887 Apartments for rent in Indianapolis, IN
📍Average Rent in Indianapolis
Traffic at Monument Circle in downtown Indianapolis
Racecar at Indy 500 series with US navy member
Pair of Sichuan Takin fight at Indianapolis Zoo
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).
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.
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.
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.
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, 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.
December 2019 Indianapolis Rent Report
Welcome to the December 2019 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 metro, state, and nation.
December 2019 Indianapolis Rent Report
Welcome to the December 2019 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 metro, state, and nation.
Indianapolis rents held steady over the past month
Indianapolis rents have remained flat over the past month, however, they are up slightly by 1.7% year-over-year. Currently, median rents in Indianapolis stand at $704 for a one-bedroom apartment and $872 for a two-bedroom. Indianapolis' year-over-year rent growth leads the state average of 1.3%, as well as the national average of 1.4%.
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, 8 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 $810; additionally, the city has seen rent growth of 2.7% over the past month, the fastest in the metro.
- Over the past year, Fishers has seen the biggest rent drop in the metro, with a decline of 4.9%. Median two-bedrooms there cost $1,139, while one-bedrooms go for $920.
- Zionsville has the most expensive rents of the largest cities in the Indianapolis metro, with a two-bedroom median of $1,608; rents were up 0.7% over the past month and 4.6% over the past year.
Indianapolis rents more affordable than many similar cities nationwide
As rents have increased slightly in Indianapolis, a few other large cities nationwide have also seen rents grow modestly. Indianapolis is still more affordable than most comparable cities across the country.
- Rents increased slightly in other cities across the state, with Indiana as a whole logging rent growth of 1.3% 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 $872 is below the national average of $1,191. Nationwide, rents have grown by 1.4% over the past year compared to the 1.7% rise in Indianapolis.
- While Indianapolis' rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.9%), Dallas (+2.2%), and Seattle (+1.6%).
- Renters will find more reasonable prices in Indianapolis than most similar cities. For example, San Francisco has a median 2BR rent of $3,101, 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.
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.
Renter Confidence Survey
Apartment List has released Indianapolis’ results from the third annual Apartment List Renter Satisfaction Survey. This survey, which drew on responses from over 45,000 renters nationwide, provides insight on what states and cities must do to meet the needs of the country’s 111 million renters.
"Indianapolis renters expressed general satisfaction with the city overall," according to Apart...
Here’s how Indianapolis ranks on:
Apartment List has released Indianapolis’ results from the third annual Apartment List Renter Satisfaction Survey. This survey, which drew on responses from over 45,000 renters nationwide, provides insight on what states and cities must do to meet the needs of the country’s 111 million renters.
"Indianapolis renters expressed general satisfaction with the city overall," according to Apartment List. "However, ratings varied greatly across different categories, indicating that even hough renters love Indianapolis, some aspects can be better."
Key Findings in Indianapolis include the following:
- Indianapolis renters gave their city a C+ overall.
- The highest-rated categories for Indianapolis were affordability and commute time, which received A- and B+ grades, respectively.
- The areas of concern to Indianapolis renters are weather (F) and public transit (D).
- Indianapolis millennials are moderately satisfied with their city, giving it an overall rating of C+, while renters who are parents are less satisfied, giving it an F.
- Indianapolis did relatively well compared to similar cities nationwide, including Columbus (C+), Baltimore (C) and Albuquerque (C).
- The top rated cities nationwide for renter satisfaction include Scottsdale, AZ, Irvine, CA, Boulder, CO and Ann Arbor, MI. The lowest rated cities include Tallahassee, FL, Stockton, CA, Dayton, OH, Detroit, MI and Newark, NJ.
Renters say:
- "There are always things to do in Indianapolis, like events where you can get to know other people." -Annie N.
- "It’s a good-sized city with a small-town feel." -Jennifer B.
- "I love the way the Indianapolis area has evolved, but the increase in crime is a concern." -Anon.
For more information on the survey methodology and findings or to speak to one of our researchers, please contact our team at rentonomics@apartmentlist.com.