Department of Numbers

Louisville Kentucky Residential Rent and Rental Statistics

The median monthly gross residential rent in Louisville, KY (the Louisville-Jefferson County--Elizabethtown--Scottsburg metro area) was $777 in 2015 according to the Census ACS survey.1 Average gross rent in Louisville was $787 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Louisville median and average rent data will be released in September of 2017.

Data is also available below for Louisville rental vacancy rates, Louisville rent as a percent of median income and the fraction of renters in Louisville.

Show dollars as: Nominal Real

Real Gross Rent in Louisville Kentucky (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Kentucky Median Gross Rent $702 +4.00% +10.03%
Louisville, KY Median Gross Rent $777 +5.43% +9.13%

Louisville, KY Real Gross Rent Trends

At $777, real median gross rent in Louisville was at its highest level in 2015 since the series began in 2005. At $787, real average gross rent in Louisville was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in Louisville: Louisville KY Median, Louisville KY Average, Kentucky Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Louisville

Date US
Median
Kentucky
Median
Louisville, KY
Median
Louisville, KY
Average
2015 $959 $702 $777 $787
2014 $930 $675 $737 $737
2013 $898 $663 $735 $718
2012 $886 $638 $712 $718
2011 $887 $637 $709 $693
2010 $901 $646 $707 $704
2009 $905 $659 $725 $722
2008 $920 $645 $720 $716
2007 $874 $624 $688 $674
2006 $883 $634 $715 $685
2005 $858 $621 $694 $673

Louisville Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Louisville Kentucky was 7.00% according to Census ACS data.

Rental Vacancy Rate in Louisville Kentucky

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Kentucky 6.01% -0.22% +0.49%
Louisville, KY 7.00% +0.88% +0.77%

Trends in Louisville, KY Rental Vacancy Rate

The rental vacancy rate in Louisville peaked in 2007 at 11.04%. Since then it has fallen by 4.04% to 7.00%. Data records for this series originated in 2005. From a 2014 post peak low of 6.12%, the rental vacancy rate has increased by 0.88%.

Rental Vacancy Rate: Louisville KY, Kentucky, US

Rental vacancy rate in Kentucky

Historical Rental Vacancy Rate data for Louisville

Date US Kentucky Louisville, KY
2015 5.85% 6.01% 7.00%
2014 6.32% 6.23% 6.12%
2013 6.49% 6.72% 8.37%
2012 6.77% 5.52% 6.23%
2011 7.40% 7.90% 9.63%
2010 8.17% 7.53% 8.49%
2009 8.43% 9.83% 9.84%
2008 7.86% 8.03% 9.20%
2007 7.87% 9.86% 11.04%
2006 7.70% 9.78% 9.32%
2005 7.74% 7.99% 8.47%

Rent as a Fraction of Income

Using median household income data for Louisville, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Louisville, median monthly gross rent as a fraction of median household income was 17.63% in 2015 according to the ACS.

Louisville Kentucky Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Kentucky 18.63% -0.31% +0.34%
Louisville, KY 17.63% +0.17% +0.20%

Trends in Louisville, KY Rent as a Fraction of Income

The fraction of median Louisville household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 18.02%. Since then it has fallen by 0.40% to 17.63%.

Fraction of Income towards Rent: Louisville KY, Kentucky, US

Percent of median household income going towards median monthly gross rent in Louisville Kentucky

Historical Data for Annual Rent as a Fraction of Income in Louisville Kentucky

Date US Kentucky Louisville, KY
2015 20.63% 18.63% 17.63%
2014 20.89% 18.94% 17.46%
2013 20.78% 18.47% 17.44%
2012 20.65% 18.29% 17.43%
2011 20.70% 18.26% 17.55%
2010 20.50% 18.36% 18.02%
2009 20.12% 18.36% 17.31%
2008 19.00% 16.70% 15.88%
2007 18.66% 16.78% 16.31%
2006 18.90% 16.70% 16.44%
2005 18.89% 16.92% 16.31%

Renter Fraction in Louisville Kentucky

You can calculate the renter fraction in Louisville in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Louisville as a fraction of total Louisville households. In 2015 33.63% of households were renters according to Census ACS data.

Louisville Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Kentucky 33.67% -0.26% +0.71%
Louisville, KY 33.63% -0.07% +0.81%

Trends in the Louisville, KY Renter Fraction

The Louisville household renter fraction peaked in in 2014 at 33.70% and is now 0.07% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Louisville KY, Kentucky, US

Fraction of renters in Louisville

History of Louisville Renter Fraction

Date US Kentucky Louisville, KY
2015 36.97% 33.67% 33.63%
2014 36.90% 33.93% 33.70%
2013 36.50% 32.62% 32.30%
2012 36.09% 32.96% 32.82%
2011 35.42% 31.14% 31.29%
2010 34.65% 31.35% 31.68%
2009 34.13% 31.35% 31.45%
2008 33.36% 30.47% 29.69%
2007 32.80% 29.28% 29.70%
2006 32.73% 29.35% 29.45%
2005 33.10% 29.38% 29.36%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.