The top rental markets in Kentucky are Louisville and Lexington.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Kentucky Rental Trends:
Kentucky is on the west side of the Appalachian Mountains and is home of Abraham Lincoln and the famous Kentucky Derby. Agriculture is very important in Kentucky as it has more than 85,000 farms with manufacturing and tourism also being important to its economy. Kentucky has affordable rents and increase in home values making it an ideal place for property investors and landlords. Here are some highlights from the top rental markets in the Bluegrass State.
Days on Market:
The city with the lowest days on market is Louisville at 14 – under the national average which sits at 15 days; Lexington has the highest number of days on market at 33.
The top two towns for the largest amount of leads per listing are above or around the national average sitting at 38. Here they are:
- Louisville – 43 leads per listing
- Lexington – 33 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Lexington comes below that with the lowest average rent of $871 for a two-bedroom compared to the highest rent in Kentucky at $910 in Louisville – also below the national average.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Kentucky’s highest median sale price comes much below that at $205,000 in Lexington with its lowest median sale price at $172,000 in Louisville.
Kentucky’s median income rings in at $42,401 – under the national average at $48,500.
Security Deposit Trends:
Security deposits have increased in Kentucky’s cities between 2018 and 2019. With the largest being an increase of 5% in Lexington at $1,050, and the smallest increase at 2.78% in Louisville with the current average at around $925 – under the national average for security deposits which is $1,200.
All of Kentucky’s cities have a livability score of 67 or higher with the highest being Lexington at 75!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.