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584 Apartments for rent in Indianapolis, IN

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Last updated November 23 at 12:57pm UTC
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City Guide
Indianapolis
We're Not Formulaic, We're Indy

Indianapolis is an enigma. Naptown, Indianoplace, and references by Baltimorians too unsavory for this site are all used as paramount putdowns about a city thought to be blander and more uninspired than powdered water. But Indianapolis is the capital city to movies set in the Hoosier State such as Hoosiers, Breaking Away, and Rudy (if ever you've wanted to see a grown man quiver and cry with joy rent these, you'll see). Plus, at certain times of the year, Indy becomes as frenetic as any city on earth; like its New Years, Mardi Gras, Fourth of July, and Robert Isray Appreciation Day all rolled into one.

Indianapolis is a city most largely defined by its sports and the banter and camaraderie that always accompany such a potent cultural bond. Beyond this though, ten Fortune 1000 companies within the city limits mean that the Indianapolis employment picture is decent (sorry, the Colts aren't hiring quarterbacks).

We may not have the Statue of Liberty, but we have a racetrack and we're affordable

Indianapolis is in the shallow end of the pool of monthly rent and it's easy to wade in and out. The most expensive 1 BR apartment in Indianapolis welcomes you at under $1,300 per month. The other Indianapolis neighborhoods, all within easy reach of one another, average around $700 for a one bedroom, $850 for a two bedroom, and $1,000 for a three bedroom. If you've ever lived in NYC, LA, SFO, or any other city recognizable solely from its initials, you're going to have a lot of extra funds each month for all the tenderloin sandwiches and Sun Kings.

Basketball, A Grand Canal, 50,000 students, that little race, and was basketball mentioned yet?

Like every major city, there is shopping, art, colleges, parks, culture, sport, and pockets of divine dining. Indianapolis is marginally more compact in these regards, but no different. Well, no different except for the high school hoops fanaticism and the refurbished remnant of a failed waterways experiment - the Grand Canal - complete with gondolas. Let us explore the apartment scene of the Venice of the Midwest.

Downtown: Home to most of Indy's popular attractions (Colts, Pacers, Symphony, the historically significant Hilbert Circle Theater, Circle Centre Shopping), burgeoning restaurant scene, and IUPUI, the downtown area/canal/wholesale district is the most "now" section of Indianapolis. It used to be the most "then." Not that long ago, much of downtown Indy was on the "strictly functional" side of architecture and vibe. As Indianapolis was the site of the world's first union train station, it was largely dominated by its sprawling network of railroad operations - sort of a proletarian and thuggish aura. Since 1995, nearly $700 million has been invested in chic buildings including some destination hotels. Many of the apartment complexes included recently renovated pool and gym areas, greatly increasing the livability of the area. Now the whole place vibes less Orwell's 1984 and more Prince's 1999. $1,300 for top-of-the line 1BR apartment with washer and dryer included. Plenty of high end 2BR apartments available for that price. $800 for a decent 1BR.

Broad Ripple: Youthful, fun, full of nightlife, proximity to the most tenacious NCAA team ever, the Butler Bulldogs, as well as David Letterman and Kurt Vonnegut, Broad Ripple is clever and relevant. Broad Ripple is about 6 miles north of downtown and its "we're open if you are" motto sums up a lot about the bohemian nature of the village. There're 50 restaurants, some of them family style places, within a 1/3 mile radius. It's clean with lots going on. Around $725 for a 1BR, $875 for a 2 BR.

Fountain Square: Just a couple miles southeast of downtown Indianapolis, Fountain Square is one of Indianapolis' six designated cultural districts. Fountain Square is the primary neighborhood for Indy's artists and galleries and is anchored by the (bubbling with Americana) diner/duckpin bowling alley. Around $500 for a 1BR - bungalows and lofts here too.

White River Area: A couple miles west of downtown you'll find White River State Park - America's only urban cultural park. Located in the same vicinity is the Indianapolis Zoo - the only such institution accredited as a zoo, aquarium, and botanical garden. More sedate and outdoorsy than most other Indianapolis neighborhoods, the White River area boasts lots of golf courses and easy access to the 65 and 465 if you're driving somewhere, and the racetrack for if you're driving somewhere really FAST. This is a great part of the city for pet friendly apartments, many of which include great access to dog parks.

East: Go East-Northeast from downtown Indianapolis for 10 miles or so, in the direction I-69 and/or I-465 and you'll find many cookie-cutter complexes. Respectable, with landscaped grounds, amenities, water features, and social events, these offer the least in terms of vibrancy, but the most in terms of commuting and a lot-for-a-little. Decent 1 BR apartments under $500, 2 BR under $700.

Indianapolis is known for cars, but what about mine?

Traffic is not much of a problem, there is reasonably priced parking downtown, and the public transportation system is easy enough but limited. Keep your car, but just make sure that your apartment community offers either a parking garage or assigned parking spaces.

Just the facts Manning

Downtown Indianapolis and its cultural districts do not feature many apartment complexes or highrises. Smaller, landlord owned (but not onsite) homes in the Cape Cod or Bungalow style are somewhat common rental options. As such, the terms are rather varied, with some tenant-at-will, some 6-month lease scenarios, some 15-month arrangements in more upscale residences, and, of course, lots in between. Pets are widely accepted, even in the complexes, but pet deposits/pet rents may exist.

Plan about 5 times as well around Memorial Day (Indy 500) and end of July (Brickyard 400). Indianapolis gets insanely big and busy - not a good time to have the in-laws come in from Topeka.

Indianapolis trivia

Indianapolis, for its undeserved vanilla rep, does host the world’s most attended sporting event: the Indy 500 at which those seated, in pavilions, and tailgating can top 400,000, or 50% the size of the city itself. Say what you will about the societal contributions of racing, but that is an impressive feat considering there are just 32,000 total hotel rooms in the entire metropolitan region.

Rent Report
Indianapolis

November 2017 Indianapolis Rent Report

Welcome to the November 2017 Indianapolis Rent Report. In this report, we'll evaluate trends in the Indianapolis rental market, including comparisons to cities throughout the state and nation.

Indianapolis rents increased marginally over the past month

Indianapolis rents have increased 0.1% over the past month, and are up moderately by 2.6% in comparison to the same time last year. Currently, median rents in Indianapolis stand at $680 for a one-bedroom apartment and $850 for a two-bedroom. This is the tenth straight month that the city has seen rent increases after a decline in December of last year. Indianapolis' year-over-year rent growth leads the state average of 1.7%, but trails the national average of 2.7%.

Rents rising across cities in Indiana

Throughout the past year, rent increases have been occurring not just in the city of Indianapolis, but across the entire state. Of the largest 10 cities that we have data for in Indiana, 8 of them have seen prices rise. The state as a whole logged rent growth of 1.7% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

  • Looking throughout the state, Fishers is the most expensive of all Indiana's major cities, with a median two-bedroom rent of $1,190; of the 10 largest cities in Indiana that we have data for, Fishers and Lafayette, where two-bedrooms go for $1,190 and $800, are the only two major cities in the state to see rents fall year-over-year (-0.3% and -0.2%).
  • Indianapolis, Greenwood, and Evansville have all experienced year-over-year growth above the state average (2.6%, 2.3%, and 1.9%, respectively).

Indianapolis rents more affordable than many similar cities nationwide

As rents have increased moderately in Indianapolis, comparable cities nationwide have seen rents grow more modestly, or in some cases, even decline. Indianapolis is still more affordable than most other large cities across the country.

  • Indianapolis' median two-bedroom rent of $850 is below the national average of $1,160. Nationwide, rents have grown by 2.7% over the past year compared to the 2.6% rise in Indianapolis.
  • While Indianapolis' rents rose moderately over the past year, some cities nationwide saw decreases, including New York (-0.2%) and Miami (-0.2%).
  • Renters will find more reasonable prices in Indianapolis than most comparable cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than three-and-a-half times the price in Indianapolis.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
Indianapolis $680 $850 0.1% 2.6%
Carmel $960 $1,190 -0.0% 1.7%
Fishers $960 $1,190 -0.3% -0.3%
Noblesville $780 $960 0.2% 1.8%
Greenwood $710 $880 0.1% 2.3%
Zionsville $1,210 $1,490 -2.4% -1.2%

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

Read more about our methodology here.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.

Indianapolis Renter Confidence Survey
National study of renter confidence in the economy, homeownership, and cities
Here's how Indianapolis ranks on:
B Overall satisfaction
C Safety and crime rate
A- Jobs and career opportunities
A- Recreational activities
A- Affordability
B- Quality of schools
C- Weather
B Commute time
B State and local taxes
C- Public transit
B+ Pet-friendliness
Best Worst
Full data available when viewing on a non-mobile device.
Overview of Findings

Apartment List has released results for Indianapolis from the second annual Apartment List Renter Satisfaction Survey. The survey, which drew on responses from over 30,000 renters, provides insight into what states and cities must do to meet the needs of the 105 million American renters nationwide.

“Renters in Indianapolis are generally well satisfied,” says Andrew Woo, Director of Data Science at Apartment List. “They primarily gave average or above average scores in most categories.”

Key findings in Indianapolis include the following:

  • Indianapolis renters gave their city a B overall for satisfaction.
  • The highest-rated categories for Indianapolis- were its local jobs and career opportunities category, affordability and cost of living, and access to parks, which all received an A-.
  • Renters here seem to be generally satisfied with the quality of local schools (B-), state and local taxes (B), and commute times (B).
  • Categories like safety (C), weather (C-), and access to public transit (C-) all seemed to prove less satisfactory.
  • Millennial renters in particular seem to be pretty well satisfied with life in Indianapolis, giving the city an A overall.
  • Relative to other cities like Minneapolis (A) and Columbus (B), Indianapolis did pretty well, and did much better than others like Detroit (D).
  • The top rated cities nationwide for renter satisfaction included Arlington, VA; Lincoln, NE; Pasadena, CA; Boston, MA; and Madison, WI. The lowest rated cities included Newark, NJ; Bronx, NY; Bridgeport, CT; Baltimore, MD; and Salinas, CA.

Renters say:

  • “Indianapolis has a well-connected, professional public and business sector. Unique communities surrounding downtown offer an eclectic array of living styles, as well as a variety of nonprofits, community areas, and recreational activities.” —Abe R.
  • “Living in Indianapolis gives you the perfect balance of lifestyle. When you want to go out there are so many places and things to do. You are only 15 minutes from downtown where all the clubs and museums are. It’s also so family friendly…[with] many private schools. There are so many work opportunities in this city; it's just wonderful. But for those who crave their own space and land, Indianapolis may not be for you, and that's okay!” —Hayle C.