Franklin, 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 Franklin, Indiana rental market.
Franklin, Indiana
Average Apartment Rent
$1,451
Y-o-Y Change in Average
Apartment Rent
3.2%
As of May 2026
Compared to a year ago, Franklin, Indiana apartments have recorded a 3.2% rent increase.
Franklin, Indiana Average apartment rent trend
Franklin, Indiana Average Apartment Rent
Franklin, Indiana Apartment rent ranges
At 67.09%, apartments priced $1,000 - $1,500 represent the bulk of Franklin, Indiana rentals, while condos priced Under $1,000 hold the lowest share of the market – 0.49%.
Franklin, Indiana Housing tenure**
Renters take up 32% of Franklin, Indiana real estate, occupying a total of 2,956 units, while homeowners live in 6,232 properties.
Median number of rooms of renter-occupied housing units**
4.7
Renter median household income**
$44,322
Average household size of renter-occupied housing units**
2.54
Rental vacancy rate**
9.3%
Franklin, Indiana Renter-occupied housing units by no. of bedrooms**
There are 1,112 rentals in Franklin, Indiana with 2 beds making up the highest share of the market, at 38%. Units with No bedrooms, on the other hand, hold the lowest percentage (5%), amounting to 143 units. Overall, the median number of rooms in Franklin, Indiana homes for rent is 4.7.
Franklin, Indiana Renter-occupied units by age of householder**
Most condos for rent in Franklin, Indiana are occupied by residents in the 25 - 34 years age group (19%), followed by those in the 35 - 44 years age group (17%). At the same time, people in the 55 - 59 years age group make up the lowest share of the local rental market – 6%.
Franklin, Indiana Renter-occupied housing units by family type**
Franklin, Indiana Renter-occupied housing units by the presence of own children**
A total of 1,473 apartments for rent in Franklin, Indiana, or 50% of all rentals are family households. Additionally, 37% of rental homes include children under the age of 18 – that’s 1,092 units. All in all, the median size of a renter-occupied household in Franklin, Indiana is 2.54.
Franklin, Indiana Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 10% of the rental market. In contrast, residents with less than a high school degree reside in 10% of the homes for rent in Franklin, Indiana.
Franklin, Indiana Renter-occupied units by year structure built**
The highest share of Franklin, Indiana apartment rentals, namely 24% or 699 units, were Built 2000 - 2009, followed by those Built 1990 - 1999 (18%, 538 units), and the ones Built 1980 - 1989 (14%, 414 units).
Franklin, Indiana Renter-occupied units by year householder moved in**
Median year renter moved into unit 2016
Most Franklin, Indiana renters (42%) moved in 2010 to 2017, while only 3% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Franklin, Indiana condos for rent is 2016.
Franklin, Indiana Renter-occupied housing units by vehicles available**
When it comes to transportation options, 39% of Franklin, Indiana renters have 1 vehicle available per household, 34% of them have 2 vehicles available, and 11% have No vehicle available.
Franklin, Indiana Means of transportation to work of householders living in renter-occupied housing units**
Franklin, 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 Franklin, 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
