Department of Numbers

Madison County Kentucky Residential Rent and Rental Statistics

The median monthly gross residential rent in Madison County KY was $672 in 2017 according to the Census ACS survey.1 Average gross rent in Madison County was $719 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 Madison County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Madison County 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%
Madison County KY Median Gross Rent $672 -2.61% +1.51%

Madison County KY Real Gross Rent Trends

Median gross rent for Madison County peaked in real terms in 2015 at $693 and is now $21 (3.03%) lower. Average gross rent for Madison County peaked in real terms in 2013 at $721 and is now $2 (0.28%) lower.

Real Gross Rent: Madison County KY Median, Madison County KY Average, Kentucky Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Madison County

Date US
Median
Kentucky
Median
Madison County KY
Median
Madison County KY
Average
2017 $1,012 $724 $672 $719
2016 $996 $718 $690 $700
2015 $987 $722 $693 $709
2014 $956 $694 $662 $666
2013 $924 $682 $689 $721
2012 $912 $656 $642 $626
2011 $912 $656 $619 $603
2010 $927 $664 $636 $670
2009 $931 $678 $639 $631
2008 $947 $664 $610 $631
2007 $899 $641 $573 $521
2006 $909 $653 $592 $576

Madison County 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 Madison County Kentucky was 5.00% according to Census ACS data.

Rental Vacancy Rate in Madison County Kentucky

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Kentucky 5.49% -0.33% -0.74%
Madison County KY 5.00%

Trends in Madison County KY Rental Vacancy Rate

The rental vacancy rate in Madison County peaked in 2012 at 6.42%. Since then it has fallen by 1.42% to 5.00%. Data records for this series originated in 2005.

Rental Vacancy Rate: Madison County KY, Kentucky, US

Rental vacancy rate in Kentucky

Historical Rental Vacancy Rate data for Madison County

Date US Kentucky Madison County KY
2017 6.18% 5.49% 5.00%
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% 6.42%
2011 7.40% 7.90%
2010 8.17% 7.53%
2009 8.43% 9.83%
2008 7.86% 8.03%
2007 7.87% 9.86%
2006 7.70% 9.78%

Rent as a Fraction of Income

Using median household income data for Madison County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Madison County, median monthly gross rent as a fraction of median household income was 15.85% in 2017 according to the ACS.

Madison County 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%
Madison County KY 15.85% -2.74% -1.81%

Trends in Madison County KY Rent as a Fraction of Income

The fraction of median Madison County household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 19.64%. Since then it has fallen by 3.79% to 15.85%.

Fraction of Income towards Rent: Madison County KY, Kentucky, US

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

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

Date US Kentucky Madison County KY
2017 20.13% 17.96% 15.85%
2016 20.43% 18.18% 18.59%
2015 20.63% 18.63% 17.82%
2014 20.89% 18.94% 17.66%
2013 20.78% 18.47% 17.87%
2012 20.65% 18.29% 19.64%
2011 20.70% 18.26% 18.37%
2010 20.50% 18.36% 16.77%
2009 20.12% 18.36% 17.52%
2008 19.00% 16.70% 14.29%
2007 18.66% 16.78% 15.57%
2006 18.90% 16.70% 15.65%

Renter Fraction in Madison County Kentucky

You can calculate the renter fraction in Madison County 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 Madison County as a fraction of total Madison County households. In 2017 43.10% of households were renters according to Census ACS data.

Madison County 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%
Madison County KY 43.10% +6.09% -0.15%

Trends in the Madison County KY Renter Fraction

The Madison County household renter fraction peaked in in 2014 at 43.25% and is now 0.15% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Madison County KY, Kentucky, US

Fraction of renters in Madison County

History of Madison County Renter Fraction

Date US Kentucky Madison County KY
2017 36.13% 33.53% 43.10%
2016 36.88% 33.16% 37.01%
2015 36.97% 33.67% 42.36%
2014 36.90% 33.93% 43.25%
2013 36.50% 32.62% 39.33%
2012 36.09% 32.96% 39.19%
2011 35.42% 31.14% 40.75%
2010 34.65% 31.35% 39.87%
2009 34.13% 31.35% 38.76%
2008 33.36% 30.47% 39.06%
2007 32.80% 29.28% 38.65%
2006 32.73% 29.35% 35.51%

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.