How much do typical Lexington residents spend on rent, mortgage? Check out the numbers

Meredith Howard

Kentucky saw average rent prices for one-bedroom units increase by more than 20% from March 2020 to October 2022, according to U.S. News & World Report.

The median price of monthly rent in Lexington has reached more than $900, but some nearby cities have lower typical costs.

The U.S. Census Bureau reports the median gross rent price in Lexington-Fayette was $967 from 2017 to 2021, the most recent years for which data are available. The U.S. median rent price was higher, at $1,163, for the same period.

Meanwhile, Lexington-Fayette County homeowners spend a median of $1,404 with a mortgage or $510 each month without a mortgage. The national median expenses are $1,697 with a mortgage and $538 without.

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Housing costs in Central Kentucky

Here’s what residents of nearby Central Kentucky cities typically spend on housing each month:

  • Nicholasville: $845 rent, $1,209 own with mortgage, $433 own without mortgage

  • Winchester: $756 rent, $1,084 own with mortgage, $468 own without mortgage

  • Versailles: $760 rent, $1,228 own with mortgage, $508 own without mortgage

  • Georgetown: $998 rent, $1,308 own with mortgage, $393 own without mortgage

  • Paris: $722 rent, $1,083 own with mortgage, $403 own without mortgage

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Tips for negotiating rent

Insurance company Lemonade offers advice on negotiating rent. The first best practice is to understand your rights as a renter.

It can also be helpful to start negotiating early, as it’s likely there will be some back-and-forth discussion before terms are agreed upon. You can start this process a few months before your current lease ends, even if your landlord hasn’t yet announced increases.

The next step Lemonade recommends is reminding your landlord you’re a responsible tenant or demonstrating that to a potential If you’re negotiating rent somewhere you already live, you could present your history as a reliable tenant, including information such as a lack of noise complaints against you, on-time payments or a lack of damage to your unit.

One option is checking if your apartment building is hiring receptionists or other employees if you have the time and are looking for work. Your landlord may offer discounted rent to employees.

If you’re ready for the commitment, you could also consider asking if lower rent is available to tenants who sign longer lease terms.

No matter how you negotiate rent, it’s important to get terms in writing and carefully review them before signing.

Do you have a question about housing 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.

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