Median rent is up more than 35% in this Lexington zip code. See the cheapest areas
Rent is going up in many Lexington areas, with increases of more than 35% in one zip code over the last year. Not everywhere has gotten more expensive though, and one zip code had a price drop of nearly 10%.
The median rent in zip code 40502 increased by 35.55% from August 2021 to August 2022, according to RentHub. Rent in 40502 is the most expensive of the five zip codes for which data are available, at $1,491.
The zip code with the next-highest rent increase is 40511, with a 24.53% increase taking median rent to $1,381. Rent in one area, 40517, dropped by almost 10% to $924.
Here’s the latest changes in median rent by Lexington area zip code, from RentHub:
Note: This interactive graphic will automatically update as new data become available.
Lexington saw one of the biggest year-over-year hikes in rent in US, new report finds
Apartment listing site RentCafe reported in July the average rent in Lexington was $1,145 and the average apartment was 898 square feet. The most common price point was between $1,001 and $1,500, RentCafe’s website reads, and 43% of apartments had rent listed in this range.
Prospective tenants can find rents closer to $815 in the neighborhoods of Bryan Station, Castlewood and Eastland Parkway, according to RentCafe, while you can expect to pay around $1,555 to live in the South End Park or Transylvania Park areas.
Along with increases in rental costs, Lexington’s real estate market is also tough for those looking to buy a home. Median home sale prices are up to $275,272 in the area, according to a Rocket Homes August 2022 report, an increase of 11.8% or $29,106 from August 2021.
The price of one-bedroom homes has increased the most, according to Rocket Homes, with a hike of just over 22% from last year. Home supply decreased by 8.6% from July to August, the report said. There were 1,130 Lexington homes listed for sale in July and 1,033 in August.
There were also fewer homes sold in Lexington in August compared to July, the Rocket Homes report said, with 408 home sales in July and 348 in August.
While median home prices are still higher than they were last year, price hikes may be slowing in the metro. According to Rocket Homes, 39.4% of Lexington homes sold in August were bought for below asking price, while about 37% were sold above list price.
Here’s how much a Lexington resident needs to make to rent a 2-bedroom in the city
‘Housing is a human right.’ Lexington tenants say they need more protections.
Do you have a question about real estate in Kentucky for our service journalism team? We’d like to hear from you. Fill out our Know Your Kentucky form or email ask@herald-leader.com.
