Welcome to the Apartment List May 2026 Rent Report for Carmel, IN. Currently, the overall median rent in the city stands at $1,580, after rising 0.6% last month. Prices remain down 0.9% year-over-year. Read on to learn more about what’s been happening in the Carmel rental market and how it compares to trends throughout the broader Indianapolis metro area and the nation as a whole.