Lexington Kentucky Residential Rent and Rental Statistics
The median monthly gross residential rent in Lexington, KY (the Lexington-Fayette metro area) was $885 in 2019 according to the Census ACS survey.1 Average gross rent in Lexington was $901 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 Lexington median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Lexington 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% |
| Lexington, KY Median Gross Rent | $885 | -1.78% | +5.48% |
Lexington, KY Real Gross Rent Trends
Median gross rent for Lexington peaked in real terms in 2018 at $901 and is now $16 (1.78%) lower. Average gross rent for Lexington peaked in real terms in 2018 at $907 and is now $6 (0.66%) lower.
Real Gross Rent in Lexington: Lexington KY Median, Lexington KY Average, Kentucky Median, US Median
Real Gross Rent History for Lexington
| Date | US Median |
Kentucky Median |
Lexington, KY Median |
Lexington, KY Average |
|---|---|---|---|---|
| 2019 | $1,097 | $773 | $885 | $901 |
| 2018 | $1,077 | $793 | $901 | $907 |
| 2017 | $1,043 | $747 | $842 | $840 |
| 2016 | $1,027 | $740 | $839 | $837 |
| 2015 | $1,017 | $745 | $852 | $856 |
| 2014 | $986 | $716 | $797 | $804 |
| 2013 | $953 | $703 | $812 | $789 |
| 2012 | $940 | $677 | $764 | $776 |
| 2011 | $941 | $676 | $755 | $778 |
| 2010 | $955 | $685 | $778 | $789 |
| 2009 | $960 | $699 | $784 | $806 |
| 2007 | $927 | $661 | $764 | $748 |
| 2005 | $910 | $659 | $748 | $749 |
Lexington 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 Lexington Kentucky was 4.69% according to Census ACS data.
Rental Vacancy Rate in Lexington Kentucky
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Kentucky | 6.36% | +0.18% | +0.54% |
| Lexington, KY | 4.69% | -0.15% | +1.13% |
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 4.46% to 4.69%. Data records for this series originated in 2005. From a 2016 post peak low of 3.56%, the rental vacancy rate has increased by 1.13%.
Rental Vacancy Rate: Lexington KY, Kentucky, US
Historical Rental Vacancy Rate data for Lexington
| Date | US | Kentucky | Lexington, KY |
|---|---|---|---|
| 2019 | 5.97% | 6.36% | 4.69% |
| 2018 | 6.15% | 6.18% | 4.84% |
| 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% |
| 2007 | 7.87% | 9.86% | 7.01% |
| 2005 | 7.74% | 7.99% | 9.15% |
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 17.56% in 2019 according to the ACS.
Lexington 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% |
| Lexington, KY | 17.56% | -1.15% | -0.32% |
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 2018 (relative to the 2005 series origin) at 18.70%. Since then it has fallen by 1.15% to 17.56%.
Fraction of Income towards Rent: Lexington KY, Kentucky, US
Historical Data for Annual Rent as a Fraction of Income in Lexington Kentucky
| Date | US | Kentucky | Lexington, KY |
|---|---|---|---|
| 2019 | 20.03% | 17.74% | 17.56% |
| 2018 | 20.50% | 18.60% | 18.70% |
| 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% |
| 2007 | 18.66% | 16.78% | 16.57% |
| 2005 | 18.89% | 16.92% | 16.84% |
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 2019 41.10% of households were renters according to Census ACS data.
Lexington 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% |
| Lexington, KY | 41.10% | +1.21% | +0.22% |
Trends in the Lexington, KY Renter Fraction
The Lexington household renter fraction peaked in in 2015 at 43.84% and is now 2.74% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Lexington KY, Kentucky, US
History of Lexington Renter Fraction
| Date | US | Kentucky | Lexington, KY |
|---|---|---|---|
| 2019 | 35.89% | 32.99% | 41.10% |
| 2018 | 36.05% | 32.61% | 39.89% |
| 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% |
| 2007 | 32.80% | 29.28% | 37.35% |
| 2005 | 33.10% | 29.38% | 37.66% |
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. ↩
