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the economy the rent
from The August
net gain of 7,500 jobs, expanding the employment base 2.7%.
• Lexington-Fayette’s unemployment rate in August 2022 declined 0.8 points year-over-year to 3.0%, below the national average of 3.8%.
• During the past year, job gains in Lexington-Fayette were most pronounced in the Leisure/Hospitality Services sector followed by Trade/ Transportation/Utilities, despite job losses stemming from the pandemic, Lexington-Fayette’s current employment base now sits roughly 2,700 jobs or about 1% above the pre-pandemic level in February 2020.
Median age: 36.2
Rent growth: 12.4%
MSA median home value: $193,700
MSA median hhi: $60,729
1 - Year growth: 6.02%
1 - Year growth: 3.55%
• In 3rd quarter 2022, effective asking rents for new leases were up 12.4% year-over-year.
• Annual rent performance was above the market’s five-year average of 5.2%.
• Product classes in Lexington-Fayette, Class A led for rent performance over the past five years. In 3rd quarter 2022, annual effective rent change registered at 12. 9% in Class A units, 12.0% in Class B units and 11. 9% in Class C units.
• Among submarkets, the strongest annual rent change performance over the past year was in Downtown Lexington/University (13.5%). The weakest performance was in North Lexington (11.4%).
• The coming year, effective asking rent change in Lexington-Fayette is expected to slow from the current level.
