Analysis: NKY Cities Have Fastest Increasing Rents in Kentucky
Independence saw the highest rent increases in all of Kentucky over the past five years, according to new analysis released by Yardi, a property management software company.
The company said that its data on average rents included in reports directly from competitively-rented (market-rate) large-scale multifamily properties (50-plus units in size), via telephone survey.
Independence's average rent increased by $160, or 20.5 percent since 2015.
Florence ranked second in the highest increase over the past five years at 18.8 percent, while Burlington was third in Kentucky with a five-year increase of 16.4 percent.
Burlington, however, saw the second-slowest increase year over year, at 1.9 percent.
Cities like Newport and Covington were not included in the initial release distributed by Yardi, but The River City News has requested further information on whether they were included.
Erlanger registered the most affordable average rent in Kentucky, at $717 followed by Shepherdsville and Elizabethtown.
See the full report for Kentucky here.