Louisville Kentucky Residential Rent and Rental Statistics
The median monthly gross residential rent in Louisville, KY (the Louisville-Jefferson County--Elizabethtown--Scottsburg metro area) was $880 in 2019 according to the Census ACS survey.1 Average gross rent in Louisville was $863 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 Louisville median and average rent data will be released in September of 2021.
Data is also available below for Louisville rental vacancy rates, Louisville rent as a percent of median income and the fraction of renters in Louisville.
Real Gross Rent in Louisville 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% |
| Louisville, KY Median Gross Rent | $880 | +1.73% | +6.41% |
Louisville, KY Real Gross Rent Trends
At $880, real median gross rent in Louisville was at its highest level in 2019 since the series began in 2005. Average gross rent for Louisville peaked in real terms in 2018 at $866 and is now $3 (0.35%) lower.
Real Gross Rent in Louisville: Louisville KY Median, Louisville KY Average, Kentucky Median, US Median
Real Gross Rent History for Louisville
| Date | US Median |
Kentucky Median |
Louisville, KY Median |
Louisville, KY Average |
|---|---|---|---|---|
| 2019 | $1,097 | $773 | $880 | $863 |
| 2018 | $1,077 | $793 | $865 | $866 |
| 2017 | $1,043 | $747 | $843 | $817 |
| 2016 | $1,027 | $740 | $827 | $814 |
| 2015 | $1,017 | $745 | $824 | $835 |
| 2014 | $986 | $716 | $782 | $782 |
| 2013 | $953 | $703 | $779 | $761 |
| 2012 | $940 | $677 | $755 | $762 |
| 2011 | $941 | $676 | $752 | $736 |
| 2010 | $955 | $685 | $750 | $746 |
| 2009 | $960 | $699 | $769 | $766 |
| 2007 | $927 | $661 | $730 | $715 |
| 2005 | $910 | $659 | $736 | $714 |
Louisville 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 Louisville Kentucky was 7.84% according to Census ACS data.
Rental Vacancy Rate in Louisville Kentucky
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Kentucky | 6.36% | +0.18% | +0.54% |
| Louisville, KY | 7.84% | +0.59% | +1.72% |
Trends in Louisville, KY Rental Vacancy Rate
The rental vacancy rate in Louisville peaked in 2007 at 11.04%. Since then it has fallen by 3.20% to 7.84%. Data records for this series originated in 2005. From a 2014 post peak low of 6.12%, the rental vacancy rate has increased by 1.72%.
Rental Vacancy Rate: Louisville KY, Kentucky, US
Historical Rental Vacancy Rate data for Louisville
| Date | US | Kentucky | Louisville, KY |
|---|---|---|---|
| 2019 | 5.97% | 6.36% | 7.84% |
| 2018 | 6.15% | 6.18% | 7.25% |
| 2017 | 6.18% | 5.49% | 6.77% |
| 2016 | 5.89% | 5.82% | 6.12% |
| 2015 | 5.85% | 6.01% | 7.00% |
| 2014 | 6.32% | 6.23% | 6.12% |
| 2013 | 6.49% | 6.72% | 8.37% |
| 2012 | 6.77% | 5.52% | 6.23% |
| 2011 | 7.40% | 7.90% | 9.63% |
| 2010 | 8.17% | 7.53% | 8.49% |
| 2009 | 8.43% | 9.83% | 9.84% |
| 2007 | 7.87% | 9.86% | 11.04% |
| 2005 | 7.74% | 7.99% | 8.47% |
Rent as a Fraction of Income
Using median household income data for Louisville, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Louisville, median monthly gross rent as a fraction of median household income was 17.26% in 2019 according to the ACS.
Louisville 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% |
| Louisville, KY | 17.26% | -0.51% | -0.12% |
Trends in Louisville, KY Rent as a Fraction of Income
The fraction of median Louisville household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 18.02%. Since then it has fallen by 0.76% to 17.26%.
Fraction of Income towards Rent: Louisville KY, Kentucky, US
Historical Data for Annual Rent as a Fraction of Income in Louisville Kentucky
| Date | US | Kentucky | Louisville, KY |
|---|---|---|---|
| 2019 | 20.03% | 17.74% | 17.26% |
| 2018 | 20.50% | 18.60% | 17.77% |
| 2017 | 20.13% | 17.96% | 17.14% |
| 2016 | 20.43% | 18.18% | 17.38% |
| 2015 | 20.63% | 18.63% | 17.63% |
| 2014 | 20.89% | 18.94% | 17.46% |
| 2013 | 20.78% | 18.47% | 17.44% |
| 2012 | 20.65% | 18.29% | 17.43% |
| 2011 | 20.70% | 18.26% | 17.55% |
| 2010 | 20.50% | 18.36% | 18.02% |
| 2009 | 20.12% | 18.36% | 17.31% |
| 2007 | 18.66% | 16.78% | 16.31% |
| 2005 | 18.89% | 16.92% | 16.31% |
Renter Fraction in Louisville Kentucky
You can calculate the renter fraction in Louisville 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 Louisville as a fraction of total Louisville households. In 2019 32.79% of households were renters according to Census ACS data.
Louisville 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% |
| Louisville, KY | 32.79% | -0.36% | -1.41% |
Trends in the Louisville, KY Renter Fraction
The Louisville household renter fraction peaked in in 2016 at 34.20% and is now 1.41% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Louisville KY, Kentucky, US
History of Louisville Renter Fraction
| Date | US | Kentucky | Louisville, KY |
|---|---|---|---|
| 2019 | 35.89% | 32.99% | 32.79% |
| 2018 | 36.05% | 32.61% | 33.15% |
| 2017 | 36.13% | 33.53% | 33.21% |
| 2016 | 36.88% | 33.16% | 34.20% |
| 2015 | 36.97% | 33.67% | 33.63% |
| 2014 | 36.90% | 33.93% | 33.70% |
| 2013 | 36.50% | 32.62% | 32.30% |
| 2012 | 36.09% | 32.96% | 32.82% |
| 2011 | 35.42% | 31.14% | 31.29% |
| 2010 | 34.65% | 31.35% | 31.68% |
| 2009 | 34.13% | 31.35% | 31.45% |
| 2007 | 32.80% | 29.28% | 29.70% |
| 2005 | 33.10% | 29.38% | 29.36% |
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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