Indianapolis, Indiana Rental Market Trends

Disclaimer:

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 Indianapolis, Indiana rental market.

Highlights

An apartment for rent in Indianapolis, Indiana typically goes for $1,238 per month, while a single-family home for rent in Indianapolis, Indiana has a monthly cost of around $1,523. Renter-occupied units make up 45% of the local housing market, while the rental vacancy rate in Indianapolis, Indiana is at 6.

Indianapolis, Indiana

Average Apartment Rent

$1,238

Y-o-Y Change in Average
Apartment Rent

4%

Average Single-Family Rent

$1,523

As of November 2024

Compared to a year ago, Indianapolis, Indiana apartments have recorded a 4% rent increase.

Indianapolis, Indiana Average apartment rent trend

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
Indianapolis $1,020 $1,055 $1,108 $1,145 $1,155 $1,191 $1,193 $1,195 $1,221 $1,238
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
Indianapolis
National
Nov 2021
$1,020
$1,596
Mar 2022
$1,055
$1,635
Jul 2022
$1,108
$1,708
Nov 2022
$1,145
$1,726
Mar 2023
$1,155
$1,714
Jul 2023
$1,191
$1,739
Nov 2023
$1,193
$1,733
Mar 2024
$1,195
$1,727
Jul 2024
$1,221
$1,752
Nov 2024
$1,238
$1,748

Indianapolis, Indiana Average Apartment Rent

Indianapolis, Indiana Apartment rent ranges

Under $500
$501 - $700
$701 - $1000
$1,001 - $1,500
$1,501 - $2,000
Over $2,000

At 58.1%, apartments priced $1,000 - $1,500 represent the bulk of Indianapolis, Indiana rentals, while condos priced Under $500 hold the lowest share of the market – 0.05%.

Indianapolis, Indiana Housing tenure**

Renter occupied housing units 160,661
Owner occupied housing units 195,696

Renters take up 45% of Indianapolis, Indiana real estate, occupying a total of 160,661 units, while homeowners live in 195,696 properties.

Median number of rooms of renter-occupied housing units**

4.3

Renter median household income**

$40,420

Average household size of renter-occupied housing units**

2.17

Rental vacancy rate**

6%

Indianapolis, Indiana Renter-occupied housing units by no. of bedrooms**

No bedrooms 7,937
1 bed 47,338
2 beds 64,953
3 beds 32,795
4 beds 6,362
5 or more beds 1,276

There are 64,953 rentals in Indianapolis, Indiana with 2 beds making up the highest share of the market, at 40%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 1,276 units. Overall, the median number of rooms in Indianapolis, Indiana homes for rent is 4.3.

Indianapolis, Indiana Renter-occupied units by age of householder**

15 - 24 years 17,613
25 - 34 years 50,865
35 - 44 years 29,701
45 - 54 years 22,840
55 - 59 years 9,986
60 - 64 years 10,337
65 - 74 years 11,574
75 - 84 years 5,006
85 years and over 2,739

Most condos for rent in Indianapolis, Indiana are occupied by residents in the 25 - 34 years age group (32%), followed by those in the 35 - 44 years age group (18%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.

Indianapolis, Indiana Renter-occupied housing units by family type**

Family households 64,393
Non-Family Households 96,268

Indianapolis, Indiana Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 40,190
No related children of the householder under 18 120,471

A total of 64,393 apartments for rent in Indianapolis, Indiana, or 40% of all rentals are family households. Additionally, 25% of rental homes include children under the age of 18 – that’s 40,190 units. All in all, the median size of a renter-occupied household in Indianapolis, Indiana is 2.17.

Indianapolis, Indiana Renter-occupied housing units by educational attainment**

Less than high school graduate 23,170
High school graduate (including equivalency) 45,241
Some college or associate's degree 49,101
Bachelor's degree or higher 43,149

In terms of education, renters holding bachelor degrees or higher make up 27% of the rental market. In contrast, residents with less than a high school degree reside in 14% of the homes for rent in Indianapolis, Indiana.

Indianapolis, Indiana Renter-occupied units by year structure built**

Built 2010 - 2019 12,746
Built 2000 - 2009 12,994
Built 1990 - 1999 19,267
Built 1980 - 1989 22,868
Built 1970 - 1979 24,608
Built 1960 - 1969 22,325
Built 1950 - 1959 15,089
Built 1940 - 1949 8,492
Built 1939 or earlier 21,888

The highest share of Indianapolis, Indiana apartment rentals, namely 15% or 24,608 units, were Built 1970 - 1979, followed by those Built 1980 - 1989 (14%, 22,868 units), and the ones Built 1960 - 1969 (14%, 22,325 units).

Indianapolis, Indiana Renter-occupied units by year householder moved in**

Moved in 2021 or later 12,528
Moved in 2018 to 2020 65,825
Moved in 2010 to 2017 68,369
Moved in 2000 to 2009 10,008
Moved in 1990 to 1999 2,347
Moved in 1989 or earlier 1,584

Median year renter moved into unit 2018

Most Indianapolis, Indiana renters (43%) moved in 2010 to 2017, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Indianapolis, Indiana condos for rent is 2018.

Indianapolis, Indiana Renter-occupied housing units by vehicles available**

No vehicle available 24,240
1 vehicle available 85,672
2 vehicles available 40,187
3 vehicles available 7,608
4 or more vehicles available 2,954

When it comes to transportation options, 53% of Indianapolis, Indiana renters have 1 vehicle available per household, 25% of them have 2 vehicles available, and 15% have No vehicle available.

Indianapolis, Indiana Means of transportation to work of householders living in renter-occupied housing units**

Car, truck, or van - drove alone 127,704
Car, truck, or van - carpooled 20,125
Public transportation (excluding taxicab) 4,265
Walked 5,041
Taxicab, motorcycle, bicycle, or other means 2,861
Worked at home 12,178

Indianapolis, Indiana Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 262,502
Moved within same county 50,246
Moved from different county within same state 14,707
Moved from different state 11,462
Moved from abroad 4,433

Indianapolis, 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 Indianapolis, 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

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