Indianapolis, IN Rental Market Trends

Indianapolis Rent Report: July 2024

Welcome to the Apartment List July 2024 Rent Report for Indianapolis, IN. Currently, the overall median rent in the city stands at $1,222, after rising 0.6% last month. Prices and are now up 1.4% year-over-year. Read on to learn more about what’s been happening in the Indianapolis rental market and how it compares to trends throughout the broader Indianapolis metro area and the nation as a whole.

Indianapolis rents are up 0.6% month-over-month and up 1.4% year-over-year

The median rent in Indianapolis rose by 0.6% over the course of June, and has now increased by a total of 1.4% over the past 12 months. Indianapolis’s rent growth over the past year has is similar to the state average (1.8%) and has outpaced the national average (-0.7%).

Indianapolis rent growth in 2024 pacing similar last year

Six months into the year, rents in Indianapolis have risen 1.4%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to June 2023 rents had increased 1.7%.

June rent growth in Indianapolis ranked #37 among large U.S. cities

Indianapolis rents went up 0.6% in the past month, compared to the national rate of 0.4%. Among the nation's 100 largest cities, this ranks #37. Similar monthly rent growth took place in Greensboro, NC (0.6%) and Tacoma, WA (0.6%).

Indianapolis is the #77 most expensive large city in the U.S., with a median rent of $1,222

Citywide, the median rent currently stands at $1,051 for a 1-bedroom apartment and $1,245 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,222. That ranks #77 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,239 for a 1-bedroom, $1,396 for a 2-bedroom, and $1,411 overall. The median rent in Indianapolis is 13.4% lower than the national, and is similar to the prices you would find in Omaha, NE ($1,230) and San Antonio, TX ($1,216).

Indianapolis rents are 3.0% lower than the metro-wide median

If we expand our view to the wider Indianapolis metro area, the median rent is $1,260 meaning that the median price in Indianapolis proper ($1,222) is 3.0% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 1.4%, below 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 $1,672. Indianapolis is the metro’s most affordable city, with a median rent of $1,222. The metro's fastest annual rent growth is occurring in Noblesville (3.1%) while the slowest is in Fishers (-3.1%).

City
Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
Carmel
$1,466
$1,647
1.7%
1.5%
Fishers
$1,360
$1,645
3.2%
-3.1%
Greenwood
$1,060
$1,272
0.4%
2.0%
Indianapolis
$1,051
$1,245
0.6%
1.4%
Noblesville
$1,269
$1,385
0.3%
3.1%
See More

You can also use the map below to explore the latest rent trends in the Indianapolis metropolitan area.

Methodology

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.

Data Access

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.

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