MARKET SNAPSHOT

Louisville q1 2025

DOWNLOAD THE FULL REPORT

AVERAGE RENT

$1,207 Q1 2025

OCCUPANCY RATE

93.6% Q1 2025

QUARTERLY NET ABSORPTION

475 Q1 2025

ANNUAL RENT CHANGE

0.9% Q1 2025

ANNUAL OCCUPANCY CHANGE

-70 BPS Q1 2025

QUARTERLY COMPLETIONS

562 Q1 2025

KEY TAKEAWAYS

Net absorption exceeded pre-pandemic levels by 58%, with strong demand for mid-tier and high-end units. However, new completions outpaced absorption, putting downward pressure on occupancy and rent growth.

Click Here

Apartment deliveries reached a record high in 2024, but construction slowed by Q1 2025, with units underway down 60% from recent peaks. This slowdown should help rebalance the market.

Click Here

Rent growth has been weaker in high-supply areas while submarkets with limited construction, like Spencer and Shelby counties, saw stronger performance. Occupancy rates in Louisville are stable at 93.6%, just below the 10-year average.

Click Here

MARKET OUTLOOK

The outlook for the Louisville multifamily market is cautiously optimistic, with signs of rebalancing following a period of record-high deliveries. Construction activity has sharply slowed, with units underway down 60% from recent peaks...

READ THE FULL REPORT