Indianapolis Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Indianapolis, IN. Currently, the overall median rent in the city stands at $1,210, after rising 0.5% last month. Prices and are now up 1.8% year-over-year. Read on to learn more about what’s been happening in the Indianapolis rental market and how it compares to trends throughout the broader Indianapolis metro area and the nation as a whole.

Indianapolis rents are up 0.5% month-over-month and up 1.8% year-over-year

The median rent in Indianapolis rose by 0.5% over the course of April, and has now increased by a total of 1.8% over the past 12 months. Indianapolis’s rent growth over the past year has is similar to the state average (2.0%) and has outpaced the national average (-0.8%).

Indianapolis rent growth in 2024 pacing similar last year

Four months into the year, rents in Indianapolis have risen 0.4%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 0.2%.

April rent growth in Indianapolis ranked #45 among large U.S. cities

Indianapolis rents went up 0.5% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #45. Similar monthly rent growth took place in Sacramento, CA (0.5%) and Anaheim, CA (0.5%).

Indianapolis is the #76 most expensive large city in the U.S., with a median rent of $1,210

Citywide, the median rent currently stands at $1,041 for a 1-bedroom apartment and $1,233 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,210. That ranks #76 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Indianapolis is 13.3% lower than the national, and is similar to the prices you would find in Corpus Christi, TX ($1,249) and San Antonio, TX ($1,209).

Indianapolis rents are 2.6% lower than the metro-wide median

If we expand our view to the wider Indianapolis metro area, the median rent is $1,242 meaning that the median price in Indianapolis proper ($1,210) is 2.6% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 1.4%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 5 cities in the Indianapolis metro area that are included in our database. Among them, Fishers is currently the most expensive, with a median rent of $1,610. Indianapolis is the metro’s most affordable city, with a median rent of $1,210. The metro's fastest annual rent growth is occurring in Noblesville (2.8%) while the slowest is in Fishers (-3.2%).

You can also use the map below to explore the latest rent trends in the Indianapolis metropolitan area.