Rents are 13% below what Frankfort'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 $1,035 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
Frankfort, KY is roughly split between renters and owners, has a median income below the national average, 28.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Frankfort, KY has changed in 5 years
Across the past five years, the going rent in Frankfort, KY has shifted from $796 to $1,035, up 30.0% since 2021. Census figures show median household income at $53,073 today, compared with $51,731 five years earlier. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. The renter share has eased from 54% to 51.2%, with owner-occupied housing accounting for the remainder. 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 Frankfort on your salary?
At $1,035/mo, how Frankfort rent compares to typical pay (30% rule).
Frankfort rent by bedroom count
Median rent for each apartment size in Frankfort. Click any size for full breakdown.
Tips for renters in Frankfort
Last updated: August 17, 2026
The median rent in Frankfort is $1,035/mo as of August 2026. A studio apartment averages $880/mo while a 2-bedroom runs $1,180/mo. One-bedroom apartments average $970/mo and 3-bedroom units go for $1,540/mo.
At 23% of local median household income ($53,073/yr), Frankfort ranks as affordable compared to the national benchmark of 30%. Rents have decreased 3.4% over the past year.
Frequently asked questions
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Is rent going up or down in Frankfort?
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What percentage of Frankfort residents rent vs. own?
How does Frankfort rent compare to the national average?
At $1,035/mo, rent takes ~23% of Frankfort's median household income ($53,073/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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