Top City Searches in Kentucky
Kentucky: The Bluegrass State
Kentucky has an estimated population of 4,509,342 residents. Frankfort is the capital city of Kentucky, while Louisville and Lexington are some of its largest. Kentucky is known for many things, chief among them being horseracing, fried chicken, tobacco, bourbon, and the
Mammoth Cave National Park.
In terms of arts and culture, Kentucky does not disappoint. There are numerous museums in the state, such as the
Kentucky Derby Museum, the
Frazier History Museum, the
Muhammad Ali Center, the
Kentucky Museum, and the
National Corvette Museum. Performing arts companies that call Kentucky home include the
Lexington Theatre Company, the
Louisville Ballet, and the
Kentucky Opera.
Kentucky also hosts several events throughout the year, such as the Kentucky Derby, the Derby Festival, the Kentucky State Fair, the Beer Cheese Festival, and the Kentucky Shakespeare Festival. Colleges and universities located in Kentucky include the
University of Kentucky, the
University of Louisville, and
Transylvania University.
Other attractions include the
Louisville Slugger Museum & Factory, the
Red River Gorge Geological Area,
Newport Aquarium,
Kentucky Horse Park, and the
Louisville Zoo.
The State of Kentucky's Rental Market
Kentucky has an active real estate market, with prices staying strong even in the midst of a pandemic. The
median sale price for a home in the Bluegrass State is $234,200, representing an 8.9% year-over-year change. As for renters, Kentucky boasts a large tenant population. In fact, 32.8% of the state's residents rent their homes.
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Although rent is on the cheaper side, landlords can still earn a decent rental income in Kentucky. In 2019, the median rent in the state was $773, which was a drop from 2018 though higher than the years preceding that. The state also had a reasonable vacancy rate, at 6.36%, in 2019. In comparison, the national vacancy rate at the time was 5.97%.
Image via deptofnumbers.com
Lastly, Kentucky offers a favorable environment to rental property owners. The state's landlord-tenant laws are friendlier to landlords. Plus, Kentucky charges relatively lower property taxes.
How a Kentucky Property Management Company Can Help
While imperfect, Kentucky's rental market does have appealing qualities. This is exactly why many investors are looking to buy rental properties in the Bluegrass State. However, managing rental property in Kentucky is not as easy as it looks, especially if you have no background in rental management. Landlords also normally have inadequate time to concentrate on managing their rentals. With a 9-to-5 job and personal responsibilities, this comes as no surprise.
This is where a Kentucky rental management company comes in.
With a professional service, landlords can rest easy knowing their investments are in capable hands. A property management company can shoulder all of the duties and responsibilities that landlords normally perform. These duties include but are not necessarily limited to:
- Property listings and marketing
- Tenant screening
- Property showings
- Rental rate setting
- Lease agreement preparation
- Property inspections (during the moving process and routine)
- Rent collection
- Lease terms enforcement
- Maintenance and repairs management
Furthermore, a property management company can assist you with budgeting and financial management as well as tax preparation. Should you ever need it, a company can also help you process evictions. Property management in Kentucky does not need to be hard. With experienced professionals by your side, you can just sit back and wait for the checks to come in.
Search for the Best Property Management in Kentucky
Rental Choice can help you find professional property management for your rental home in Kentucky. Our online directory was created to be an invaluable resource for anyone who owns or manages rental properties. We help property owners by connecting them with proven property management companies.
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