Lexington areas see average rent hike around 18%. Here’s where prices have risen most

Meredith Howard
·2 min read

Rent prices have increased by an average of 18.2% in Lexington over the last year, according to RentHub, but price differences vary greatly based on ZIP code.

Average rent in Lexington has reached $1,590 for apartments, townhouses, condominiums and single-family homes, according to data from RentHub, a data analysis company that focuses on rental real estate markets.

Lexington residents may soon have more apartments to choose from. Developer UCD Midland hopes to build two five-story buildings at the site of the former Lexington Cut Stone Marble and Tile Co., including 182 market-rate apartments and 2,000 square feet of retail space.

Here’s how average rent in Lexington compares to costs in Nicholasville, Versailles and other Central Kentucky cities:

Note: This interactive graphic will automatically update as new data become available.

Typical monthly rent in Lexington was more than $300 cheaper in 2022, according to RentHub’s data. It’s important to note this includes all types of properties, so actual price changes will vary based on the style of home.

Average rent for apartments in Lexington is $1,162, apartment listing service RentCafe reports, and 46% of units are listed in the $1,001 to $1,500 range. The $701 to $1,000 range is also popular, with 37% of Lexington apartments in the category.

More housing units are occupied by owners than renters, according to RentCafe, with 54% being owner-occupied.

The Lexington-area ZIP code with the most expensive median rent is 40507, RentHub reports, with a typical price of $1,640. ZIP code 40505 had the least expensive rent at $900.

Here’s how Lexington-area ZIP codes compare on average rent prices:

Note: This interactive graphic will automatically update as new data become available.

While RentHub reported rent hikes in most Lexington ZIP codes, two had decreases. ZIP code 40517 had a median rent decline of 4.47%, bringing the price to $1,046, RentHub says, while ZIP code 40509 had a decrease of 1.72% to $1,425.

Here’s where RentHub reported the greatest rent increases from March 2022 to March 2023, by ZIP code:

  • 40356: 76.1% increase, median rent of $1,400

  • 40503: 67.26% increase, median rent of $1,589

  • 40507: 36.67% increase, median rent of $1,640

  • 40505: 9.09% increase, median rent of $900

  • 40508: 8.33% increase, median rent of $975

As of May 1, there were 330 Lexington rentals listed on Zillow, including a $500 one-bedroom apartment, a seven-bedroom house for $4,375 per month and more options in between.