How much does it cost to rent in Covington, KY?

As of July 2026, the median monthly rent in Covington, KY is $1,615. This figure is based on aggregated data from public sources and community-submitted rents.

Is Covington cheaper than other Kentucky cities?

Covington is one of the pricier cities in Kentucky, ranking #10 out of 39 cities tracked at $1,615/mo.

When was Covington rent data last updated?

Covington rent data reflects July 2026 and was last refreshed on July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.

City Report · KY

Covington

Name: Average Rent Prices in Covington, KY
Creator: RentDataNow
License: https://rentdatanow.com/terms-of-service

Pop. 41,110·10th most expensive in Kentucky·Covington rents are up 11.1% over the past year

Median rent (all units)

$1,615/mo

Year-over-Year

+11.1%

Month-over-Month

+3.9%

vs US Median

-$350

Rising (Monthly)

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Most AffordableMost Expensive

Covington · $1,615

More affordable than 68% of US cities · National median $1,965/mo

Rent Reality Score

56/100

Fairly priced

OverheatedFairGreat value

Rents are 3% below what Covington's 10-year trend predicts — a better deal than its own history suggests.

Actual rent

$1,615/mo

Expected by trend

$1,662/mo

The Rent Reality Score compares today's median rent to where Covington's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$825

1 BR

$925

2 BR

$1,200

3 BR

$1,590

4 BR+

$1,760

Research median

$1,200/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost

$19,380/yr

At $1,615/mo median

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 11.1% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+11.1% YoY, +3.9% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

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.

Population

41,110

Median income

$61,166

Median age

37.6

Renters

48.2%

Age distribution

20.4%

25.5%

25.4%

14.2%

14.6%

Under 1820.4%

18–3425.5%

35–5425.4%

55–6414.2%

65+14.6%

Gender

51.4%

48.6%

Male51.4%

Female48.6%

Race & ethnicity

76.1%

White76.1%

Black8.4%

Hispanic8.7%

Asian1.2%

Other5.7%

Education (25+)

30.8%

25.2%

32.2%

No HS diploma11.8%

HS diploma30.8%

Some college25.2%

Bachelor's+32.2%

Housing tenure

51.8%

48.2%

Owner51.8%

Renter48.2%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Covington, KY has changed in 5 years

Rent

$1,115 → $1,615

up 44.8%

Income

$47,917 → $61,166

up 27.6%

Population

40,930 → 41,110

up 0.4%

Renter share

50.3% → 48.2%

-2.1 pts

Bachelor's+

28.4% → 32.2%

+3.8 pts

Median age

36.9 → 37.6

+0.7 yrs

Rent in Covington, KY has climbed 44.8% since 2021, going from about $1,115 per month to roughly $1,615 today. Census figures show median household income at $61,166 today, compared with $47,917 five years earlier. Rent outpaced income growth by roughly 17.2 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.

Community

Discussions about Covington

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View Covington rent history (2015–2026) →

Salary vs rent

Can you afford rent in Covington on your salary?

At $1,615/mo, how Covington rent compares to typical pay (30% rule).

Registered Nurse

Avg $83,142/yr · Rent = 23.3% income

affordable

Elementary School Teacher

Avg $59,030/yr · Rent = 32.8% income

stretched

Police Officer

Avg $67,998/yr · Rent = 28.5% income

affordable

Software Developer

Avg $121,537/yr · Rent = 15.9% income

very comfortable

Lawyer

Avg $155,294/yr · Rent = 12.5% income

very comfortable

Firefighter

Avg $55,273/yr · Rent = 35.1% income

stretched

Truck Driver

Avg $49,905/yr · Rent = 38.8% income

stretched

Electrician

Avg $61,512/yr · Rent = 31.5% income

stretched

By apartment size

Covington rent by bedroom count

Median rent for each apartment size in Covington. Click any size for full breakdown.

Local insights

Tips for renters in Covington

About renting in Covington, KY

Last updated: July 20, 2026

The median rent in Covington is $1,615/mo as of July 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 32% of local median household income ($61,166/yr), Covington ranks as moderate compared to the national benchmark of 30%. Rents have increased 11.1% over the past year.

FAQ

Frequently asked questions

Is Covington an affordable city for renters?

Covington is considered moderate for renters. At $1,615/mo, rent takes approximately 32% of the local median household income ($61,166/yr). The standard benchmark is 30%. Covington slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Covington?

To keep rent at or below 30% of gross income, you would need to earn at least $65,000/year (~$31/hour full-time) to afford the median rent of $1,615/mo in Covington. The local median household income is $61,166/yr, meaning the typical Covington household falls short of that threshold.

Is rent going up or down in Covington?

Rent in Covington has increased 11.1% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Covington neighborhoods have the lowest rent?

The most affordable ZIP codes in Covington are 41014 ($1,317/mo), and 41011 ($1,620/mo). Citywide, the median rent in Covington is $1,615/mo.

How does Covington rent compare to other cities in Kentucky?

Covington is one of the pricier cities in Kentucky for rent, ranking #10 out of 39 tracked cities at $1,615/mo.

Which nearby cities are cheaper to rent in than Covington?

Several nearby cities have lower median rents than Covington ($1,615/mo): Fort Thomas ($1,402/mo), Southgate ($1,447/mo), Fort Wright ($1,565/mo).

What percentage of Covington residents rent vs. own?

According to Census data, approximately 48.2% of Covington households are renters, while 51.8% are owner-occupied. Covington leans toward homeownership, which can mean a smaller rental inventory.

How does Covington rent compare to the national average?

Covington's median rent of $1,615/mo is $350 (18%) below the US national median of $1,965/mo. Within Kentucky, it ranks #10 out of 39 tracked cities.

Income Affordability

32%

MODERATE

At $1,615/mo, rent takes ~32% of Covington's median household income ($61,166/yr). The standard benchmark is 30%.

Covington 32%Benchmark 30%

State income tax4%

Run the Covington affordability calculator →

Nearby cities