Lexington, KY: Horse Capital of the World
With an estimated 323,152 residents, Lexington is the second-most populous city in Kentucky. It also serves as the county seat of Fayette County. The city is known as the “Horse Capital of the World” thanks to racecourses such as the Kentucky Horse Park, Keeneland, and the Red Mile.
In terms of arts, history, and culture, Lexington offers no shortage of venues and events. The city is home to the University of Kentucky Art Museum, the Mary Todd Lincoln House, Fort Boonesborough State Park, and Ashland: The Henry Clay Estate.
When it comes to the performing arts, notable destinations and companies include the Lexington Philharmonic Orchestra, the Lexington Ballet Company, and the Lexington Opera House. Events hosted by the city include the Festival of the Bluegrass and the Lexington Pride Festival.
Lexington residents also tend to be more educated, ranking 10th in college education rate in the United States. Colleges and universities located here include the University of Kentucky, Transylvania University, and Bluegrass Community and Technical College.
How Is Lexington’s Rental Market?
In Lexington, home prices can range from $14,900 to $7.8 million. The median home listing price in this city is $275,000. The Lexington-Fayette area also has a high renter population. In fact, 45.6% of the city’s residents are renters. This makes it an attractive place to property investors.
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Landlords can also make decent returns in Lexington. The average rent here is $1,028, which is only slightly lower than the national average. This amount also represents a 9% year-over-year change. Most of the apartments in Lexington charge a rental rate between $700 and $1,000, though there are also properties that go above that range.
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Kentucky is also known as landlord-friendly, with state legislation contributing to a favorable environment for rental property owners. Here, landlords can charge as high a security deposit as they want. Property taxes are also lower than in other cities.
Why Go With a Lexington Property Management Company?
Rental property management does not suit everyone. Landlords tend to have a difficult time balancing the many responsibilities required of them, especially with a 9-to-5 job or a family to raise (or both). This is exactly why a lot of people are hesitant to invest in rental properties.
With a Lexington rental management company, though, all your problems will be solved. When you hire a management company, you can delegate most of your duties as a landlord to an experienced professional. Rental management companies typically offer an extensive range of services — from finding and screening tenants to collecting rent to enforcing lease terms to processing evictions.
How do you know it is time to hire a rental management company?
- Rental management does not interest you.
- You don’t know anything about how to properly manage your rental property.
- Your rental property is located far from where you live or spend most of your time.
- You don’t have enough time to manage your rental property.
- You own multiple rental properties that you can’t juggle all at once.
Find Excellent Property Management in Lexington
In Lexington, the demand for property managers is high. If you’re a landlord looking for a good management company, you have found the right place to start. Rental Choice manages an online database of reliable property management companies. With the help of our directory, you can search for management companies by city or state and contact them using the details we provide.