Covington, 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 Covington, Kentucky rental market.
Covington, Kentucky
Average Apartment Rent
$1,526
Y-o-Y Change in Average
Apartment Rent
0.7%
As of March 2026
Compared to a year ago, Covington, Kentucky apartments have recorded a 0.7% rent increase.
Covington, Kentucky Average apartment rent trend
Covington, Kentucky Average Apartment Rent
Covington, Kentucky Apartment rent ranges
At 33.01%, apartments priced $1,000 - $1,500 represent the bulk of Covington, Kentucky rentals, while condos priced Over $3,000 hold the lowest share of the market – 1.88%.
Covington, Kentucky Housing tenure**
Renters take up 49% of Covington, Kentucky real estate, occupying a total of 8,860 units, while homeowners live in 9,383 properties.
Median number of rooms of renter-occupied housing units**
3.9
Renter median household income**
$32,194
Average household size of renter-occupied housing units**
2.01
Rental vacancy rate**
3.5%
Covington, Kentucky Renter-occupied housing units by no. of bedrooms**
There are 3,523 rentals in Covington, Kentucky with 1 bed making up the highest share of the market, at 40%. Units with 4 beds, on the other hand, hold the lowest percentage (3%), amounting to 255 units. Overall, the median number of rooms in Covington, Kentucky homes for rent is 3.9.
Covington, Kentucky Renter-occupied units by age of householder**
Most condos for rent in Covington, Kentucky are occupied by residents in the 25 - 34 years age group (28%), followed by those in the 35 - 44 years age group (17%). At the same time, people in the 75 - 84 years age group make up the lowest share of the local rental market – 3%.
Covington, Kentucky Renter-occupied housing units by family type**
Covington, Kentucky Renter-occupied housing units by the presence of own children**
A total of 3,142 apartments for rent in Covington, Kentucky, or 35% of all rentals are family households. Additionally, 24% of rental homes include children under the age of 18 – that’s 2,147 units. All in all, the median size of a renter-occupied household in Covington, Kentucky is 2.01.
Covington, Kentucky Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 23% of the rental market. In contrast, residents with less than a high school degree reside in 21% of the homes for rent in Covington, Kentucky.
Covington, Kentucky Renter-occupied units by year structure built**
The highest share of Covington, Kentucky apartment rentals, namely 36% or 3,191 units, were Built 1939 or earlier, followed by those Built 1950 - 1959 (15%, 1,372 units), and the ones Built 1960 - 1969 (11%, 1,000 units).
Covington, Kentucky Renter-occupied units by year householder moved in**
Median year renter moved into unit 2017
Most Covington, Kentucky renters (41%) moved in 2010 to 2017, while only 3% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Covington, Kentucky condos for rent is 2017.
Covington, Kentucky Renter-occupied housing units by vehicles available**
When it comes to transportation options, 48% of Covington, Kentucky renters have 1 vehicle available per household, 29% of them have No vehicle available, and 18% have 2 vehicles available.
Covington, Kentucky Means of transportation to work of householders living in renter-occupied housing units**
Covington, Kentucky Geographical mobility in the past year for householders living in renter-occupied housing units**
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 Covington, 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
