Lexington, KY Rental Market Trends
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).
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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