Louisville Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Louisville, KY. Currently, the overall median rent in the city stands at $1,183, after rising 1.2% last month. Prices and are now up 3.8% year-over-year. Read on to learn more about what’s been happening in the Louisville rental market and how it compares to trends throughout the nation as a whole.

Louisville rents are up 1.2% month-over-month and up 3.8% year-over-year

The median rent in Louisville rose by 1.2% over the course of April, and has now increased by a total of 3.8% over the past 12 months. Louisville’s rent growth over the past year has is similar to the state average (3.7%) and has outpaced the national average (-0.8%).

Louisville rent growth in 2024 pacing similar last year

Four months into the year, rents in Louisville have risen 3.6%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 3.6%.

April rent growth in Louisville ranked #18 among large U.S. cities

Louisville rents went up 1.2% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #18. Similar monthly rent growth took place in St. Louis, MO (1.2%) and Philadelphia, PA (1.2%).

Louisville is the #80 most expensive large city in the U.S., with a median rent of $1,183

Citywide, the median rent currently stands at $967 for a 1-bedroom apartment and $1,216 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,183. That ranks #80 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Louisville is 15.2% lower than the national, and is similar to the prices you would find in Albuquerque, NM ($1,185) and Spokane, WA ($1,172).