Fayette County Kentucky Residential Rent and Rental Statistics
The median monthly gross residential rent in Fayette County KY was $932 in 2019 according to the Census ACS survey.1 Average gross rent in Fayette County was $969 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 Fayette County median and average rent data will be released in September of 2021.
Data is also available below for Fayette County rental vacancy rates, Fayette County rent as a percent of median income and the fraction of renters in Fayette County.
Real Gross Rent in Fayette County 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% |
| Fayette County KY Median Gross Rent | $932 | 0.00% | +8.75% |
Fayette County KY Real Gross Rent Trends
Median gross rent for Fayette County peaked in real terms in 2018 at $932 and is now $0 (0.00%) lower. At $969, real average gross rent in Fayette County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Fayette County KY Median, Fayette County KY Average, Kentucky Median, US Median
Real Gross Rent History for Fayette County
| Date | US Median |
Kentucky Median |
Fayette County KY Median |
Fayette County KY Average |
|---|---|---|---|---|
| 2019 | $1,097 | $773 | $932 | $969 |
| 2018 | $1,077 | $793 | $932 | $949 |
| 2017 | $1,043 | $747 | $881 | $892 |
| 2016 | $1,027 | $740 | $857 | $892 |
| 2015 | $1,017 | $745 | $866 | $904 |
| 2014 | $986 | $716 | $802 | $849 |
| 2013 | $953 | $703 | $825 | $821 |
| 2012 | $940 | $677 | $769 | $824 |
| 2011 | $941 | $676 | $783 | $838 |
| 2010 | $955 | $685 | $816 | $829 |
| 2009 | $960 | $699 | $800 | $847 |
| 2007 | $927 | $661 | $786 | $784 |
| 2005 | $910 | $659 | $731 | $773 |
Fayette County 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 Fayette County Kentucky was 5.11% according to Census ACS data.
Rental Vacancy Rate in Fayette County Kentucky
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Kentucky | 6.36% | +0.18% | +0.54% |
| Fayette County KY | 5.11% | -0.50% | +0.80% |
Trends in Fayette County KY Rental Vacancy Rate
The rental vacancy rate in Fayette County peaked in 2005 at 11.20%. Since then it has fallen by 6.09% to 5.11%. Data records for this series originated in 2005. From a 2017 post peak low of 4.21%, the rental vacancy rate has increased by 0.90%.
Rental Vacancy Rate: Fayette County KY, Kentucky, US
Historical Rental Vacancy Rate data for Fayette County
| Date | US | Kentucky | Fayette County KY |
|---|---|---|---|
| 2019 | 5.97% | 6.36% | 5.11% |
| 2018 | 6.15% | 6.18% | 5.61% |
| 2017 | 6.18% | 5.49% | 4.21% |
| 2016 | 5.89% | 5.82% | 4.31% |
| 2015 | 5.85% | 6.01% | 5.29% |
| 2014 | 6.32% | 6.23% | 6.07% |
| 2013 | 6.49% | 6.72% | 4.97% |
| 2012 | 6.77% | 5.52% | 5.46% |
| 2011 | 7.40% | 7.90% | 5.64% |
| 2010 | 8.17% | 7.53% | 6.79% |
| 2009 | 8.43% | 9.83% | 6.61% |
| 2007 | 7.87% | 9.86% | 7.68% |
| 2005 | 7.74% | 7.99% | 11.20% |
Rent as a Fraction of Income
Using median household income data for Fayette County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Fayette County, median monthly gross rent as a fraction of median household income was 19.17% in 2019 according to the ACS.
Fayette County 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% |
| Fayette County KY | 19.17% | -0.84% | +0.71% |
Trends in Fayette County KY Rent as a Fraction of Income
The fraction of median Fayette County household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 20.00%. Since then it has fallen by 0.84% to 19.17%.
Fraction of Income towards Rent: Fayette County KY, Kentucky, US
Historical Data for Annual Rent as a Fraction of Income in Fayette County Kentucky
| Date | US | Kentucky | Fayette County KY |
|---|---|---|---|
| 2019 | 20.03% | 17.74% | 19.17% |
| 2018 | 20.50% | 18.60% | 20.00% |
| 2017 | 20.13% | 17.96% | 18.26% |
| 2016 | 20.43% | 18.18% | 18.46% |
| 2015 | 20.63% | 18.63% | 18.85% |
| 2014 | 20.89% | 18.94% | 19.01% |
| 2013 | 20.78% | 18.47% | 19.77% |
| 2012 | 20.65% | 18.29% | 18.76% |
| 2011 | 20.70% | 18.26% | 18.43% |
| 2010 | 20.50% | 18.36% | 19.51% |
| 2009 | 20.12% | 18.36% | 18.16% |
| 2007 | 18.66% | 16.78% | 17.34% |
| 2005 | 18.89% | 16.92% | 16.54% |
Renter Fraction in Fayette County Kentucky
You can calculate the renter fraction in Fayette 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 Fayette County as a fraction of total Fayette County households. In 2019 46.70% of households were renters according to Census ACS data.
Fayette County 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% |
| Fayette County KY | 46.70% | +2.47% | +2.31% |
Trends in the Fayette County KY Renter Fraction
The Fayette County household renter fraction peaked in in 2015 at 48.45% and is now 1.75% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Fayette County KY, Kentucky, US
History of Fayette County Renter Fraction
| Date | US | Kentucky | Fayette County KY |
|---|---|---|---|
| 2019 | 35.89% | 32.99% | 46.70% |
| 2018 | 36.05% | 32.61% | 44.23% |
| 2017 | 36.13% | 33.53% | 44.66% |
| 2016 | 36.88% | 33.16% | 44.39% |
| 2015 | 36.97% | 33.67% | 48.45% |
| 2014 | 36.90% | 33.93% | 46.23% |
| 2013 | 36.50% | 32.62% | 47.78% |
| 2012 | 36.09% | 32.96% | 45.63% |
| 2011 | 35.42% | 31.14% | 42.24% |
| 2010 | 34.65% | 31.35% | 45.85% |
| 2009 | 34.13% | 31.35% | 44.38% |
| 2007 | 32.80% | 29.28% | 41.34% |
| 2005 | 33.10% | 29.38% | 39.95% |
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. ↩
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