|Specialty||# of Agencies|
|Single House or Condo||5|
|Home Owners Association||3|
|Total Local Companies||9|
The average rent for a 3 bedroom house in Louisville, KY is $1,045.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Known throughout the world for its renowned annual horse race, the Kentucky Derby, Louisville is one of the biggest cities in the South, and one where renting is in high demand.
The city is unique in that it is heavily influenced by Southern and Midwestern culture. Louisville hosts a variety of one-of-a-kind events and festivals year-round, including the Humana Festival of New American Plays and the Beatles-themed festival Abbey Road on the River.
A mix of major industries, such as medical, healthcare and manufacturing, operate in the city, though Louisville's independent business scene has bloomed during recent years. Additionally, the River City has become a major arts locale where numerous up-and-coming indie musicians and performers play.
Officials of Louisville take tremendous care of parks citywide, which are numerous. In total, parks and recreational facilities span more than 14,000 acres in the city.
The University of Louisville attracts undergrads to the city each year due to its substantial size, wide array of educational offerings and competitive sports teams. Also, a number of other revered educational institutions are located in the metro area.
Roughly three-quarters of a million people reside in Louisville, many of whom rent apartments. Once property investors purchase a residence in the metro area, they'll likely find demand for their units is considerable.
Also, after they've secured a property in the city, chances are high they'll need someone to take care of the day-to-day responsibilities associated with running a rental property. This is where the expertise and knowledge of property managers comes in handy.
Offering a contract to a seasoned property management team to operate one's residence could be the best decision a new property owner makes after securing their residence.
Projected Vacancy Rate, 2011: 4.7 percent
Projected Average Asking Rent, 2011: $664 per month
Projected Average Effective Rent, 2011: $635 per month
Statistics courtesy of Marcus & Millichap
Locating the right property management company for you is vital to ensuring your business is run smoothly and efficiently.
Sign up with All Property Management to choose from Louisville's top property management companies. Just type your zip code into our search engine and you'll discover a variety of management firms in Louisville to receive free quotes from.
Managing: Single-Family :
If your tenant doesn't pay, we'll replace them at no cost to you!
Managing: Single-Family : Multi-Family :
We make owning property profitable and enjoyable!
Managing: Association :
The leading Billing and Accounting service for Homeowner Associations, Nationwide!
Managing: Single-Family : Multi-Family :
Professional Property Management Solutions. Local Expertise!
Managing: Multi-Family :
Unlocking the Potential in Your Property
"Possibility City" isn't just a nickname for Louisville, Kentucky. It describes a city that makes things happen. Sure, the Kentucky Derby may be Louisville's claim to fame, but there is so much more to love about it - and so many other reasons to consider investing in rental property there.
Awards and recognition? Louisville has both in spades. In 2014 alone, Louisville raked in the following accolades:
- Eighth place on Forbes' list of America's most affordable cities.
- Listed among NerdWallet's best large metropolitan areas for homeownership.
- Eighth place on Apartment Guide and LearnVest's 2014 list of the most affordable cities for living on a budget.
- Fifth place on Newgeography.com's list of the "Top 10 New Brainpower Cities in America."
- Included in Forbes' list of the "Top 20 Markets with Economic Momentum."
With a revitalized downtown area, more than 20 colleges and universities providing youthful energy to the city, a thriving arts scene and parks galore, there's a lot to love about Louisville.
Some of the least expensive Louisville rentals are found in the south and southwest parts of the city. If downtown seems like a good place to invest, know that rentals in the Old Louisville area are primarily located in converted historic homes and are typically rented to college students. The Highlands neighborhood, where rentals are also often housed in converted homes, is a bit more expensive and far more congested. Southeast Louisville is located close to shopping, dining and parks and has many rentals, a mix of single family dwellings, apartments and condos, whose rents are all over the map. If you're considering investing in a luxury unit, the eastern or northeastern parts of Louisville are perhaps the best places to look.
Louisville is currently the third-best major housing market for rental real estate investment in the Southeastern U.S. and the 12th-best in the country as a whole. While Louisville fell one spot in the Rental Ranking Report's regional rankings in Q2 2015 and five spots in the national rankings, it is still undoubtedly one of the most attractive markets for rental real estate investment in the U.S.
Louisville's average rental capitalization rate, which compares annual rents to property values, was a mouth-watering 7.76 percent last quarter, about 14 percent higher than the national average. Strong demand for Louisville housing is illustrated by its exceptionally low vacancy rate of 4.40 percent, almost 35 percent lower than the national average, and superb annual job growth rate of 2.97 percent, close to 45 percent higher than the national average.
While Louisville's Q2 2015 annual median rent price gains (3.61 percent) and property value appreciation (4.38 percent) were not particularly impressive - both were moderately below their respective national averages - they were still quite respectable.
The Q1 2015 Rental Ranking Report found Louisville to be the second-best market for rental real estate investment in the Southeastern U.S. and seventh-best in the U.S. as a whole. Louisville's extremely low vacancy rate of 3.80 percent is the seventh-lowest vacancy rate in the country and is about half the national average. Louisville's job growth in the year ending in Q1 2015 was 3.86 percent, the eighth-highest job growth rate in the U.S. during that time frame. Louisville's moderately high cap rate of 8.35 percent and annual median rental price increase of 3.92 percent are enough to pique the interest of any rental real estate investor.
To calculate the statistics found in the Q2 2015 Rental Ranking Report, All Property Management gathered data, including the most recent government housing and jobs data, for 75 metros across the United States. Specifically, we looked at home vacancy, capitalization, home value appreciation and job growth rates, changes in rental prices, and the median number of days properties have been on the market to determine which U.S. metros will give investors the highest returns on rental investments. Click here to learn more about the Rental Ranking metrics.
This is undoubtedly one of the best times to invest in Louisville rental real estate in recent history. The strong demand for housing in Louisville (best evidenced by its exceedingly-low vacancy rate) and its moderately high capitalization rate demonstrate that the returns on investment Louisville rental property owners are currently getting are well above average and will likely remain that way for quarters to come.
Thinking about renting out a property in Louisville? Save time, avoid hassle and maximize your rental income by having a professional property management company operate your rental property for you. Click here to get a free quote from a local property manager or call 877-780-4510 to have the All Property Management staff get quotes for you.
All Property Management specializes in connecting rental property owners with professional property managers in communities across the United States. These property managers help set rental rates, advertise properties, screen and manage tenants, collect rent, manage vendor relationships and ensure compliance with local, state and federal housing regulations. They take the hassle and worry out of managing rental properties - all while maximizing rental property owners' rental incomes.