Carmel Rent Report: July 2026

Welcome to the Apartment List July 2026 Rent Report for Carmel, IN. Currently, the overall median rent in the city stands at $1,610, roughly the same as last month. Prices remain down 2.0% year-over-year. Read on to learn more about what’s been happening in the Carmel rental market and how it compares to trends throughout the broader Indianapolis metro area and the nation as a whole.

The median rent in Carmel rose by 0.3% over the course of June, and has now decreased by a total of 2.0% over the past 12 months. Carmel’s rent growth over the past year has has fallen behind the state average (0.3%) and is similar to the national average (-1.2%).

Six months into the year, rents in Carmel have risen 5.1%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to June 2025 rents had increased 6.1%.

If we expand our view to the wider Indianapolis metro area, the median rent is $1,272 meaning that the median price in Carmel ($1,610) is 26.6% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -0.4%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 5 cities in the Indianapolis metro area that are included in our database. Among them, Fishers is currently the most expensive, with a median rent of $1,679. Indianapolis is the metro’s most affordable city, with a median rent of $1,236. The metro's fastest annual rent growth is occurring in Fishers (0.4%) while the slowest is in Carmel (-2.0%).

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.