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Indianapolis, IN: 382 apartments available for rent

Last updated May 28 at 9:24PM
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City Guide
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
May 2017 Indianapolis Rent Report

Indianapolis rents grew over the past month

Indianapolis rent prices grew by 0.2% over the past month, and year-over-year rent growth is now at 2.1%. 1-bedrooms in Indianapolis have a median rent of $750, while 2-bedrooms cost $850.

Indianapolis is the 4th most expensive city

  • Fishers: Fishers is the most expensive city for renters in Indiana. A 2-bedroom in Fishers runs $1,290, while 1-bedrooms rent for $1,000. Rents in Fishers grew by 0.4% over the past month.
  • Bloomington: Bloomington has the 2nd highest rent prices in the state, despite a 0.6% decrease in rents over the past month. 1- and 2-bedrooms in Bloomington cost $700 and $1,200, respectively.
  • Evansville: Evansville is the 8th most expensive city for renters in the state. 2-bedrooms in Evansville have a median rent of $630, and 1-beds cost $500.

Carmel shows the fastest-growing rents

  • Carmel: With prices 3.4% higher than last year, Carmel shows the fastest-growing rents in the state. A 2-bedroom in Carmel goes for $1,140, and 1-bedrooms run $960.
  • Gary: Rents in Gary are 2.7% higher than they were last year, the 2nd highest growth of any city in Indiana during that same period. Median rents in Gary are at $650 for 2-bedrooms and $580 for 1-bedrooms.
  • South Bend: In South Bend, rents have grown by 0.2% in the past year. 2-bedrooms in South Bend have a median rent of $810, while 1-bedrooms rent for $700.

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 1 BR price Median 2 BR price M/M price change Y/Y price change
Fishers $1000 $1290 0.4% 0.8%
Bloomington $700 $1200 -0.6% 1.4%
Carmel $960 $1140 -0.1% 3.4%
Indianapolis $750 $850 0.2% 2.1%
South Bend $700 $810 2.0% 0.2%
Lafayette $640 $700 -0.2% 1.3%
Gary $580 $650 0.0% 2.7%
Evansville $500 $630 0.4% 0.1%
Fort Wayne $500 $600 -0.4% 0.0%
Muncie $490 $600 0.3% 1.6%

Indianapolis Neighborhood Price Map


Apartment List Rent Report data is drawn monthly from the millions of listings on our site. 1-bedroom and 2-bedroom rents are calculated as the median for units available in the specified size and time period. Price changes are calculated using a “same unit” methodology similar to the Case-Shiller “repeat sales” home prices methodology, taking the average price change for units available across both time periods.

About Rent Reports:

Apartment List’s Rent Reports cover rental pricing data in major cities, their suburbs, and their neighborhoods. We provide valuable leading indicators of rental price trends, highlight data on top cities, and identify the key facts renters should know. As always, our goal is to provide price transparency to America’s 105 million renters to help them make the best possible decisions in choosing a place to call home.

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.