The latest figures on rent prices are in, and updated data from RentHub shows a zip code on Lexington’s south end is now poised to have among the highest median rent prices in the city.
The median rent price in the 40503 zip code is now $1,157, according to RentHub data. The zip code contains Lexington’s Arboretum and Picadome neighborhood to its north and the Fayette Mall and Shillito Park on its southern edge.
According to RentHub data from April, the latest available, the 40503 zip code was on the rise and set to edge out the neighboring 40502 zip code, defined by the Lansdowne and Chevy Chase areas and Tates Creek Road. The median rent price for the 40502 zip code was $1,168 in April, and it was on a downtrend, data show.
Lexington’s highest median rent price, however, was within the 40507 zip code in the heart of downtown at $1,234.
Zooming out to a national view, an analysis from Realtor.com found median rents in the 50 largest metropolitan areas in the U.S. reached a new record high in April: $1,827.
According to the report, the rental supply nationwide is limited, with the national rental vacancy rate not nudging above 6% during the last three quarters. With fewer units available, landlords can afford to charge higher rents as home prices also continue to increase. That means renters have few options other than paying more.
According to Realtor.com, which sources its data from units advertised for rent on its website, April’s rents were up 16.7% from April 2021.
During that same time period, rents rose most sharply in Miami (51.6%), Orlando (32.9%) and Tampa (27.8%), followed by San Diego (25.6%), Las Vegas (24.8%), Austin (24.7%), Nashville (24.1%), Raleigh (23.9%) and Jacksonville (23.3%).
Here’s a look at the trends in median rent prices in Lexington over the last 12 months.
Note: This graphic will automatically update as more data become available.
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