Lexington Rent Report: December 2023

Welcome to the Apartment List December 2023 Rent Report for Lexington, KY. Currently, the overall median rent in the city stands at $1,210, after falling 1.3% last month. Prices remain up 6.3% year-over-year. Read on to learn more about what’s been happening in the Lexington rental market and how it compares to trends throughout the nation as a whole.

Lexington rents are down 1.3% month-over-month and up 6.3% year-over-year

The median rent in Lexington fell by 1.3% over the course of November, and has now increased by a total of 6.3% over the past 12 months. Lexington’s rent growth over the past year has has outpaced both state (3.6%) and national (-1.1%) averages.

Lexington rent growth in 2023 pacing above last year

Eleven months into the year, rents in Lexington have risen 8.3%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to November 2022 rents had increased 6.6%.

November rent growth in Lexington ranked #75 among large U.S. cities

Lexington rents went down 1.3% in the past month, compared to the national rate of -0.9%. Among the nation's 100 largest cities, this ranks #75. Similar monthly rent growth took place in Irving, TX (-1.3%) and Boston, MA (-1.3%).

Lexington is the #73 most expensive large city in the U.S., with a median rent of $1,210

Citywide, the median rent currently stands at $983 for a 1-bedroom apartment and $1,213 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,210. That ranks #73 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,149 for a 1-bedroom, $1,317 for a 2-bedroom, and $1,340 overall. The median rent in Lexington is 9.7% lower than the national, and is similar to the prices you would find in El Paso, TX ($1,212) and Reno, NV ($1,198).