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Rent is rising in Louisville. Here are the areas with the lowest and highest prices

·2 min read

Rent is on the rise in Louisville.

Over the last decade, median rent has increased 31% in the area — with that figure hitting $741 in 2020, according to census estimates.

But rent prices aren't even across the city.

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Areas with more poverty have drastically lower rents than those with higher incomes, creating a wide gap in median costs between different parts of the merged city-county.

Here's what to know about rent prices in Derby City.

Rent in Louisville steadily increasing

In 2011, median rent in Jefferson County was $566. By 2020, that number jumped to $741, according to five-year estimates from the U.S. Census.

Prices have risen across rental homes and apartments of every size, with studios experiencing the biggest jump.

Since 2016, the median gross rent — which includes utilities — increased 22% for studios, 19% for one-bedrooms, 16% for two-bedrooms, 15% for three-bedrooms, 10% for four-bedrooms and 9% for rentals with five or more bedrooms, according to census estimates.

Rent prices vary across Jefferson County

Median rent is vastly different when broken down by ZIP code.

In 40059, where Prospect is located, the median price was $1,421 in 2020, according to census data.

Meanwhile, in 40202, median rent was $247. That ZIP code encompasses a large portion of downtown and has two public housing complexes, Liberty Green and Dosker Manor, that likely drag down the middle point, despite it also being home to several higher-priced apartment buildings such as 310 @ NuLu and Main & Clay.

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Looking closer at downtown and its surrounding neighborhoods, median rents vary between $202 and $984.

When disconnecting Phoenix Hill and downtown, the Central Business District's median rent rises to $694, according to estimates based on census tracts.

Who rents in Louisville?

About 38% of Louisville households rent as of 2020, according to census data. Of renters, 57% are white, 35% are Black, 3% are Asian and 7% are Hispanic.

The median household income for renters is $37,388 — half that of homeowners.

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Which areas have the most renters?

The most renters are located in 40214, where 8,460 households rented in 2020.

That area, south of Churchill Downs, is home to the Iroquois, Southland Park and Kenwood Hills neighborhoods.

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The ZIP code with the second largest number of renting households is 40218, at 7,112. That area encompasses the Buechel and Newburg neighborhoods.

Both ZIP codes are among the most racially diverse parts of Louisville.

Reach reporter Bailey Loosemore at bloosemore@courier-journal.com, 502-582-4646 or on Twitter @bloosemore. Support strong local journalism by subscribing today: https://www.courier-journal.com/baileyl.

This article originally appeared on Louisville Courier Journal: Louisville rent: Highest, lowest prices for renting in city