Data shows average rent in Louisville continues to rise

LOUISVILLE, Ky. (WDRB) -- For the first time in over a year, record-high rent prices fell month-over-month in August nationally, according to Rent.com. But researchers for the apartment search engine said that is not the case for Louisville.

"We've been looking for a new spot to live, a nice decent area," Jessica Waddell said.

Jessica and Newcomb Waddell said they have been searching high and low for a new place to call home in Louisville.

"We live in an area where it's considered 'bad,' so paying $1,000 and you can't walk down the street, it's not worth it," Newcomb Waddell said.

Like many, the couple said high rent prices have made it impossible to find what they are looking for.

Nation-wide data from Rent.com shows the dip in month-over-month rent, while Louisville rent continued to trend upwards.

"Louisville is different in that rents are also up month-over-month by about 2%," said Jon Leckie, a researcher for Rent.com.

By neighborhood, Rent.com data shows, the average rent for a one-bedroom apartment in the Highlands is $1,594. The cheapest average rent for a one-bedroom is south Louisville at $475.

Compared to neighboring cities, Louisville is the highest average rent for a one-bedroom at $1,142, a 26% increase compared to last year. Average rent for a one-bedroom in Jeffersonville, Indiana, is $952, Frankfort, Kentucky, is $800, New Albany, Indiana, is $729, and Shelbyville, Kentucky, is $682.

"Your population is growing in terms of a renter population," said Leckie.

Leckie said renters moving to Louisville are coming from bigger cities, such as Chicago, New York, Indianapolis, or Denver. He said renters moving away from Louisville are opting for smaller cities in the region.

Leckie said demand and effects of the housing market are contributing factors to rising rents.

"People are either priced out of the housing market and remain renters, or people also tend to list their homes when things are expensive, and then go rent and wait for prices to come back down before they buy again," Leckie said.

As for when Louisville can expect prices to go down, Leckie said it's unclear.

"There's also a chance things are gonna get a little bit more expensive before it gets better," Leckie said.

Leckie added trends show average rent prices dip during the winter months, but it's hard to know if they will be less than rent prices compared to a year ago.