Lexington, 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 Lexington, Kentucky rental market.
Highlights
An apartment for rent in Lexington, Kentucky typically goes for $1,311 per month, while a single-family home for rent in Lexington, Kentucky has a monthly cost of around $2,286. Renter-occupied units make up 46% of the local housing market, while the rental vacancy rate in Lexington, Kentucky is at 4.5.
Lexington, Kentucky
Average Apartment Rent
$1,311
Y-o-Y Change in Average
Apartment Rent
5.6%
Average Single-Family Rent
$2,286
As of November 2024
Compared to a year ago, Lexington, Kentucky apartments have recorded a 5.6% rent increase.
Lexington, Kentucky Average apartment rent trend
Lexington, Kentucky Average Apartment Rent
Lexington, Kentucky Apartment rent ranges
At 51.2%, apartments priced $1,000 - $1,500 represent the bulk of Lexington, Kentucky rentals, while condos priced $500 - $700 hold the lowest share of the market – 1.57%.
Lexington, Kentucky Housing tenure**
Renters take up 46% of Lexington, Kentucky real estate, occupying a total of 62,163 units, while homeowners live in 73,941 properties.
Median number of rooms of renter-occupied housing units**
4.1
Renter median household income**
$41,622
Average household size of renter-occupied housing units**
2.12
Rental vacancy rate**
4.5%
Lexington, Kentucky Renter-occupied housing units by no. of bedrooms**
There are 22,647 rentals in Lexington, Kentucky with 2 beds making up the highest share of the market, at 36%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 555 units. Overall, the median number of rooms in Lexington, Kentucky homes for rent is 4.1.
Lexington, Kentucky Renter-occupied units by age of householder**
Most condos for rent in Lexington, Kentucky are occupied by residents in the 25 - 34 years age group (27%), followed by those in the 15 - 24 years age group (20%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Lexington, Kentucky Renter-occupied housing units by family type**
Lexington, Kentucky Renter-occupied housing units by the presence of own children**
A total of 25,448 apartments for rent in Lexington, Kentucky, or 41% of all rentals are family households. Additionally, 24% of rental homes include children under the age of 18 – that’s 14,913 units. All in all, the median size of a renter-occupied household in Lexington, Kentucky is 2.12.
Lexington, Kentucky Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 35% of the rental market. In contrast, residents with less than a high school degree reside in 9% of the homes for rent in Lexington, Kentucky.
Lexington, Kentucky Renter-occupied units by year structure built**
The highest share of Lexington, Kentucky apartment rentals, namely 18% or 11,107 units, were Built 1970 - 1979, followed by those Built 1990 - 1999 (15%, 9,441 units), and the ones Built 1980 - 1989 (15%, 9,095 units).
Lexington, Kentucky Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Lexington, Kentucky renters (43%) moved in 2018 to 2020, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Lexington, Kentucky condos for rent is 2018.
Lexington, Kentucky Renter-occupied housing units by vehicles available**
When it comes to transportation options, 48% of Lexington, Kentucky renters have 1 vehicle available per household, 30% of them have 2 vehicles available, and 13% have No vehicle available.
Lexington, Kentucky Means of transportation to work of householders living in renter-occupied housing units**
Lexington, Kentucky Geographical mobility in the past year for householders living in renter-occupied housing units**
Lexington, 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 Lexington, 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
