Louisville, 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 Louisville, Kentucky rental market.
Highlights
An apartment for rent in Louisville, Kentucky typically goes for $1,212 per month, while a single-family home for rent in Louisville, Kentucky has a monthly cost of around $1,372. Renter-occupied units make up 40% of the local housing market, while the rental vacancy rate in Louisville, Kentucky is at 6.6.
Louisville, Kentucky
Average Apartment Rent
$1,212
Y-o-Y Change in Average
Apartment Rent
4.5%
Average Single-Family Rent
$1,372
As of July 2023
Compared to a year ago, Louisville, Kentucky apartments have recorded a 4.5% rent increase.
Louisville, Kentucky |Average apartment rent trend
Louisville, Kentucky| Average apartment rent
Louisville, Kentucky | Apartment rent ranges
At 51.67%, apartments priced $1,000 - $1,500 represent the bulk of Louisville, Kentucky rentals, while condos priced Under $500 hold the lowest share of the market – 0.17%.
Louisville, Kentucky | Housing tenure**
Renters take up 40% of Louisville, Kentucky real estate, occupying a total of 100,557 units, while homeowners live in 151,184 properties.
Median number of rooms of renter-occupied housing units**
4.2
Renter median household income**
$35,431
Average household size of renter-occupied housing units**
2.28
Rental vacancy rate**
6.6%
Louisville, Kentucky | Renter-occupied housing units by no. of bedrooms**
There are 41,112 rentals in Louisville, Kentucky with 2 beds making up the highest share of the market, at 41%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 1,084 units. Overall, the median number of rooms in Louisville, Kentucky homes for rent is 4.2.
Louisville, Kentucky |Renter-occupied units by age of householder**
Most condos for rent in Louisville, Kentucky are occupied by residents in the 25 - 34 years age group (27%), followed by those in the 35 - 44 years age group (19%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Louisville, Kentucky | Renter-occupied housing units by family type**
Louisville, Kentucky | Renter-occupied housing units by the presence of own children**
A total of 46,164 apartments for rent in Louisville, Kentucky, or 46% of all rentals are family households. Additionally, 30% of rental homes include children under the age of 18 – that’s 29,821 units. All in all, the median size of a renter-occupied household in Louisville, Kentucky is 2.28.
Louisville, Kentucky | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 24% of the rental market. In contrast, residents with less than a high school degree reside in 12% of the homes for rent in Louisville, Kentucky.
Louisville, Kentucky | Renter-occupied units by year structure built**
The highest share of Louisville, Kentucky apartment rentals, namely 18% or 17,765 units, were Built 1939 or earlier, followed by those Built 1970 - 1979 (16%, 15,879 units), and the ones Built 1960 - 1969 (13%, 12,766 units).
Louisville, Kentucky | Renter-occupied units by year householder moved in**
Median year renter moved into unit2016
Most Louisville, Kentucky renters (51%) moved in 2015 to 2016, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Louisville, Kentucky condos for rent is 2016.
Louisville, Kentucky | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 50% of Louisville, Kentucky renters have 1 vehicle available per household, 23% of them have 2 vehicles available, and 21% have No vehicle available.
Louisville, Kentucky | Means of transportation to work of householders living in renter-occupied housing units**
Louisville, Kentucky |Geographical mobility in the past year for householders living in renter-occupied housing units**
Louisville, 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 Louisville, 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, 2020 American Community Survey 5-Year Estimates
