"Oh, the sun shines bright on my old Kentucky home/Young folks roll on the floor /Oh, the sun shines bright on my old Kentucky home /Keep them hard times away from my door." (- Johnny Cash, "My Old Kentucky Home")
Covington, Kentucky, is often referred to as a second-class city, but that's not due to its status in its resident’s eyes. Instead, it just refers to its population; a second-class city has a population between 20,000 and 99,000. Besides that, it is a thriving urban area within easy reach of the Ohio River and the Primary Metropolitan Statistical Area, which consists of nine different counties from three different states. Perhaps best of all, Covington is not only a popular residential area but also an up-and-coming community for businesses of all sizes.
Whether you’re looking to buy or rent, you stand to make out like a bandit in Covington
"Oh, the sun shines bright on my old Kentucky home/Young folks roll on the floor /Oh, the sun shines bright on my old Kentucky home /Keep them hard times away from my door." (- Johnny Cash, "My Old Kentucky Home")
Covington, Kentucky, is often referred to as a second-class city, but that's not due to its status in its resident’s eyes. Instead, it just refers to its population; a second-class city has a population between 20,000 and 99,000. Besides that, it is a thriving urban area within easy reach of the Ohio River and the Primary Metropolitan Statistical Area, which consists of nine different counties from three different states. Perhaps best of all, Covington is not only a popular residential area but also an up-and-coming community for businesses of all sizes.
Moving to Covington
Whether you’re looking to buy or rent, you stand to make out like a bandit in Covington. That’s because both sale and rental prices tend to be affordable when compared to overall Kentucky and national averages. Sale prices tend to be much lower than the averages for the state. As far as rental rates are concerned, they are just slightly higher than those in the rest of the state but still almost 25 percent less than the national averages. If you’re choosing Covington over the bright lights and big city of a place like New York or LA, you stand to save busloads of money.
Usually, when you hear some good news, such as the fact that a certain area has low rents to offer, you wait for the other shoe to drop. Fortunately, that doesnt have to be the case. Theres always room for surprises. The vacancy rate in this town isn’t super low as you would expect in a low-rent area like this. Instead, it hovers around the 15 percent mark. There’s a nice mixture of renters and owners here, as well.
Don’t let the low rent and comfortable vacancy rates fool you. You will have to go through the standard application process to secure an apartment rental here. Show up on your potential landlord’s doorstep looking neat and well-dressed with proof of employment and references in hand. You’ll typically have to submit to a credit check, and your chances are much improved if you take your bills seriously. If you’ve screwed up a time or two in the past, however, your chances aren’t entirely ruined. Some landlords may let a few credit blemishes slide. Others will toss the keys your way but only after you provide a co-signer.
Neighborhoods
Covington has a number of appealing neighborhoods from which you can choose. The communities here are somewhat diverse and include a mixture of people in blue collar and white collar occupations. A large number of people hold salaried positions, and math- and computer-related employment is very common. With the area’s reasonable rental prices, its not surprising that many families choose to settle here. However, couples without children and singles also build happy lives in this city. Here are some neighborhoods to consider:
City Center: If you’re going for the easy score, youll definitely want to choose this neighborhood. With a nearly 30-percent vacancy rate, this area offers easy pickings, including rental homes, apartments for rent and townhouses. Whether you choose to search for new digs in small apartment buildings, apartment complexes or high-rises, the rent here is pretty sweet.
Oak Ridge: This part of town has both higher rents and a lower vacancy rate. Rents here lean closer to the national averages while vacancy rates tend to stay below 5 percent. If you earn the cash to afford this area, however, it has a nice family feel and a wide range of rental options, including homes; townhomes; studio, 1, 2, and 3 bedroom apartments in complexes; and high-rises.
West Covington / Kenton Hills:This suburban area has a good mixture of owners and renters as well as families of all different shapes and sizes. It also has more affordable rental rates and small- to medium-sized apartments for rent. On the downside, the vacancy rates are nothing to shout over. They hover around 5 percent, which makes sense. With rents this low, few people really want to move.
Main St/W 5th St:If you just can't let go of the city, this neighborhood might put a smile on your face. It has a more urban feel than some other parts of town and offers mostly smaller apartment buildings and small houses as rental choices. Vacancy rates are rather high, as many people seem to prefer suburbia, but rents are nice and low. If that sounds like a good mix for you, go ahead and take your pick.
Madison Ave/Levassor Ave:This is another urban area that boasts more small apartment buildings and small houses than any other type of real estate. Rents are low, and vacancy rates trend towards the 10-percent mark. Many of the homes here are older, and some even fit the definition of historical. In fact, many were built before 1939.
Highland Pike/Benton Rd:The Highland Pike / Benton Rd area is the place to choose if you'd rather save for retirement than line some landlord's pockets. This part of town has vacancies that exceed 10 percent yet offers some of the lowest rents in the city. Most of this area is populated by renters, and you'll find a nice selection of housing options. However, single-family homes and apartments in high-rises and complexes rule the roost.
Living in Covington
Despite the low rents in this area, you'll likely have to work for a living. Commute times aren't too bad, averaging about 25 minutes each way. Many people here do decide to leave the driving to someone else, and public transportation is reliable. If the thought of catching the bus every day makes you cringe, join a carpool group. About 15 percent of residents get to work this way.
