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Louisville, Kentucky Rental Market Trends

Disclaimer:

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

Median Rent Aug 2020 Jan 2021 May 2021 Sep 2021 Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023
Louisville $986 $997 $1,010 $1,059 $1,065 $1,096 $1,158 $1,175 $1,189 $1,212
National $1,391 $1,395 $1,403 $1,488 $1,584 $1,624 $1,696 $1,713 $1,701 $1,726
Louisville
National
Aug 2020
$986
$1,391
Jan 2021
$997
$1,395
May 2021
$1,010
$1,403
Sep 2021
$1,059
$1,488
Nov 2021
$1,065
$1,584
Mar 2022
$1,096
$1,624
Jul 2022
$1,158
$1,696
Nov 2022
$1,175
$1,713
Mar 2023
$1,189
$1,701
Jul 2023
$1,212
$1,726
View as table View as graph
Access comprehensive real estate data and information on Yardi ® Matrix

Louisville, Kentucky| Average apartment rent

Louisville, Kentucky | Apartment rent ranges

Under $500
$500 - $700
$700 - $1000
$1,000 - $1,500
$1,500 - $2,000
Over $2,000

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**

Renter occupied housing units
100,557
Owner occupied housing units
151,184

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**

No bedrooms 4,904
1 bed 26,976
2 beds 41,112
3 beds 21,666
4 beds 4,815
5 or more beds 1,084

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**

15 - 24 years 9,033
25 - 34 years 27,174
35 - 44 years 18,805
45 - 54 years 16,196
55 - 59 years 8,613
60 - 64 years 6,617
65 - 74 years 8,880
75 - 84 years 3,173
85 years and over 2,066

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**

Family households
46,164
Non-Family housesholds
54,393

Louisville, Kentucky | Renter-occupied housing units by the presence of own children**

With related children of the householder under 18
29,821
No related children of the householder under 18
70,736

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**

Less than high school graduate 12,254
High school graduate (including equivalency) 27,718
Some college or associate's degree 36,632
Bachelor's degree or higher 23,953

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**

Built 2014 or later 4,428
Built 2010 - 2013 2,514
Built 2000 - 2009 8,699
Built 1990 - 1999 10,773
Built 1980 - 1989 8,648
Built 1970 - 1979 15,879
Built 1960 - 1969 12,766
Built 1950 - 1959 11,889
Built 1940 - 1949 7,196
Built 1939 or earlier 17,765

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**

Moved in 2017 or later 9,957
Moved in 2015 to 2016 51,086
Moved in 2010 to 2014 22,448
Moved in 2000 to 2009 12,670
Moved in 1990 to 1999 2,769
Moved in 1989 or earlier 1,627

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**

No vehicle available 20,941
1 vehicle available 49,937
2 vehicles available 23,509
3 vehicles available 4,743
4 or more vehicles available 1,427

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**

Car, truck, or van - drove alone 77,764
Car, truck, or van - carpooled 11,525
Public transportation (excluding taxicab) 6,550
Walked 3,895
Taxicab, motorcycle, bicycle, or other means 3,708
Worked at home 5,351

Louisville, Kentucky |Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 166,409
Moved within same county 42,463
Moved from different county within same state 6,258
Moved from different state 8,851
Moved from abroad 1,498

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

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