Kentucky Residential Rent and Rental Statistics
The median monthly gross residential rent in Kentucky was $773 in 2019 according to the Census ACS survey.1 Average gross rent was $743 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Kentucky median and average rent data will be released in September of 2021.
Data is also available below for Kentucky rental vacancy rates, Kentucky rent as a percent of median income and the fraction of renters in Kentucky.
Real Gross Rent in Kentucky (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Kentucky Median Gross Rent | $773 | -2.52% | +4.46% |
Kentucky Real Gross Rent Trends
Median gross rent for Kentucky peaked in real terms in 2018 at $793 and is now $20 (2.52%) lower. Average gross rent for Kentucky peaked in real terms in 2018 at $752 and is now $9 (1.20%) lower.
Real Gross Rent in Kentucky: Median, Average, US Median
Real Gross Rent History for Kentucky
| Date | US Median | Kentucky Median | Kentucky Average |
|---|---|---|---|
| 2019 | $1,097 | $773 | $743 |
| 2018 | $1,077 | $793 | $752 |
| 2017 | $1,043 | $747 | $717 |
| 2016 | $1,027 | $740 | $710 |
| 2015 | $1,017 | $745 | $730 |
| 2014 | $986 | $716 | $682 |
| 2013 | $953 | $703 | $669 |
| 2012 | $940 | $677 | $658 |
| 2011 | $941 | $676 | $652 |
| 2010 | $955 | $685 | $664 |
| 2009 | $960 | $699 | $659 |
| 2007 | $927 | $661 | $623 |
| 2005 | $910 | $659 | $616 |
Kentucky Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Kentucky was 6.36% according to Census ACS data.
Rental Vacancy Rate in Kentucky
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Kentucky | 6.36% | +0.18% | +0.54% |
Trends in Kentucky Rental Vacancy Rate
The rental vacancy rate in Kentucky peaked in 2007 at 9.86%. Since then it has fallen by 3.50% to 6.36%. Data records for this series originated in 2005. From a 2017 post peak low of 5.49%, the rental vacancy rate has increased by 0.87%.
Rental Vacancy Rate: Kentucky, US
Historical Rental Vacancy Rate data for Kentucky
| Date | US | Kentucky |
|---|---|---|
| 2019 | 5.97% | 6.36% |
| 2018 | 6.15% | 6.18% |
| 2017 | 6.18% | 5.49% |
| 2016 | 5.89% | 5.82% |
| 2015 | 5.85% | 6.01% |
| 2014 | 6.32% | 6.23% |
| 2013 | 6.49% | 6.72% |
| 2012 | 6.77% | 5.52% |
| 2011 | 7.40% | 7.90% |
| 2010 | 8.17% | 7.53% |
| 2009 | 8.43% | 9.83% |
| 2007 | 7.87% | 9.86% |
| 2005 | 7.74% | 7.99% |
Kentucky Rent as a Fraction of Income
Using median household income data for Kentucky, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Kentucky, median monthly gross rent as a fraction of median household income was 17.74% in 2019 according to the ACS.
Kentucky Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Kentucky | 17.74% | -0.87% | -0.45% |
Trends in Kentucky Rent as a Fraction of Income
The fraction of median Kentucky household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.94%. Since then it has fallen by 1.20% to 17.74%.
Fraction of Income towards Rent: Kentucky, US
Historical Data for Annual Rent as a Fraction of Income in Kentucky
| Date | US | Kentucky |
|---|---|---|
| 2019 | 20.03% | 17.74% |
| 2018 | 20.50% | 18.60% |
| 2017 | 20.13% | 17.96% |
| 2016 | 20.43% | 18.18% |
| 2015 | 20.63% | 18.63% |
| 2014 | 20.89% | 18.94% |
| 2013 | 20.78% | 18.47% |
| 2012 | 20.65% | 18.29% |
| 2011 | 20.70% | 18.26% |
| 2010 | 20.50% | 18.36% |
| 2009 | 20.12% | 18.36% |
| 2007 | 18.66% | 16.78% |
| 2005 | 18.89% | 16.92% |
Renter Fraction in Kentucky
You can calculate the renter fraction in Kentucky 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 Kentucky as a fraction of total Kentucky households. In 2019 32.99% of households were renters according to Census ACS data.
Kentucky Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Kentucky | 32.99% | +0.38% | -0.17% |
Trends in the Kentucky Renter Fraction
The Kentucky household renter fraction peaked in in 2014 at 33.93% and is now 0.94% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Kentucky, US
History of Kentucky Renter Fraction
| Date | US | Kentucky |
|---|---|---|
| 2019 | 35.89% | 32.99% |
| 2018 | 36.05% | 32.61% |
| 2017 | 36.13% | 33.53% |
| 2016 | 36.88% | 33.16% |
| 2015 | 36.97% | 33.67% |
| 2014 | 36.90% | 33.93% |
| 2013 | 36.50% | 32.62% |
| 2012 | 36.09% | 32.96% |
| 2011 | 35.42% | 31.14% |
| 2010 | 34.65% | 31.35% |
| 2009 | 34.13% | 31.35% |
| 2007 | 32.80% | 29.28% |
| 2005 | 33.10% | 29.38% |
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. ↩
