Indianapolis, 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 Indianapolis, Indiana rental market.
Highlights
An apartment for rent in Indianapolis, Indiana typically goes for $1,221 per month, while a single-family home for rent in Indianapolis, Indiana has a monthly cost of around $1,609. 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
$1,221
Y-o-Y Change in Average
Apartment Rent
3.4%
Average Single-Family Rent
$1,609
As of July 2024
Compared to a year ago, Indianapolis, Indiana apartments have recorded a 3.4% rent increase.
Indianapolis, Indiana |Average apartment rent trend
Indianapolis, Indiana| Average apartment rent
Indianapolis, Indiana | Apartment rent ranges
At 56.52%, 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 – 0.07%.
Indianapolis, Indiana | Housing tenure**
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**
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**
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**
Indianapolis, Indiana | Renter-occupied housing units by the presence of own children**
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**
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**
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**
Median year renter moved into unit2018
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**
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**
Indianapolis, Indiana |Geographical mobility in the past year for householders living in renter-occupied housing units**
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
