Carmel, Indiana Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Carmel, Indiana rental market.
Carmel, Indiana
Average Apartment Rent
$1,685
Y-o-Y Change in Average
Apartment Rent
2.5%
As of May 2026
Compared to a year ago, Carmel, Indiana apartments have recorded a 2.5% rent increase.
Carmel, Indiana Average apartment rent trend
Carmel, Indiana Average Apartment Rent
Carmel, Indiana Apartment rent ranges
At 47.38%, apartments priced $1,500 - $2,000 represent the bulk of Carmel, Indiana rentals, while condos priced Under $1,000 hold the lowest share of the market – 0.05%.
Carmel, Indiana Housing tenure**
Renters take up 25% of Carmel, Indiana real estate, occupying a total of 9,618 units, while homeowners live in 28,270 properties.
Median number of rooms of renter-occupied housing units**
4.2
Renter median household income**
$75,913
Average household size of renter-occupied housing units**
2.02
Rental vacancy rate**
8.3%
Carmel, Indiana Renter-occupied housing units by no. of bedrooms**
There are 3,686 rentals in Carmel, Indiana with 2 beds making up the highest share of the market, at 38%. Units with 5 or more beds, on the other hand, hold the lowest percentage (2%), amounting to 224 units. Overall, the median number of rooms in Carmel, Indiana homes for rent is 4.2.
Carmel, Indiana Renter-occupied units by age of householder**
Most condos for rent in Carmel, Indiana are occupied by residents in the 25 - 34 years age group (30%), followed by those in the 35 - 44 years age group (20%). At the same time, people in the 60 - 64 years age group make up the lowest share of the local rental market – 3%.
Carmel, Indiana Renter-occupied housing units by family type**
Carmel, Indiana Renter-occupied housing units by the presence of own children**
A total of 4,471 apartments for rent in Carmel, Indiana, or 46% of all rentals are family households. Additionally, 26% of rental homes include children under the age of 18 – that’s 2,523 units. All in all, the median size of a renter-occupied household in Carmel, Indiana is 2.02.
Carmel, Indiana Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 62% of the rental market. In contrast, residents with less than a high school degree reside in 2% of the homes for rent in Carmel, Indiana.
Carmel, Indiana Renter-occupied units by year structure built**
The highest share of Carmel, Indiana apartment rentals, namely 33% or 3,206 units, were Built 2010 - 2019, followed by those Built 2000 - 2009 (23%, 2,254 units), and the ones Built 1990 - 1999 (13%, 1,235 units).
Carmel, Indiana Renter-occupied units by year householder moved in**
Median year renter moved into unit 2019
Most Carmel, Indiana renters (48%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Carmel, Indiana condos for rent is 2019.
Carmel, Indiana Renter-occupied housing units by vehicles available**
When it comes to transportation options, 54% of Carmel, Indiana renters have 1 vehicle available per household, 33% of them have 2 vehicles available, and 7% have No vehicle available.
Carmel, Indiana Means of transportation to work of householders living in renter-occupied housing units**
Carmel, Indiana Geographical mobility in the past year for householders living in renter-occupied housing units**
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Carmel, Indiana apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
