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.
Highlights
An apartment for rent in Carmel, Indiana typically goes for $1,601 per month, while a single-family home for rent in Carmel, Indiana has a monthly cost of around $2,756. Renter-occupied units make up 24% of the local housing market, while the rental vacancy rate in Carmel, Indiana is at 8.4.
Carmel, Indiana
Average Apartment Rent in April 2023
$1,601
Y-o-Y Change in Average
Apartment Rent
10%
Average Single-Family Rent in April 2023
$2,756
Compared to a year ago, Carmel, Indiana apartments have recorded a 10% rent increase.
Carmel, Indiana |Average apartment rent trend
Carmel, Indiana| Average apartment rent
Carmel, Indiana | Apartment rent ranges
At 42.92%, apartments priced $1,500 - $2,000 represent the bulk of Carmel, Indiana rentals, while condos priced $700 - $1000 hold the lowest share of the market – 1.49%.
Carmel, Indiana | Housing tenure**
Renters take up 24% of Carmel, Indiana real estate, occupying a total of 9,067 units, while homeowners live in 28,302 properties.
Median number of rooms of renter-occupied housing units**
4.2
Renter median household income**
$64,633
Average household size of renter-occupied housing units**
2.1
Rental vacancy rate**
8.4%
Carmel, Indiana | Renter-occupied housing units by no. of bedrooms**
There are 3,354 rentals in Carmel, Indiana with 2 beds making up the highest share of the market, at 37%. Units with 5 or more beds, on the other hand, hold the lowest percentage (3%), amounting to 233 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 (29%), followed by those in the 35 - 44 years age group (22%). 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 4,338 apartments for rent in Carmel, Indiana, or 48% of all rentals are family households. Additionally, 30% of rental homes include children under the age of 18 – that’s 2,705 units. All in all, the median size of a renter-occupied household in Carmel, Indiana is 2.1.
Carmel, Indiana | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 64% 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 19% or 1,765 units, were Built 2000 - 2009, followed by those Built 2014 or later (17%, 1,558 units), and the ones Built 1990 - 1999 (16%, 1,484 units).
Carmel, Indiana | Renter-occupied units by year householder moved in**
Median year renter moved into unit2017
Most Carmel, Indiana renters (63%) moved in 2015 to 2016, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Carmel, Indiana condos for rent is 2017.
Carmel, Indiana | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 53% of Carmel, Indiana renters have 1 vehicle available per household, 33% of them have 2 vehicles available, and 9% 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**
Carmel, Indiana | Average apartment rent by zip codes
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, 2020 American Community Survey 5-Year Estimates
