Rents are 7% below what Covington's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,513 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
February. Asking rents in Covington usually run 1.2% below trend in February and 1% above it in September, about $33 a month apart at today's median. Based on 8 years of data.
Rent in Covington is at its highest level since Zillow's records here began in November 2017.
Rent in Covington changed +5.6% over the year to September 2026. Across the 26 Kentucky cities Zillow tracks, the typical change was +4.2%.
From 2019 to 2024, rent in Covington rose 47.4% while median household income rose 40.8% ($43,437 to $61,166). Rent outpaced income.
Rent in Covington is 51% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 4 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($61,166) is $1,529 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,200); a 3-bedroom is $1,590.
Erlanger, 6 miles away, rents for 13% less ($1,318/mo), about $2,300 a year in savings.
From Zillow's monthly rent index (ZORI) for Covington. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Covington, KY is roughly split between renters and owners, has a median income below the national average, 32.2% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Covington, KY has changed in 5 years
Rent in Covington, KY has climbed 42.1% since 2021, going from about $1,065 per month to roughly $1,513 today. Census figures show median household income at $61,166 today, compared with $47,917 five years earlier. Rent outpaced income growth by roughly 14.5 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. About 48.2% of households rent today, against 50.3% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 28.4% to 32.2%. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.
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Can you afford rent in Covington on your salary?
At $1,513/mo, how Covington rent compares to typical pay (30% rule).
Covington rent by bedroom count
Median rent for each apartment size in Covington. Click any size for full breakdown.
Tips for renters in Covington
Last updated: October 17, 2026
The median rent in Covington is $1,513/mo as of October 2026. A studio apartment averages $825/mo while a 2-bedroom runs $1,200/mo. One-bedroom apartments average $925/mo and 3-bedroom units go for $1,590/mo.
At 30% of local median household income ($61,166/yr), Covington ranks as moderate compared to the national benchmark of 30%. Rents have increased 5.6% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Covington?
At $1,513/mo, rent takes ~30% of Covington's median household income ($61,166/yr). The standard benchmark is 30%.
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