ft⁴.. Amenities in these areas make them desirable, raising rents. Also, Lexington's cost of living is 1% above the national average, affecting rent prices⁵.

For more about renting in Lexington, check out this complete house renting guide for Lexington.

Historical Rent Trends in Lexington

Learning about Lexington's rent trends tells us a lot about the city's changing rental market. By looking at changes from year to year and month to month, we get a better view of what's happening economically. This info helps both people looking to rent and those wanting to invest in properties.

Year-over-Year Rent Growth

In the last ten years, Lexington's rental market has greatly increased. Rent prices rose almost 30%⁶. This boom is part of a bigger trend throughout Kentucky's prime areas. Here, rents for 2-3 bedroom homes range from $800 to $1500 monthly⁶. Just last year, rent prices went up by 4.7%. This is more than the national growth, which actually fell by 0.7%¹.

Monthly Rent Changes

Last month, Lexington saw rents go up by 2%¹. This small rise shows that more people are looking for places to live. Yet, this growth is slower than the 6.6% jump seen in the first half of last year¹. It means Lexington's rent is growing in a way that's steady and easier to keep up with.

Want more details on these changes? Check out Lexington's median and average rent prices. They were $885 and $901, with a 4.69% vacancy rate².

Comparison of Rent in Lexington with Similar Cities

Looking at living costs, it's important to see how rent in Lexington stacks up against cities like Greensboro and El Paso. Lexington keeps its rents affordable despite rising costs. This makes it a good choice compared to these locations.

Rent Prices in Greensboro, NC

The average rent in Greensboro, NC, is around $1,154 for an apartment. This is almost the same as Lexington's average of $1,153¹. Renting in either city costs about the same. A deeper look into the rent differences between Greensboro and Lexington can show us how these cities fit into the bigger picture of US rent trends.

Rent Prices in El Paso, TX

El Paso, TX, has an average rent of about $1,150. This is quite close to what renters pay in Lexington¹. It shows that comparing rents between Lexington and El Paso can give good advice to those thinking of moving. Even with rents climbing, both cities are more affordable than many places. The national average rent is now over $1,400⁷. Click here for more details.

In summary, comparing Lexington with Greensboro and El Paso shows Lexington remains a more affordable option. Even as rents go up, Lexington is still a competitive place to live compared to the national scene.

Cost of Living in Lexington, KY

Before moving to Lexington, it's vital to understand its cost of living. When you compare Lexington to the national average, you'll discover it has financial benefits. The cost of living here is about 3.4% lower than the country's average. This makes Lexington an appealing option for families and individuals who want to manage their budgets⁸.

Comparison with National Average

One key benefit is the housing cost. It's 27% lower than the national average⁹. This means more affordable living in Lexington compared to big cities. Consider these cost comparisons:

San Francisco, CA: +86.5% higher than the national average.
Washington, DC: +45.2% higher than the national average.
Miami, FL: +15.4% higher than the national average.
Chicago, IL: +12.4% higher than the national average.
Boston, MA: +53.1% higher than the national average.
New York, NY: +77.0% higher than the national average.
Dallas, TX: +7.0% higher than the national average⁸.

Moving to Lexington can save you money. For more details, check the comparison data here ⁹.

Breakdown of Essential Expenses

Let's look at Lexington's essential living expenses:

The average rent for a one-bedroom apartment in the city center is about $1,400⁹.
Rent is cheaper outside the city center, around $790 monthly⁹.
Utility costs are low, at $300.08 monthly¹⁰.
Expect to spend about $231.12 on groceries each month¹⁰.
Transportation is affordable. A transit pass costs $30.00 monthly¹⁰.
Healthcare, an essential expense, averages $215.00 monthly for employee-sponsored health insurance¹⁰.

Don't forget other expenses like dining and services. Dinner at a mid-range restaurant costs about $37.50¹⁰. Knowing these essential costs helps understand the budget needed for Lexington.

While some items may cost about 3% more here, lower housing and utility prices make Lexington, KY, attractive. Explore more about these costs here⁹.

Neighborhoods with the Most Affordable Rent in Lexington

Finding affordable housing in Lexington, KY, is key for many renters. The most affordable neighborhoods offer great value and needed amenities. For renters seeking low rent, certain areas are especially budget-friendly.

Paris, KY, leads with a median home price of $160,000. This makes it the top affordable suburb within the Lexington budget¹¹. Cynthiana, KY, has a median home cost of $170,000¹¹. These areas are perfect for those wanting affordability near Lexington.

Lawrenceburg, KY, is another great choice with homes at $191,000¹¹. It's known for affordable living, attracting those looking for lower rent in Lexington. Frankfort, KY, offers homes at $223,000. It gives economical housing choices, still close to Lexington¹¹.

Winchester, KY, and Richmond, KY, are also good for affordable living. Their median home prices are $237,000 and $256,500, respectively¹¹. These places have various rental units to fit different budgets.

Nicholasville, KY, stands out too, with a median price of $282,500¹¹. It's well-liked for its balance of cost and amenities.

The average rent across Kentucky is $1,142, ranking it the 10th lowest in the U.S¹².. Lexington's one-bedroom apartments average at $983, showing the city's appeal¹². Studio apartments are at $802, ideal for those with a tight budget¹².

Renters focusing on affordability will find good options in Paris, Cynthiana, and Lawrenceburg. These areas merge affordability with quality living and easy access to city amenities.

Luxury Apartments and High-End Rentals in Lexington

Looking for top-notch living spaces? Lexington's market is full of them. Luxury apartment rents vary between 7.8 to 9.2, showing an average quality rating of 8.5¹³. These figures show the excellence and features these rentals offer, making them a prime pick for many.

Top Rent Specials

Lately, the luxury apartment market has seen lots of specials and price reductions¹³. Studio apartments start at $1,269, rated between 7.8 to 9¹³. One-bedroom units, bigger in size, hover around ratings of 8.7 to 9.2 and cost about $1,420¹³.

For those needing more room, 2-bedroom apartments are ready at $1,720. They score between 8.4 to 9.2 on quality¹³. The priciest rental, at $5,500, is located on Hampshire Pl. Townhomes are also up for grabs as luxury rentals, ranging from $3,950 to $3,950 each month¹⁴.

Amenities and Services Offered

Luxury apartments in Lexington boast top amenities. Features like balconies, walk-in closets, and furnished units make rentals stand out¹³. They also have swimming pools, fitness centers, and package services on-site¹³. These perks are tailored to meet the high-end needs of residents, ensuring they live comfortably and conveniently.

Rent Trends in Lexington: Changes and Comparisons

In July, the average rent for an apartment in Lexington was $1,033¹⁵. This shows a yearly increase of 9%, slower than last year's 15% jump¹⁵. With a median rent of $1,232, Lexington is the 75th most costly city among the top 100 US cities¹⁵. The Lexington average rent recap shows ZIP codes 40503 and 40509 saw rent hikes between 2% and 17% over the year¹⁵.

A studio apartment's average rent is $839 each month¹⁵. Rent for a one-bedroom is around $1,035 monthly¹⁵. Two-bedrooms go for an average of $1,276, while a three-bedroom is about $1,562 per month¹⁵.

In July 2024, a one-bedroom apartment's average rent was $953, slightly up by 0.11% from June¹⁶. The average for a two-bedroom was $1,194, down by 0.5% from the previous month¹⁶. Median rents for one and two bedrooms were $952 and $1,200, changing by 1.82% and 2.48% respectively from month to month¹⁶.

Lexington's rental costs are lower compared to big cities like New York City and Washington, D.C¹⁵.. Nearby places like Nicholasville and Winchester have different rent patterns, making Lexington seem affordable¹⁶.

Finding affordable homes in Lexington is hard due to a 4.8% vacancy rate and 45% of homes being rentals¹⁵. For more info, check the full Lexington average rent recap online.

Conclusion

Lexington's rental market is quite affordable when compared to the U.S. average. Renters find that the cost of living in Lexington, KY, which averages at $1,610.70 per month¹⁰, balances well with the quality of life. This makes the city a great choice for those looking to keep costs low.

The cost of renting a 1-bedroom apartment outside the city center is around $936.67 per month¹⁰. This, along with the costs for utilities, groceries, and getting around, shows that living in Lexington is financially doable. It highlights why many choose to rent here.

Renters and those making policies in Lexington can learn a lot from this rent summary. With its economic growth, community features, and available homes, Lexington offers a balanced living space. For more tailored advice, it's best to talk to local experts.

Last thoughts on housing in Lexington point out the importance of good data and understanding the local market. With this knowledge, people looking for a place to rent can make smarter choices. Lexington, KY keeps attracting renters with its favorable rent options, giving a deeper insight into the city's renting scene.

FAQ

What is the average rent in Lexington, KY?

In Lexington, KY, the average rent is $1,153. For a 1-bedroom, it's about $936. A 2-bedroom goes for $1,149.

How does Lexington's rent compare to the national average?

Lexington's rent is 18.3% cheaper than the U.S. average. Nationally, a 1-bedroom costs $1,239, and a 2-bedroom is $1,396.

What factors influence rent prices in Lexington?

Economic growth affects Lexington's rent prices. So do the supply and demand of homes, plus the area's features and amenities.

What has been the rent growth trend in Lexington over the past year?

Rent in Lexington went up by 4.7% last year. The rent rose 2.0% last month. During the first half of last year, it increased by 6.6%.

How does rent in Lexington compare to other similar cities?

Lexington's rent is similar to Greensboro, NC, and El Paso, TX. Those cities have rents of $1,154 and $1,150, respectively.

What is the cost of living in Lexington, KY compared to the national average?

Living in Lexington costs 7% less than the national average. While goods and services cost 3% more, housing is 27% cheaper.

Which neighborhoods in Lexington offer the most affordable rent?

Lexington has many neighborhoods with affordable rents. This is vital for those on a budget seeking good deals in the city.

Are there luxury apartments available in Lexington, KY?

Yes, Lexington features luxury apartments. Studios start at $1,269, 1-bedrooms at $1,420, and 2-bedrooms at $1,720. They come with extra amenities and services.