Department of Numbers

Lexington Kentucky Residential Rent and Rental Statistics

The median monthly gross residential rent in Lexington, KY (the Lexington-Fayette metro area) was $817 in 2017 according to the Census ACS survey.1 Average gross rent in Lexington was $815 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Lexington median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Lexington Kentucky (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Kentucky Median Gross Rent $724 +0.84% +4.32%
Lexington, KY Median Gross Rent $817 +0.49% +5.69%

Lexington, KY Real Gross Rent Trends

Median gross rent for Lexington peaked in real terms in 2015 at $826 and is now $9 (1.09%) lower. Average gross rent for Lexington peaked in real terms in 2015 at $830 and is now $15 (1.81%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Lexington

Date US
Median
Kentucky
Median
Lexington, KY
Median
Lexington, KY
Average
2017 $1,012 $724 $817 $815
2016 $996 $718 $813 $811
2015 $987 $722 $826 $830
2014 $956 $694 $773 $780
2013 $924 $682 $787 $765
2012 $912 $656 $741 $752
2011 $912 $656 $732 $754
2010 $927 $664 $754 $765
2009 $931 $678 $760 $781
2008 $947 $664 $768 $785
2007 $899 $641 $741 $726
2006 $909 $653 $731 $743

Lexington Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Lexington Kentucky was 3.90% according to Census ACS data.

Rental Vacancy Rate in Lexington Kentucky

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Kentucky 5.49% -0.33% -0.74%
Lexington, KY 3.90% +0.34% -1.95%

Trends in Lexington, KY Rental Vacancy Rate

The rental vacancy rate in Lexington peaked in 2005 at 9.15%. Since then it has fallen by 5.25% to 3.90%. Data records for this series originated in 2005. From a 2016 post peak low of 3.56%, the rental vacancy rate has increased by 0.34%.

Rental Vacancy Rate: Lexington KY, Kentucky, US

Rental vacancy rate in Kentucky

Historical Rental Vacancy Rate data for Lexington

Date US Kentucky Lexington, KY
2017 6.18% 5.49% 3.90%
2016 5.89% 5.82% 3.56%
2015 5.85% 6.01% 5.40%
2014 6.32% 6.23% 5.85%
2013 6.49% 6.72% 5.04%
2012 6.77% 5.52% 5.08%
2011 7.40% 7.90% 6.11%
2010 8.17% 7.53% 5.52%
2009 8.43% 9.83% 5.88%
2008 7.86% 8.03% 6.55%
2007 7.87% 9.86% 7.01%
2006 7.70% 9.78% 8.97%

Rent as a Fraction of Income

Using median household income data for Lexington, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lexington, median monthly gross rent as a fraction of median household income was 16.88% in 2017 according to the ACS.

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

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Kentucky 17.96% -0.22% -0.98%
Lexington, KY 16.88% -0.99% -1.14%

Trends in Lexington, KY Rent as a Fraction of Income

The fraction of median Lexington household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 18.40%. Since then it has fallen by 1.52% to 16.88%.

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

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

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

Date US Kentucky Lexington, KY
2017 20.13% 17.96% 16.88%
2016 20.43% 18.18% 17.88%
2015 20.63% 18.63% 18.14%
2014 20.89% 18.94% 18.02%
2013 20.78% 18.47% 18.40%
2012 20.65% 18.29% 17.97%
2011 20.70% 18.26% 17.80%
2010 20.50% 18.36% 18.06%
2009 20.12% 18.36% 17.67%
2008 19.00% 16.70% 15.84%
2007 18.66% 16.78% 16.57%
2006 18.90% 16.70% 16.18%

Renter Fraction in Lexington Kentucky

You can calculate the renter fraction in Lexington 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 Lexington as a fraction of total Lexington households. In 2017 40.38% of households were renters according to Census ACS data.

Lexington Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Kentucky 33.53% +0.37% -0.40%
Lexington, KY 40.38% -0.50% -1.95%

Trends in the Lexington, KY Renter Fraction

The Lexington household renter fraction peaked in in 2015 at 43.84% and is now 3.46% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Lexington KY, Kentucky, US

Fraction of renters in Lexington

History of Lexington Renter Fraction

Date US Kentucky Lexington, KY
2017 36.13% 33.53% 40.38%
2016 36.88% 33.16% 40.88%
2015 36.97% 33.67% 43.84%
2014 36.90% 33.93% 42.33%
2013 36.50% 32.62% 42.60%
2012 36.09% 32.96% 40.88%
2011 35.42% 31.14% 38.12%
2010 34.65% 31.35% 41.70%
2009 34.13% 31.35% 40.87%
2008 33.36% 30.47% 38.09%
2007 32.80% 29.28% 37.35%
2006 32.73% 29.35% 38.62%

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.