Encore
716 Sycamore St,
Cincinnati, OH 45202
$1,605 - $4,715
Studio - 2 Beds
Rental Market Trends in Covington, KY
What is the average rent in Covington, KY?
$1,419/month
Average Rent
703 Sq Ft
Average Apartment Size
+1.4%
Increase in the Last Year
Covington, KY Rental Market Overview
The average rent in Covington, KY is $1,419 per month. For comparison, the national average rent price in the US is currently $1,644/month, which means Covington rent prices are 14% lower than the national average.
- Studio apartments in Covington average $1,353 per month.
- One-bedroom apartments in Covington average $1,419 per month.
- Two-bedroom apartments in Covington average $1,809 per month.
- Three-bedroom apartments in Covington average $1,631 or more per month.
Data Updated: June, 2026
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Covington, KY?
In the past year, rent has increased by 1.4%, which averages out to $20 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated June 2026
Legend
2025
2026
Rent Ranges in Covington, KY
Last Updated June 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
20%
Below $700/month
17%
$700 - $1,000/month
31%
$1,001 - $1,500/month
26%
$1,501 - $2,000/month
6%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Covington?
Based on current rent prices, Downtown Covington is the most affordable neighborhood in Covington.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Covington?
Based on current rent prices, Downtown Covington is the most expensive neighborhood in Covington.
Neighborhood
Average Rent
Average Sq Ft
Which Covington neighborhoods have the most rentals available?
The neighborhood in Covington with the most apartments available is Downtown Covington .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Covington, KY?
Because the average rent in Covington is $1,419, you’ll want to make about $4,730 per month or $56,760 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
Cost of Living
The cost of living in Covington, KY is 13.0% lower than the national average. Generally, housing in Covington is 27.9% less expensive than the national average, with rent falling between $1,353 - $1,809. You can expect to pay 10.8% less for groceries, 7.0% less for utilities, and 2.2% more for transportation.
How does Covington, KY compare to other nearby cities and neighborhoods?
Use the tool below to compare Covington, KY to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$1,385/month
$1,385/month
One Bedroom
$1,606/month
$1,606/month
Two Bedroom
$2,102/month
$2,102/month
Three Bedroom
$1,622/month
$1,622/month
Nearby City Rent Trends
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.