It's important to know about renting in Louisville, KY if you're looking to move or invest there. The July 2024 Rent Report from Apartment List shows Louisville's median rent at $1,213. This reflects increases of 1.0% over the last month and 5.0% over the last year1. Louisville is ranked as the 79th most expensive big city for renters in the U.S1.
The first half of 2024 saw Louisville's rent rise by 6.1%, which is above the national average of 5.1%1. June 2024 alone had a 1.0% rent boost, surpassing the 0.4% national rise1. Rent for a 1-bedroom apartment averages at $992, while a 2-bedroom costs around $1,246, making Louisville 14.0% cheaper than the U.S. average. This is similar to cities like San Antonio, TX and Albuquerque, NM1.
Key Takeaways
- The average rent in Louisville, KY is $1,213, with month-to-month and year-to-year increases of 1.0% and 5.0%, respectively1.
- Louisville is the #79 priciest big city for renters in America1.
- Rent in Louisville is growing faster than the U.S. average, with a 6.1% rise in early 20241.
- Louisville's median rent is 14.0% less than the national average1.
- A 1-bedroom apartment in Louisville averages at $992, and a 2-bedroom at $1,2461.
Overview of Louisville's Rental Market
Louisville's rental scene is growing and more affordable than many other places in the U.S. Its multifamily vacancy rate stands at 6.6%. This rate is better than the national average. Louisville housing market2 Because of this, renters find themselves in a competitive market as more people are looking for places to live.
Current Trends and Insights
Rental prices in Louisville have been rising, with an increase of 3.9% this past year2. The city welcomed 1,796 new rental units in the last year. Right now, about 4,800 units are being built, making up 5.3% of all housing2. So, the average monthly rent has reached $1,1602. The top-tier, or Class A properties, are even pricier with rents at about $1,440 on average2.
Comparison with National Averages
When we compare it nationally, Louisville is pretty appealing and cheaper. It saw rents go up by 1.0% in just a month, which is more than the national increase of 0.4%. It places the city at 22nd among the biggest U.S. cities2. Even with the rise, rents in Louisville are 14.0% lower than the U.S. median2. Rental market trends Louisville shows areas like Old Louisville and Crescent Hill with rents at $1,455 and $1,272, respectively2.
Cost of Living in Louisville, KY
Knowing the cost of living in Louisville, KY is essential for residents and those thinking about moving. The city's living expenses are 4% below the national average. This makes it appealing to many Americans3. Yet, expenses vary, especially for housing, transport, and healthcare.
Breakdown of Essential Expenses
Louisville's living costs cover several crucial areas:
- Housing: Housing costs here are 21% less than the national average3. A one-bedroom apartment costs about $836 a month. A two-bedroom one can cost roughly $1,042 per month3. This shows how the city's rent is key to its low overall cost.
- Transportation: Owning a car costs more than average. Annually, it's about $5,477 for one person and $14,484 for a family of four3.
- Groceries: Groceries are a big part of the expenses. A single person spends about $3,926 yearly. A family of four might spend close to $11,5643.
- Healthcare: Healthcare costs 22% less than elsewhere. Annual health insurance is around $3,143 for one person. For a family of four, it's about $8,0833.
- Utilities and Miscellaneous Costs: Monthly utility bills average to $185. A gym membership can be about $31.50 monthly or $378 a year3.
Impact on Rent Prices
The cost of essentials significantly affects Louisville's rent prices. Lower housing costs, along with higher costs for transport and groceries, influence these rates. For example, rent in the city center for a one-bedroom can range from $1,000 to $2,2004. Outside the center, it might be between $835 and $1,5004. These differences matter when thinking about living costs in Louisville. Also, rent prices have been slowly rising by 4.8% each year, showing a trend tied to economic and market changes3.
Median Rent Prices by Apartment Size in Louisville, KY
In Louisville, KY, the median rent prices change a lot based on apartment size. Knowing this can help people looking for a place to live make better choices.
Studio Apartments
The average cost for a studio in Louisville is about $700. Studios are a good option for people who want an affordable home.
One-Bedroom Apartments
One-bedroom apartments in Louisville are usually around $845. They offer a good mix of space and price, making them attractive to many renters.
Two-Bedroom Apartments
Two-bedroom apartments cost about $1,199 on average in Louisville. They are great for small families or roommates looking for more space at a good price.
Three-Bedroom Apartments and Larger
For those needing more room, three-bedroom apartments in Louisville have a median price of about $1,600. These bigger places are perfect for families or anyone who needs extra space.
Neighborhood-Specific Rent Trends in Louisville, KY
Louisville's rental market varies by neighborhood. This shows different rent trends and prices for renters. Knowing these trends is key for anyone moving to or within the city.
Popular Neighborhoods for Rentors
Old Louisville and Shawnee stand out as top choices for renters. Old Louisville offers a historic feel with average rents of $905 for a one-bedroom and $1,150 for a two-bedroom apartment5. Shawnee is more affordable, with rents at $836 for a one-bedroom and $977 for a two-bedroom apartment5. This variety helps renters pick based on their budget and lifestyle.
Crescent Hill is favored too, with two-bedroom apartments at $1,001 on average5. Butchertown blends modern and urban with rents of $1,337 for a one-bedroom and $1,635 for a two-bedroom apartment5. These areas are loved for their community feel and easy access to amenities.
Average Rent by Neighborhood
The rent in Louisville's neighborhoods shows big differences. Germantown's median sale price is $237,499. Highlands has higher rents with $1,649 for one-bedrooms and $2,099 for two-bedrooms5. Phoenix Hill's rents are $1,562 for a one-bedroom and $2,042 for a two-bedroom apartment5.
East Louisville has a suburban charm with $1,236 for one-bedrooms and $1,523 for two-bedrooms5. Beechmont and Shawnee are more budget-friendly, with median prices of $152,500 and $107,800, respectively5. These figures show Louisville has a wide range of living options to fit different needs.
Comparison of Louisville Rents with Other Cities
Looking at Louisville vs. the national scene shows a clear picture for people thinking of moving. The median rent in Louisville is $1,213, which is 14.0% less than the national average. This makes it the 79th priciest big city in the U.S1. Because of this, Louisville offers great rental prices compared to cities of the same size.
Louisville vs. National Averages
Delving into Louisville's rental market reveals its affordability. National rent trends are slowing down, but Louisville's rent rose by 6.1% in early 20241. This suggests a growing market. Besides, the city's rental cost is much lower than the national monthly average of $1,077. This makes Louisville an appealing city for renters6.
Louisville vs. Similar Cities
Louisville’s median rent is quite close to that of San Antonio, TX, and Albuquerque, NM. San Antonio's rent is $1,216 and Albuquerque’s is $1,2091. This shows Louisville is just as affordable as these cities. Also, different areas in Louisville like Old Louisville ($1,455), Crescent Hill ($1,272), and Portland ($967) offer a range of prices. This helps fit various budgets6.
For a deeper look at rent costs, Forbes Advisor's cost of living calculator is a great tool. It gives insights into how rents in Louisville compare to the rest of the country and nearby areas1.
Factors Influencing Rent Prices in Louisville
The rent prices in Louisville depend on several factors. These include the economy and how many houses are available. Understanding these will help us see why rents vary.
Economic Factors
Louisville's economy plays a big role in setting rent prices. The city's living costs are 8% higher than the US average7, affecting renters' budgets. Travel costs are also higher by about 10%, making things tougher for families7. You can learn more about this by checking housing supply and demand in Louisville7.
In Louisville, the average income is now $64,619, which is 29% higher than before8. Sadly, this is balanced out by a 37% hike in rents, from $770 to $1,057 monthly8. The Area Median Income, or AMI, for a family of four is $89,650, showing the cost of living is high8.
Housing Supply and Demand
The amount of available housing also affects rent prices. Louisville needs over 31,000 new homes to help those with the lowest incomes8. With median home prices jumping 48%, from $174,000 to $242,900, finding affordable homes is tough8. This increase in home prices shows the demand for rentals.
Changing zoning laws to allow more dense housing could help. It could decrease the need for land, from 3,100 acres to just 431 acres. This would help tackle the shortage of homes8. The city's efforts aim to keep rents stable and housing within reach.
As Louisville's economy and housing needs keep changing, rent prices will too. Knowing these factors can help renters make smart choices. It's all about finding the right balance.
Top Rent Specials and Deals in Louisville
Looking for great rent deals in Louisville? The city's rental market has something for everyone. There's a balance between affordable and luxury options. Louisville's housing specials cater to different areas, apartment sizes, and features.
Popular Offers
Louisville's rent specials cover everything from cozy studios to big three-bedroom apartments. A studio in Hurstbourne Acres goes for $1,371. Meanwhile, a three-bedroom place in the Central Business District can be yours for $2,3349. Also, studios in Irish Hill start at just $1,2871. These examples show the wide range and good value available in Louisville's rental market.
Finding the Best Deals
Those hunting for top Louisville apartment offers should check out Rockcreek Lexington Road and Downtown Louisville. Online searches can help find excellent Louisville housing specials, leading to potential savings. For detailed info on apartments with move-in discounts, have a look at this list9. Comparing costs, like Louisville's average rent of $1,297 and move-in special averages at $1,4509, helps renters choose wisely.
In summary, Louisville's rental scene is full of chances for those wanting value and quality. Using specials and doing research, renters can find top Louisville housing deals. This makes for an enjoyable living experience that's also easy on the wallet.
Vibrant and Growing: Louisville's Rental Market Trends
The current median rent in Louisville, KY, is $1,213. This is a slight 1.0% increase from last month and a 5.0% jump compared to last year1. These changes show that Louisville's rental market is vibrant and growing.
In Louisville, the price for a one-bedroom apartment stands at $992 on average. Two-bedroom apartments are around $1,2461. These numbers give a rough idea of what people pay for rent.
Rents in Louisville have gone up by 6.1% in the first half of 2024. This increase is 1% more than the rise seen during the same time in 20231. It means those looking for less expensive options might face challenges soon.
The city ranks as the 79th most expensive in the U.S., with rents 14.0% below the national average1. So, Louisville is still a good deal for many people.
When comparing, Louisville's rent is similar to places like San Antonio, TX, and Albuquerque, NM1. This info is useful for those comparing their options in different cities.
Louisville's rental scene offers something for everyone, fitting various budgets. You can find studios going for about $700. Three-bedroom apartments may cost up to $1,6001. This variety makes the city adaptable to different housing needs.
Conclusion
The Louisville housing market offers a great mix of affordability and quality of life. It's a top choice for many renters. The average rent for a two-bedroom apartment is $1,160 per month. This makes Louisville a less expensive option than many other places10. Living costs, like utilities averaging $263.53 a month and healthcare being 22.1% cheaper than the U.S. average, also stand out for their affordability10.
Economic forces and local trends shape this housing market, offering diverse rental choices. From lively Germantown and Highlands to historic Old Louisville, there are many great places to live without overspending. You can find more details in this helpful guide11. Louisville welcomes everyone, making it ideal for those wanting a good deal and nice amenities.
Owning a home in Louisville might be smarter if you plan to stay for over 4 years11. In summary, Louisville's rental and housing market gives you a lot for your money. It offers many housing choices and has a lower living cost than lots of big cities in the U.S., making it a very attractive place to consider for living10.
FAQ
What's The Average Rent In Louisville, KY?
The average rent in Louisville, KY, stands at $1,213. For a cozy 1-bedroom apartment, you're looking at about $992. Two bedrooms go for $1,246.
Smaller studio apartments are roughly $700. Meanwhile, larger three-bedroom homes average around $1,600.
What are the current trends and insights in Louisville's rental market?
Louisville's rental market has seen a 5.0% rise in median rent over the last year as of July 2024. This year's growth rate is 6.1%, showing a noticeable increase from the past year. Rents are creeping up monthly by 1.0%, outpacing the national average.
How does Louisville's rent compare with national averages?
Rent in Louisville is 14.0% lower than the national average. Despite strong growth locally, Louisville is still quite affordable compared to many U.S. cities.
What is the cost of living like in Louisville, KY?
In Louisville, living costs are 4% below what the average American pays. Housing is especially more affordable here, being 21% cheaper.
Goods and services are pricier by 8%, and it costs 10% more to get around. However, healthcare and groceries are easier on your wallet, being 22% and 2% cheaper, respectively.
How do essential expenses in Louisville affect rent prices?
Even though costs like goods and transportation are higher, Louisville remains affordable. This is due to the significantly lower housing expenses.
What are the median rent prices for different apartment sizes in Louisville?
The cost of renting in Louisville varies by size: Studios are $700. One bedrooms are priced at $845.
Two-bedroom apartments go for $1,199. And three bedrooms stand at $1,600.
Which neighborhoods are popular for renters in Louisville?
Old Louisville is a hit among renters, with 1-bedroom rents at $805 and 2-bedrooms at $1,250. Shawnee also offers great deals, with 2-bedroom homes averaging $1,075.
Each area has its own charm and rental possibilities.
What are the average rents by neighborhood in Louisville?
Rents differ across neighborhoods. Old Louisville lists 1-bedrooms for $805 and 2-bedrooms for $1,250. Shawnee's 2-bedrooms average at $1,075.
How do Louisville's rents compare with other cities?
Louisville's rents stack up well against cities like San Antonio, TX, and Albuquerque, NM. They’re also 14.0% lower than the U.S. average.
What economic factors influence rent prices in Louisville?
The cost of living, like goods and transport expenses, affects rent prices. Louisville's vibrant economy and housing demand drive up rent growth.
How do housing supply and demand affect rent prices in Louisville?
Louisville's housing market grows due to strong economy demands and limited supply. These factors lead to higher rent prices.
What are some popular rent specials and deals in Louisville?
There are unique rent deals across Louisville. For example, studios in Hurstbourne Acres are listed at $1,371. Meanwhile, three-bedrooms in the Central Business District go for $2,334.
Looking around different areas could help you save money.
How can prospective renters find the best deals in Louisville?
Potential renters should check out various areas for good deals. Irish Hill, for instance, offers studios for $1,287. Comparing rent specials in different neighborhoods can lead to affordable housing finds.
Source Links
- Average Rent in Louisville, KY & Rent Price Trends - https://www.apartmentlist.com/rent-report/ky/louisville
- Multifamily Market Report | Louisville, KY - https://www.matthews.com/multifamily-market-report-louisville-ky-2/
- Cost of Living in Louisville, KY 2023 - https://www.apartmentlist.com/renter-life/cost-of-living-in-louisville
- Cost of Living in Louisville - https://www.numbeo.com/cost-of-living/in/Louisville
- 17 Popular Louisville Neighborhoods: Where to Live in Louisville in 2024 - https://www.redfin.com/blog/louisville-ky-neighborhoods/
- Complete House Renting Guide For Louisville, KY - 2024 - Ark7 - https://ark7.com/blog/learn/cities/complete-house-renting-guide-for-louisville-ky/
- Kentucky Real Estate Market Overview - 2024 - https://www.steadily.com/blog/kentucky-real-estate-market-overview
- Housing Needs Assessment — Meet Your Louisville Neighbors - https://www.louisvilleneighbors.com/housing-needs-assessment
- Apartments with Move In Specials in Louisville, KY - https://www.rentable.co/louisville-ky/apartments-with-move-in-specials-for-rent
- Cost of Living in Louisville KY - https://signalscv.com/2024/07/cost-of-living-in-louisville-ky/
- Rent or Buy in Louisville KY? - Real Estate Expert Tre Pryor - https://trepryor.com/blog/rent-buy-louisville-ky/
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