Riverhaus
515 Main St,
Covington, KY 41011
Studio - 2 Beds | $1,423 - $3,919
Rental Market Trends in Covington, KY
What is the average rent in Covington, KY?
$1,312/month
Average Rent
706 Sq Ft
Average Apartment Size
-4.5%
Decrease in the Last Year
As of December 2024, the average rent in Covington, KY is $1,312 per month. This is 16% lower than the national average rent of $1,560/month, making renting in Covington more affordable than most cities in the US. When you rent an apartment in Covington, you can expect to pay about $1,270 per month for a studio, $1,312 for a one-bedroom apartment, and around $1,811 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,674 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Covington, KY?
In the past year, rent has decreased by 4.5%, which averages out to $59 less per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated December 2024
Legend
2023
2024
Rent Ranges in Covington, KY
Last Updated December 2024
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
21%
Below $700/month
21%
$700 - $1,000/month
26%
$1,001 - $1,500/month
21%
$1,501 - $2,000/month
12%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Covington?
Based on current rent prices, Northern Kentucky and Downtown Covington" are the most affordable neighborhoods in Covington.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Covington?
Based on current rent prices, Downtown Covington and Northern Kentucky" are the most expensive neighborhoods in Covington.
Neighborhood
Average Rent
Average Sq Ft
Which Covington neighborhoods have the most rentals available?
The neighborhoods in Covington with the most apartments available are Northern Kentucky and Downtown Covington" .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Covington, KY?
Because the average rent in Covington is $1,312, you’ll want to make about $4,373 per month or $52,476 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Covington, KY compare to other nearby cities and neighborhoods?
Use the tool below to compare Covington, KY to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$981/month
$1,295/month
One Bedroom
$1,165/month
$1,487/month
Two Bedroom
$1,387/month
$2,084/month
Three Bedroom
$1,673/month
$1,588/month
Nearby City Rent Trends
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.