Monthly Rent Report: Newport, Burlington Lead State in High Prices
RentCafe, an online apartment search site, released its November rent report for the Commonwealth of Kentucky.
The average monthly rent in Newport continues to be the highest in the state, when analyzing rental properties with more than fifty units.
Burlington saw the highest average rent increase month over month, going up 1.7 percent, or $17.
Louisville is the only Kentucky city to see rent prices decline on average, by 0.4 percent or $4, month over month. The price in Louisville, though, is still, on average, $39 higher than it was a year ago, RentCafe reported.
Frankfort rated as the most affordable city analyzed at an average of $740 per month, while Erlanger clocked in second at $745.
The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.
Read the full report here.