281 Pet Friendly Apartments for rent in Indianapolis, IN
July 2020 Indianapolis Rent Report
Welcome to the July 2020 Indianapolis Rent Report. Indianapolis rents increased over the past month. In this report, we'll evaluate trends in the Indianapolis rental market, including comparisons to cities throughout the metro, state, and nation.
July 2020 Indianapolis Rent Report
Welcome to the July 2020 Indianapolis Rent Report. Indianapolis rents increased over the past month. In this report, we'll evaluate trends in the Indianapolis rental market, including comparisons to cities throughout the metro, state, and nation.
Indianapolis rents increased slightly over the past month
Indianapolis rents have increased 0.2% over the past month, and are up slightly by 1.2% in comparison to the same time last year. Currently, median rents in Indianapolis stand at $711 for a one-bedroom apartment and $880 for a two-bedroom. This is the second straight month that the city has seen rent increases after a decline in April. Indianapolis' year-over-year rent growth leads the state average of 0.9%, as well as the national average of 0.2%.
Rents rising across the Indianapolis Metro
Throughout the past year, rent increases have been occurring not just in the city of Indianapolis, but across the entire metro. Of the largest 10 cities that we have data for in the Indianapolis metro, 9 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Beech Grove has the least expensive rents in the Indianapolis metro, with a two-bedroom median of $848; the city has also experienced the fastest rent growth in the metro, with a year-over-year increase of 3.2%.
- Over the past year, Fishers is the only city in the metro that has seen rents fall, with a decline of 5.9%. Median two-bedrooms there cost $1,147, while one-bedrooms go for $926.
- Zionsville has the most expensive rents of the largest cities in the Indianapolis metro, with a two-bedroom median of $1,620; rents increased 0.2% over the past month and 2.3% over the past year.
Indianapolis rents more affordable than many comparable cities nationwide
As rents have increased slightly in Indianapolis, other large cities nationwide have seen rents grow more quickly. Indianapolis is still more affordable than most other large cities across the country.
- Although rents across cities in Indiana have been slightly on the rise, the state's growth as a whole has held steady over the past year. For example, rents have grown by 1.7% in Fort Wayne and 1.2% in Evansville.
- Indianapolis' median two-bedroom rent of $880 is below the national average of $1,192. Nationwide, rents have held steady over the past year.
- While Indianapolis' rents rose slightly over the past year, the city of Phoenix also saw an increase of 1.9%.
- Renters will find more reasonable prices in Indianapolis than most similar cities. For example, San Francisco has a median 2BR rent of $3,035, which is nearly 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.
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.