Lexington:
May Rent Report

Welcome to the May 2019 Lexington Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the May 2019 key findings and figures for the Lexington rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Lexington and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Lexington rent prices in the chart below.

Monthly Rent Report

Lexington Rent Prices Decreased From April to May

Lexington rent prices increased over the last month. From April to May, the city experienced a 0.67% increase for the price of a one-bedroom apartment. The rent price for a Lexington one-bedroom apartments currently stands at $753.

When we take a look at the two-bedroom comparison from April to May, Lexington experienced a 0.75% increase for the price of a two-bedroom apartment. The rent price for a Lexington two-bedroom apartments currently stands at $943.

May Prices: Lexington vs. Surrounding Areas

Rent Prices in Lexington and Surrounding Areas

Rent prices have increased in Lexington over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 1 of the Lexington suburb increased last month. On the other hand, 1 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Frankfort, KY .

  • Rent decreased in Richmond, KY.

  • 2 suburbs are currently priced lower than the city of Lexington.

May 2019 Pricing Trends: Lexington vs. National Comparisons

Lexington Rent Prices More Affordable Than Major Cities

Rent growth in Lexington over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Lexington rent prices appear to be relatively affordable for local residents.

The price for a Lexington one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

You can view the full rundown of ABODO's May 2019 National Apartment Report and data set here.

For more information about Lexington and surrounding area rent prices, take a look at the complete data set below.

Data set for Lexington and suburbs

1 BR May 1 BR M/M % Change 2 BR May 2 BR M/M % Change
Lexington, KY $748 1.08% $936 0.65%
Frankfort, KY $640 1.27% $742 -0.94%
Richmond, KY $675 0.00% $777 -1.27%

Methodology

Each month, using over 1 million ABODO listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.