South Bend, 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 South Bend, Indiana rental market.
South Bend, Indiana
Average Apartment Rent
$1,292
Y-o-Y Change in Average
Apartment Rent
10.7%
As of July 2024
Compared to a year ago, South Bend, Indiana apartments have recorded a 10.7% rent increase.
South Bend, Indiana |Average apartment rent trend
South Bend, Indiana| Average apartment rent
South Bend, Indiana | Apartment rent ranges
At 50.54%, apartments priced $1,000 - $1,500 represent the bulk of South Bend, Indiana rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.21%.
South Bend, Indiana | Housing tenure**
Renters take up 41% of South Bend, Indiana real estate, occupying a total of 16,828 units, while homeowners live in 23,731 properties.
Median number of rooms of renter-occupied housing units**
4.5
Renter median household income**
$34,741
Average household size of renter-occupied housing units**
2.42
Rental vacancy rate**
7.7%
South Bend, Indiana | Renter-occupied housing units by no. of bedrooms**
There are 6,840 rentals in South Bend, Indiana with 2 beds making up the highest share of the market, at 41%. Units with 5 or more beds, on the other hand, hold the lowest percentage (2%), amounting to 317 units. Overall, the median number of rooms in South Bend, Indiana homes for rent is 4.5.
South Bend, Indiana |Renter-occupied units by age of householder**
Most condos for rent in South Bend, Indiana are occupied by residents in the 25 - 34 years age group (29%), followed by those in the 35 - 44 years age group (17%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
South Bend, Indiana | Renter-occupied housing units by family type**
South Bend, Indiana | Renter-occupied housing units by the presence of own children**
A total of 7,907 apartments for rent in South Bend, Indiana, or 47% of all rentals are family households. Additionally, 33% of rental homes include children under the age of 18 – that’s 5,610 units. All in all, the median size of a renter-occupied household in South Bend, Indiana is 2.42.
South Bend, Indiana | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 21% of the rental market. In contrast, residents with less than a high school degree reside in 15% of the homes for rent in South Bend, Indiana.
South Bend, Indiana | Renter-occupied units by year structure built**
The highest share of South Bend, Indiana apartment rentals, namely 22% or 3,657 units, were Built 1939 or earlier, followed by those Built 1950 - 1959 (16%, 2,763 units), and the ones Built 1970 - 1979 (15%, 2,455 units).
South Bend, Indiana | Renter-occupied units by year householder moved in**
Median year renter moved into unit2018
Most South Bend, Indiana renters (40%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their South Bend, Indiana condos for rent is 2018.
South Bend, Indiana | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 51% of South Bend, Indiana renters have 1 vehicle available per household, 24% of them have 2 vehicles available, and 19% have No vehicle available.
South Bend, Indiana | Means of transportation to work of householders living in renter-occupied housing units**
South Bend, Indiana |Geographical mobility in the past year for householders living in renter-occupied housing units**
South Bend, 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 South Bend, 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
