127 Apartments under 700 for rent in Indianapolis, IN

Last updated November 24 at 4:50am UTC
Apartment List detective logo

Keep Looking!

Try removing some filters or broadening your
search area to see more results.

Apartment List detective logo

Zoom in to see more.

Trying to get a feel for the larger area? No problem.
When you're ready, zoom in again to see pins and listings.

Apartment List sad heart

Something went wrong.

Please try your search again or reload the page.

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.

View full Indianapolis Rent Report
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.