Westfield, 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 Westfield, Indiana rental market.
Highlights
An apartment for rent in Westfield, Indiana typically goes for $1,567 per month, while a single-family home for rent in Westfield, Indiana has a monthly cost of around $2,843. Renter-occupied units make up 20% of the local housing market, while the rental vacancy rate in Westfield, Indiana is at 6.3.
Westfield, Indiana
Average Apartment Rent
$1,567
Y-o-Y Change in Average
Apartment Rent
-0.9%
Average Single-Family Rent
$2,843
As of July 2024
Compared to a year ago, Westfield, Indiana apartments have recorded a -0.9% rent decrease.
Westfield, Indiana |Average apartment rent trend
Westfield, Indiana| Average apartment rent
Westfield, Indiana | Apartment rent ranges
At 48.12%, apartments priced $1,500 - $2,000 represent the bulk of Westfield, Indiana rentals, while condos priced Over $2,000 hold the lowest share of the market – 4.89%.
Westfield, Indiana | Housing tenure**
Renters take up 20% of Westfield, Indiana real estate, occupying a total of 3,612 units, while homeowners live in 14,276 properties.
Median number of rooms of renter-occupied housing units**
4.3
Renter median household income**
$79,000
Average household size of renter-occupied housing units**
2.43
Rental vacancy rate**
6.3%
Westfield, Indiana | Renter-occupied housing units by no. of bedrooms**
There are 1,774 rentals in Westfield, Indiana with 2 beds making up the highest share of the market, at 49%. Units with No bedrooms, on the other hand, hold the lowest percentage (3%), amounting to 119 units. Overall, the median number of rooms in Westfield, Indiana homes for rent is 4.3.
Westfield, Indiana |Renter-occupied units by age of householder**
Most condos for rent in Westfield, Indiana are occupied by residents in the 25 - 34 years age group (24%), followed by those in the 35 - 44 years age group (20%). At the same time, people in the 75 - 84 years age group make up the lowest share of the local rental market – 2%.
Westfield, Indiana | Renter-occupied housing units by family type**
Westfield, Indiana | Renter-occupied housing units by the presence of own children**
A total of 2,491 apartments for rent in Westfield, Indiana, or 69% of all rentals are family households. Additionally, 33% of rental homes include children under the age of 18 – that’s 1,199 units. All in all, the median size of a renter-occupied household in Westfield, Indiana is 2.43.
Westfield, Indiana | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 37% of the rental market. In contrast, residents with less than a high school degree reside in 5% of the homes for rent in Westfield, Indiana.
Westfield, Indiana | Renter-occupied units by year structure built**
The highest share of Westfield, Indiana apartment rentals, namely 37% or 1,346 units, were Built 2010 - 2019, followed by those Built 1990 - 1999 (24%, 855 units), and the ones Built 2000 - 2009 (16%, 563 units).
Westfield, Indiana | Renter-occupied units by year householder moved in**
Median year renter moved into unit2019
Most Westfield, Indiana renters (49%) moved in 2018 to 2020, while only 1% of them moved in 2000 to 2009. Overall, the median year renters have occupied their Westfield, Indiana condos for rent is 2019.
Westfield, Indiana | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 46% of Westfield, Indiana renters have 1 vehicle available per household, 36% of them have 2 vehicles available, and 12% have 3 or more vehicles available.
Westfield, Indiana | Means of transportation to work of householders living in renter-occupied housing units**
Westfield, Indiana |Geographical mobility in the past year for householders living in renter-occupied housing units**
Westfield, 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 Westfield, 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
