Newport, Kentucky Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Newport, Kentucky rental market.
Newport, Kentucky
Average Apartment Rent
$1,415
Y-o-Y Change in Average
Apartment Rent
3.4%
As of July 2024
Compared to a year ago, Newport, Kentucky apartments have recorded a 3.4% rent increase.
Newport, Kentucky Average apartment rent trend
Newport, Kentucky Average Apartment Rent
Newport, Kentucky Apartment rent ranges
At 47.66%, apartments priced $1,000 - $1,500 represent the bulk of Newport, Kentucky rentals, while condos priced Over $2,000 hold the lowest share of the market – 8.43%.
Newport, Kentucky Housing tenure**
Renters take up 50% of Newport, Kentucky real estate, occupying a total of 3,354 units, while homeowners live in 3,310 properties.
Median number of rooms of renter-occupied housing units**
3.4
Renter median household income**
$24,969
Average household size of renter-occupied housing units**
1.6
Rental vacancy rate**
8.6%
Newport, Kentucky Renter-occupied housing units by no. of bedrooms**
There are 1,724 rentals in Newport, Kentucky with 1 bed making up the highest share of the market, at 51%. Units with 4 beds, on the other hand, hold the lowest percentage (4%), amounting to 133 units. Overall, the median number of rooms in Newport, Kentucky homes for rent is 3.4.
Newport, Kentucky Renter-occupied units by age of householder**
Most condos for rent in Newport, Kentucky are occupied by residents in the 25 - 34 years age group (27%), followed by those in the 65 - 74 years age group (18%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 3%.
Newport, Kentucky Renter-occupied housing units by family type**
Newport, Kentucky Renter-occupied housing units by the presence of own children**
A total of 782 apartments for rent in Newport, Kentucky, or 23% of all rentals are family households. Additionally, 14% of rental homes include children under the age of 18 – that’s 471 units. All in all, the median size of a renter-occupied household in Newport, Kentucky is 1.6.
Newport, Kentucky Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 19% of the rental market. In contrast, residents with less than a high school degree reside in 24% of the homes for rent in Newport, Kentucky.
Newport, Kentucky Renter-occupied units by year structure built**
The highest share of Newport, Kentucky apartment rentals, namely 32% or 1,061 units, were Built 1939 or earlier, followed by those Built 1970 - 1979 (14%, 456 units), and the ones Built 2000 - 2009 (11%, 381 units).
Newport, Kentucky Renter-occupied units by year householder moved in**
Median year renter moved into unit 2017
Most Newport, Kentucky renters (44%) moved in 2010 to 2017, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Newport, Kentucky condos for rent is 2017.
Newport, Kentucky Renter-occupied housing units by vehicles available**
When it comes to transportation options, 51% of Newport, Kentucky renters have 1 vehicle available per household, 32% of them have No vehicle available, and 14% have 2 vehicles available.
Newport, Kentucky Means of transportation to work of householders living in renter-occupied housing units**
Newport, Kentucky Geographical mobility in the past year for householders living in renter-occupied housing units**
Newport, Kentucky Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Newport, Kentucky apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
