LEXINGTON, Ky. (LEX 18) — The cost to rent an apartment in Lexington is seeing a big spike this season, according to a new report from Rent.com.
The report says the average price for a one-bedroom apartment in Lexington has reached $1,193 a month. The price surge accounts for a 34.76% increase over the past year. A two-bedroom apartment in Lexington costs $1,405 a month on average, a 33% increase from the year before.
It costs even more to rent an apartment across the country. Nationwide, the average cost to rent a 1-bedroom apartment is $1,697 a month, a 22.2% increase. A 2-bedroom costs $2,050 on average, a 22.8% increase.
The most expensive neighborhoods to find an apartment in Lexington are Liberty Area, Boone Creek, and Gratz Park, according to Rent.com. The most affordable neighborhoods in Lexington are Calumet, Gardenside, and Aylesford Place.
A recent survey by Redfin found that 32% of U.S. renters can't afford to buy a home where they want to live and 30% are unable to save for a down payment. Only 16% said high mortgage rates were the main factor that prevented them from owning a home.
Nearly half of U.S. renters surveyed (45%) said debt is their biggest financial obstacle. The debt from credit cards, student loans, medical bills, car loans, etc. has kept them from trying to buy a home.
Housing experts say poor credit, housing vouchers, disabilities, children, and dogs are also all factors that make the search even more difficult.
Affordable housing is something the city of Lexington has been working to improve for years. LEX 18 did some research on Zillow. One house just down the block sold for $58,000 nine years ago. Last March, it sold for nearly four times as much at $212,000. Its property value is now listed even higher. Many attribute gentrification in addition to the seller's market as the reason behind the rising cost.
According to city data, Lexington is losing around 400 affordable housing units every year. The city has built nearly 3,000 units since the affordable housing unit was created in 2014 and is in the process of building 1,000 more for the future.
If you need immediate assistance, contact 211 or 311. Click here to apply for funding to create affordable housing in Lexington.
Renters can call the Office of Homelessness Intervention and Prevention, which does have a list of some non-waitlisted affordable housing in the city. You can also learn about rental assistance here.