Lexington, KY Renter Market Trends

October 2022 Lexington Rent Report

Welcome to the October 2022 Lexington Rent Report. Lexington rents declined over the past month. In this report, we'll evaluate trends in the Lexington rental market, including comparisons to similar cities nationwide.

Lexington rents declined significantly over the past month

Lexington rents have declined 0.4% over the past month, but have increased sharply by 17.2% in comparison to the same time last year. Currently, median rents in Lexington stand at $1,017 for a one-bedroom apartment and $1,255 for a two-bedroom. Lexington's year-over-year rent growth leads the state average of 10.4%, as well as the national average of 7.5%.

    Lexington rents more affordable than many large cities nationwide

    As rents have increased sharply in Lexington, a few large cities nationwide have seen rents grow more modestly. Lexington is still more affordable than most large cities across the country.

    • Lexington's median two-bedroom rent of $1,255 is below the national average of $1,360. Nationwide, rents have grown by 7.5% over the past year compared to the 17.2% increase in Lexington.
    • While Lexington's rents rose sharply over the past year, many cities nationwide also saw increases, including Miami (+15.6%), Dallas (+12.3%), and New York City (+12.1%).
    • Renters will find more reasonable prices in Lexington than most large cities. For example, San Francisco has a median 2BR rent of $2,673, which is more than twice the price in Lexington.

    For more information check out our national report. You can also access our full data for cities and counties across the U.S.

    Methodology - Recent Updates:

    Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

    Read more about our new methodology below, or see a more detailed post about the methodology on our blog.

    Methodology:

    Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

    Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

    Read more about our methodology.

    About Rent Reports:

    Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

    We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.

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