Louisville

Louisville held the top spot in Yardi Matrix’s national rent growth rankings in four of twelve months during 2024, with year-over-year growth peaking at 5.6% — a genuinely unusual achievement for a market of Louisville’s size. Rent growth has since moderated materially, though most readings still show Louisville modestly outperforming the national pace.

Stabilized occupancy has held remarkably steady, not falling below 93% since 2022 even amid record local deliveries. Net absorption over the trailing 12 months totaled 3,667 units, up from 2,590 the prior year — a gain suggesting renter demand is accelerating, not merely holding steady.

Humana, Yum! Brands, Brown-Forman, and UPS’s massive Worldport logistics hub provide a diversified demand base spanning healthcare, consumer brands, and distribution. Louisville’s demonstrated ability to lead the nation in rent growth and then moderate gracefully — without the sharp reversal seen in markets like Austin or San Antonio — makes it a genuinely distinctive, defensive,
income-oriented holding in this series.