ZIP Code · KY

ZIP 40515

Part of Lexington, KY

Pop. 37,384·Fayette County·28th most expensive ZIP in Kentucky

Median rent (all units)

$1,499/mo

Year-over-Year

+3.2%

Month-over-Month

-0.2%

vs US Median

-$433

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 40515 · $1,499

More affordable than 73% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,070

1 BR

$1,310

2 BR

$1,540

3 BR

$2,110

4 BR+

$2,350

Research median

$1,540/mo

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

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

February. Asking rents in ZIP 40515 usually run 1.8% below trend in February and 2.4% above it in July, about $63 a month apart at today's median. Based on 8 years of data.

Compared with the peak

Rent in ZIP 40515 is 0.5% below its high of $1,506 in March 2026, at $1,499 as of September 2026.

Past year vs. the rest of Kentucky

Rent in ZIP 40515 changed +3.2% over the year to September 2026. Across the 63 Kentucky ZIP codes Zillow tracks, the typical change was +3.3%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 40515 rose 47% while median household income rose 17.4% ($73,508 to $86,268). Rent outpaced income.

Since before the pandemic

Rent in ZIP 40515 is 57.3% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has fallen 2 months in a row, and rose in 5 of the last 12 months.

What a typical income covers

30% of the median household income ($86,268) is $2,157 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($2,110); a 4-bedroom is $2,350.

Rank in Lexington

5th cheapest of 11 ZIP codes in Lexington.

From Zillow's monthly rent index (ZORI) for ZIP 40515. 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.

Annual cost

$17,988/yr

At $1,499/mo median

Location

CityLexington

StateKY

CountyFayette County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.2% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.2% YoY, -0.2% MoM), not inventory.

Demographics

Who lives here

ZIP 40515 (Lexington, KY) is majority owner-occupied, 52.9% of residents hold a bachelor's degree or higher.

Population

37,384

Median income

$86,268

Median age

37.3

Renters

39.5%

Age distribution

23.4%

23.8%

27.1%

14.5%

Under 1823.4%

18–3423.8%

35–5427.1%

55–6411.2%

65+14.5%

Gender

49.4%

50.6%

Male49.4%

Female50.6%

Race & ethnicity

76.6%

White76.6%

Black10.6%

Hispanic6.1%

Asian3.2%

Other3.6%

Education (25+)

16.1%

26.7%

52.9%

No HS diploma4.2%

HS diploma16.1%

Some college26.7%

Bachelor's+52.9%

Housing tenure

60.5%

39.5%

Owner60.5%

Renter39.5%

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

2021 vs 2026

How ZIP 40515 in Lexington, KY has changed in 5 years

Rent

$1,006 → $1,499

up 49.0%

Income

$79,401 → $86,268

up 8.6%

Population

36,251 → 37,384

up 3.1%

Renter share

37.8% → 39.5%

+1.7 pts

Bachelor's+

52% → 52.9%

+0.9 pts

Rent in ZIP 40515 in Lexington, KY has climbed 49.0% since 2021, going from about $1,006 per month to roughly $1,499 today. Median household income grew from $79,401 to $86,268 between 2021 and 2024, a 8.6% shift. Rent outpaced income growth by roughly 40.4 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 36,251 to 37,384 between 2021 and 2024, a 3.1% change. About 39.5% of households rent today, against 37.8% in 2021. Taken together, the five-year picture in ZIP 40515 in Lexington, KY reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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About renting in ZIP 40515

Last updated: October 17, 2026

ZIP code 40515 covers Lexington, KY. The median rent here is $1,499/mo as of October 2026. A 1-bedroom rents for a median of $1,310/mo. A 2-bedroom rents for a median of $1,540/mo.

At 21% of local median household income ($86,268/yr), ZIP 40515 ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 40515?

To keep rent at or below 30% of gross income, you would need to earn at least $60,000/year (about $29/hour full-time) to afford the median rent of $1,499/mo in ZIP 40515. The local median household income is $86,268/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 40515?

Rent in ZIP 40515 has risen 3.2% over the past year as of September 2026. It sits 0.5% below its high of $1,506 in March 2026.

When is the cheapest time to rent in ZIP 40515?

Asking rents in ZIP 40515 are usually lowest in February, about 1.8% below their yearly trend, and highest in July, about 2.4% above it. At today's median that is a gap of roughly $63 a month. This pattern comes from 8 years of Zillow rent data.

Has rent outpaced income in ZIP 40515?

Yes. From 2019 to 2024, rent in ZIP 40515 rose 47% while median household income rose 17.4%, from $73,508 to $86,268. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 40515 compare to other ZIPs in Kentucky?

ZIP 40515 is in the middle among Kentucky ZIP codes for rent, ranking #28 of 78 at $1,499/mo. Over the year to September 2026, rent in ZIP 40515 changed +3.2%, against a typical +3.3% across the 63 Kentucky ZIP codes Zillow tracks.