10 Apartments under $700 for rent in Noblesville, IN
February 2020 Noblesville Rent Report
Welcome to the February 2020 Noblesville Rent Report. Noblesville rents declined over the past month. In this report, we'll evaluate trends in the Noblesville rental market, including comparisons to cities throughout the metro, state, and nation.
February 2020 Noblesville Rent Report
Welcome to the February 2020 Noblesville Rent Report. Noblesville rents declined over the past month. In this report, we'll evaluate trends in the Noblesville rental market, including comparisons to cities throughout the metro, state, and nation.
Noblesville rents declined significantly over the past month
Noblesville rents have declined 0.4% over the past month, but have increased moderately by 3.5% in comparison to the same time last year. Currently, median rents in Noblesville stand at $860 for a one-bedroom apartment and $1,065 for a two-bedroom. Noblesville's year-over-year rent growth leads the state and national averages, which both stand at 1.6%.
Rents rising across the Indianapolis Metro
Throughout the past year, rent increases have been occurring not just in the city of Noblesville, 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 $844; additionally, the city has seen the fastest rent growth in the metro over the past month (1.2%).
- Over the past year, Fishers has seen the biggest rent drop in the metro, with a decline of 4.6%. Median two-bedrooms there cost $1,143, while one-bedrooms go for $923.
- Zionsville has the most expensive rents of the largest cities in the Indianapolis metro, with a two-bedroom median of $1,615; rents went down 0.1% over the past month but rose 4.7% over the past year.
Noblesville rents more affordable than many large cities nationwide
As rents have increased moderately in Noblesville, a few large cities nationwide have also seen rents grow modestly. Noblesville is still more affordable than most large cities across the country.
- Rents increased moderately in other cities across the state, with Indiana as a whole logging rent growth of 1.6% over the past year. For example, rents have grown by 2.4% in Fort Wayne and 1.1% in Evansville.
- Noblesville's median two-bedroom rent of $1,065 is below the national average of $1,193. Nationwide, rents have grown by 1.6% over the past year compared to the 3.5% increase in Noblesville.
- While Noblesville's rents rose moderately over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Dallas (+2.4%), and Seattle (+1.8%).
- Renters will find more reasonable prices in Noblesville than most large cities. For example, San Francisco has a median 2BR rent of $3,090, which is more than two-and-a-half times the price in Noblesville.
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.