Average Rent in Kenai Peninsula Borough, AK↓ Rents falling 4.3% YoY

Kenai Peninsula Borough, AK has rental prices ranging from $943/month to $2,091/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $949/month — 32% below the national average of $1,400/month. With a median household income of $77,722/year, spending $949/month on a 1-bedroom represents 15% of gross income — within the recommended 30% threshold.

How Kenai Peninsula Borough Compares

With an average 2-bedroom rent of $1,245/month, Kenai Peninsula Borough ranks #24 most expensive of the 34 cities tracked in Alaska — pricier than 84% of all US cities in our data.

The Kenai Peninsula Borough Rental Market

The Kenai Peninsula Borough, AK area has a population of about 59,843 and 23% of households renting rather than owning. That renter share runs below the US average of ~34%, a more homeowner-heavy market where rental inventory can be limited.

Rent Trends

2-bedroom rents in Kenai Peninsula Borough, AK have fallen by $56/month (4.3%) over the past year, from $1,301 to $1,245. This slight decline is consistent with broader market corrections seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Kenai Peninsula Borough, AK without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $37,960. The local median household income of $77,722 exceeds that threshold by $39,762, making Kenai Peninsula Borough relatively accessible compared to local wages.

Economy & Jobs

Kenai Peninsula Borough, AK has an unemployment rate of 3.7%, 0.2 percentage points below the national average of 3.9%. Strong employment conditions typically sustain rental demand, as workers relocate to the area and local residents maintain stable housing.

Is Kenai Peninsula Borough, AK Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Kenai Peninsula Borough?

Break-even analysis and mortgage estimates based on local market data.

Living in Kenai Peninsula Borough

Cost of living, job market, crime rates, and moving cost estimates.