122 Apartments under 700 for rent in Indianapolis, IN

Last updated August 15 at 8:06am UTC
Heathmoore Apartments
5984 Heathmoore Dr
Indianapolis, IN
Updated August 15 at 6:47am UTC
Studio
$485
1 Bedroom
$600
2 Bedrooms
$765

August 2018 Indianapolis Rent Report

Welcome to the August 2018 Indianapolis Rent Report. Indianapolis rents remained steady over the past month. 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

August 2018 Indianapolis Rent Report

Welcome to the August 2018 Indianapolis Rent Report. Indianapolis rents remained steady over the past month. In this report, we'll evaluate trends in the Indianapolis rental market, including comparisons to cities throughout the state and nation.

Indianapolis rent trends were flat over the past month

Indianapolis rents have remained flat over the past month, however, they have increased slightly by 1.5% year-over-year. Currently, median rents in Indianapolis stand at $690 for a one-bedroom apartment and $860 for a two-bedroom. Indianapolis' year-over-year rent growth leads the state average of 1.1%, as well as the national average of 1.2%.

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 1.1% 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, Carmel is the most expensive of all Indiana's major cities, with a median two-bedroom rent of $1,210; of the 10 largest cities in the state that we have data for, Fishers, where a two-bedroom goes for $1,190, is the only major city to see rents fall year-over-year (-0.6%).
  • Noblesville, Carmel, and Greenwood have all experienced year-over-year growth above the state average (5.7%, 1.7%, and 1.5%, respectively).

Indianapolis rents more affordable than many comparable cities nationwide

As rents have increased slightly in Indianapolis, similar cities nationwide have seen rents grow more quickly. Indianapolis is still more affordable than most other large cities across the country.

  • Indianapolis' median two-bedroom rent of $860 is below the national average of $1,180. Nationwide, rents have grown by 1.2% over the past year compared to the 1.5% increase in Indianapolis.
  • While Indianapolis' rents rose slightly over the past year, some cities nationwide saw decreases, including Seattle (-2.4%) and Minneapolis (-0.4%).
  • Renters will find more reasonable prices in Indianapolis than most similar cities. For example, San Francisco has a median 2BR rent of $3,090, 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 $690 $860 0.0% 1.5%
Carmel $980 $1,210 1.5% 1.7%
Fishers $960 $1,190 -0.3% -0.6%
Noblesville $820 $1,020 -0.1% 5.7%
Greenwood $730 $900 0.6% 1.5%
Plainfield $780 $970 -0.3% 3.3%
Zionsville $1,270 $1,570 1.0% 2.1%

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.