Louisville, KY: Derby City
Louisville has an estimated population of 633,045 residents, making it the most populous city in Kentucky. It also serves as the historical and nominal seat of Jefferson County. Louisville is known for many things, chief among them being Kentucky Fried Chicken and the Kentucky Derby — hence, earning it the nickname, “Derby City.” The city is also famous as the home of legendary boxer Muhammad Ali.
Louisville has a thriving independent art scene, highlighted in Bardstown Road in the Highlands. The city also has several museums and art galleries located in the West Main District, known as “Museum Row.” These include the Frazier History Museum, the Kentucky Science Center, and the Kentucky Museum of Art and Craft. In terms of performing arts, notable facilities and companies include the Kentucky Center for the Performing Arts, the Louisville Palace, Bourbon Baroque, the Louisville Ballet, and the Kentucky Opera.
Apart from that, Louisville also hosts a slew of festivals and cultural events, such as the Kentucky Derby Festival, the Humana Festival of New American Plays, Abbey Road on the River, and the Kentucky State Fair. Other notable attractions include the Louisville Slugger Museum & Factory, Churchill Downs, the Louisville Zoo, the Kentucky Derby Museum, the Speed Art Museum, and the Muhammad Ali Center.
The State of Louisville’s Rental Market
In Louisville, there is a booming rental market. The median listing price for a home in this city is $223,900, though some homes can sell for as expensive as $15 million. Louisville also boasts a fairly large renter population. In fact, 40% of the city’s residents rent their homes.
Image via niche.com
When it comes to rental rates, Louisville presents a 7% year-over-year change. The average rent for an apartment in this city is $1,059 and the average apartment size is 933 sq. ft. A big percentage of apartments in Louisville charge a rental rate between $701 and $1,000. With a good pool of renters and decent rent, Louisville is certainly attractive to property investors.
Image via rentcafe.com
If those aren’t enough to convince you, perhaps Kentucky’s landlord-tenant laws will. Kentucky’s legislation is known to be generally landlord-friendly. Here, you can set any amount as your security deposit, and you have more freedom when it comes to month-to-month rent increases. Property taxes are also below the national average.
How a Louisville Property Management Company Can Help
Louisville undoubtedly has a viable rental market, which is why property investors flock to this Kentucky city. But, rental management does not stop at the purchase stage. After buying a rental home or unit, an owner will then need to manage it properly to make money. For most people, this is the hard part.
By hiring a Louisville rental management company, though, you can delegate all of your responsibilities to an experienced professional. Your property manager will be the one to make sure everything runs smoothly. Companies and managers offer a wide array of services, including but not limited to:
- Rental property advertising
- Tenant screening
- Property showings
- Rent setting and collection
- Lease agreement preparation
- Routine inspections (including move-in and move-out inspections)
- Lease terms enforcement
- Maintenance and repairs management
- Tenant support
- Budget management
- Tax preparation
- Eviction assistance
In Need of Property Management in Louisville?
If you need a property management company in Louisville, Rental Choice is the first place to look. Browse through our comprehensive online directory and narrow down your search by city or state. We only list reliable property management companies, so you can rest assured your investment is in good hands.