Rents are 3% 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 $1,614 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: August 17, 2026
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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 44.8% since 2021, going from about $1,115 per month to roughly $1,614 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.
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Can you afford rent in Covington on your salary?
At $1,614/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: August 17, 2026
The median rent in Covington is $1,614/mo as of August 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 11.0% over the past year.
Frequently asked questions
Is Covington an affordable city for renters?
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What percentage of Covington residents rent vs. own?
How does Covington rent compare to the national average?
At $1,614/mo, rent takes ~32% of Covington's median household income ($61,166/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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