Cheapest Cities to Rent in Kentucky
If you’re planning to move to Kentucky, relocating within the state, or considering an investment in real estate, you’ll find our list of the most affordable cities to rent in Kentucky valuable. This guide will help you navigate the diverse rental market in the Bluegrass State.
Kentucky is well-regarded for its beautiful landscapes, horse racing tradition, and rich cultural heritage. According to US News, it boasts a steady economy and ranks respectably in higher education nationwide. Given these benefits, it’s easy to see why Kentucky is a favored destination for many.
The state’s rental market reflects its size and diversity. Over recent years, Kentucky has maintained a steady population, largely due to its affordable cost of living, vibrant city cultures, and diverse job opportunities.
While the demand for affordable rentals is high, not all cities in Kentucky can be classified as cheap. However, there are areas where the average rent is notably lower than in the rest of the state. Continue reading to discover which cities offer the best rental deals in Kentucky.
Kentucky Rental Statistics
Before we dive into the most affordable cities to rent in Kentucky, let’s look at a few general rental facts and statistics:
- The average rent in Kentucky is $795 per month, compared to $2,016 nationwide
- Across the U.S., rental rates have increased by 31% in the past ten years
- Approximately 109 million Americans reside in rental housing
- The state with the highest number of rental units is California
- About 28.6% of households in Kentucky rent their homes, with a rental vacancy rate of 5.1%
It’s clear that Kentucky is a more affordable living option than the national average and presents attractive opportunities for renters and real estate investors alike.
From an investment perspective, the strong demand for rental housing, coupled with below-average rental rates and a low rental vacancy rate, positions Kentucky as a promising market. Real estate investors can potentially reap significant returns by providing affordable housing options to the sizable percentage of Kentuckians who prefer to rent.
Cheapest Cities to Rent in Kentucky
This list of the most affordable cities to rent in Kentucky does not just focus on rental prices alone. We’re taking a comprehensive approach, examining various factors contributing to the overall cost of living and quality of life in each city. This includes:
- Population: The size of the city’s population can impact the availability and pricing of rental properties.
- Median Home Listing Price: This gives us a sense of the overall real estate market in the city.
- Average Number of Days on the Market: This helps us understand how quickly properties are rented or sold.
- Median Household Income: This figure offers a glimpse into the earning potential in the area.
- Average Rent Price: Most crucial to our analysis, this tells us the typical cost of renting in the city.
Whether you’re a potential renter seeking the most value for your money or an investor scouting for high-return opportunities, our analysis will provide the insights you need to explore these affordable Kentucky rental markets.
Here are the top ten cheapest cities to rent in Kentucky, let’s dive in!
- Population: 27,697
- Median home listing price: $199,900
- Average number of days on the market: 30 days
- Median household income: $40,360
- Average rent price: $538
Henderson, located on the southern bank of the Ohio River, provides a small-town charm with its numerous historic sites and a downtown area filled with unique shops and eateries.
The city has an active arts scene with annual festivals, and John James Audubon State Park provides a lush landscape for outdoor enthusiasts.
With a rich history and close-knit community, Henderson offers an appealing mix of affordable living and cultural amenities.
- Population: 3,646
- Median home listing price: $215,000
- Average number of days on the market: 23 days
- Median household income: $49,729
- Average rent price: $631
Nestled in Northern Kentucky, Southgate is a small, tight-knit community renowned for its hospitality and friendly environment.
The city boasts numerous parks and green spaces, making it ideal for outdoor activities and families.
Southgate’s close proximity to Cincinnati offers residents the advantage of a major metropolitan area’s amenities while enjoying a lower cost of living.
- Population: 9,751
- Median home listing price: $240,000
- Average number of days on the market: 38 days
- Median household income: $53,779
- Average rent price: $771
Fairdale, a suburb of Louisville, offers a diverse blend of rural and suburban living. Known for its annual Fairdale Fair, the city cultivates a strong sense of community.
The Jefferson Memorial Forest, the largest municipal urban forest in the U.S., offers fantastic outdoor opportunities for hiking, camping, and nature watching, making Fairdale an ideal choice for outdoor enthusiasts.
4. Fort Mitchell
- Population: 8,662
- Median home listing price: $595,000
- Average number of days on the market: 27 days
- Median household income: $72,669
- Average rent price: $807
Fort Mitchell is a vibrant community in Northern Kentucky, boasting a blend of historic charm and modern convenience.
The city provides excellent recreational facilities, a highly-rated school system, and a robust economy, making it an attractive destination for families and professionals.
With easy access to Cincinnati, residents enjoy an upscale suburban feel with the benefits of urban amenities nearby.
- Population: 321,793
- Median home listing price: $415,000
- Average number of days on the market: 25 days
- Median household income: $61,526
- Average rent price: $896
Lexington, the “Horse Capital of the World,” offers a unique blend of big-city amenities and small-town charm. The city is renowned for its horse farms, bourbon distilleries, and historic architecture.
With the University of Kentucky at its heart, Lexington boasts a lively arts scene, a variety of dining and shopping options, and numerous cultural and sporting events.
Its vibrant economy and high quality of life make it an appealing destination for students, professionals, and families alike.
6. Taylor Mill
- Population: 6,832
- Median home listing price: $285,000
- Average number of days on the market: 28 days
- Median household income: $73,422
- Average rent price: $960
Taylor Mill, located in Northern Kentucky, is a small city offering a sense of community and a peaceful lifestyle.
The city is known for its low crime rates, top-notch education system, and family-friendly environment.
With its prime location, residents can enjoy a variety of recreational activities in the area’s numerous parks and nature trails, while also being a short drive from the urban center of Cincinnati.
7. Fort Thomas
- Population: 17,264
- Median home listing price: $524,000
- Average number of days on the market: 34 days
- Median household income: $85,938
- Average rent price: $966
Fort Thomas, another gem in Northern Kentucky, is renowned for its strong sense of community, beautiful homes, and excellent school system.
With an abundance of parks, hiking trails, and community events, it’s an active city with a family-oriented focus.
Its proximity to Cincinnati provides residents with access to big-city amenities while preserving the comfort of small-town living.
8. Bowling Green
- Population: 73,529
- Median home listing price: $342,900
- Average number of days on the market: 44 days
- Median household income: $43,633
- Average rent price: $974
Bowling Green, the third-largest city in Kentucky, is a dynamic city known for its rich history, vibrant arts scene, and a booming economy primarily centered around manufacturing and education.
Home to Western Kentucky University, the city offers a diverse cultural environment with many festivals and sporting events.
The city’s various parks, historic sites, and local attractions such as the National Corvette Museum, offer residents a high quality of life at an affordable cost.
- Population: 32,132
- Median home listing price: $297,400
- Average number of days on the market: 21 days
- Median household income: $64,718
- Average rent price: $1,058
Florence, located in Northern Kentucky, is known for its strong economy, excellent schools, and family-friendly environment.
The city offers various recreational activities with numerous parks, golf courses, and the popular Florence Nature Park.
With its diverse shopping and dining options and its proximity to Cincinnati, Florence provides residents with a suburban lifestyle without sacrificing big-city amenities.
- Population: 628,594
- Median home listing price: $259,700
- Average number of days on the market: 24 days
- Median household income: $60,256
- Average rent price: $1,108
Louisville, the largest city in Kentucky, is a vibrant metropolis known for its horse racing, bourbon distilleries, and baseball.
The city offers a rich cultural scene with numerous museums, galleries, and performing arts venues, along with a robust culinary scene.
With a wide range of neighborhoods to suit every lifestyle, a strong job market, and an affordable cost of living, Louisville is an attractive choice for a wide range of individuals and families.
Does one of the most affordable cities to rent in Kentucky call out to you? Each of these cities has thriving communities, robust real estate markets, and strong economies. They all draw new residents with affordable rent, ample employment opportunities, excellent public schools, and fascinating local attractions.
Cities like Henderson, Southgate, and Fairdale provide some of the best experiences that Kentucky has to offer, all without a hefty price tag!
Ready to rent in one of the most affordable cities in Kentucky?
If you’re eager to explore these communities further and see if investing in property in one of these cities is right for you, we invite you to reach out to FastExpert.com.
As a company that connects people buying or selling a home with top real estate agents, we can match you with the perfect real estate agent who understands your motivation for investing in Kentucky.
We make it easy for you to hire the right real estate agent and provide convenient options to easily compare top agents to simplify your selection. Give us a try and discover why over 400,000 happy clients choose FastExpert!