GITNUX REPORT 2024

Average Rent in Indianapolis: Detailed Breakdown of Housing Costs in 2021

Discover the current rental landscape in Indianapolis: average prices, popular neighborhoods, and rental trends.

Author: Jannik Lindner

First published: 7/17/2024

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40% of renters in Indianapolis spend more than 30% of their income on rent

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The average apartment size in Indianapolis is 875 square feet

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Studio apartments make up 7% of the rental market in Indianapolis

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1-bedroom apartments make up 40% of the rental market in Indianapolis

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2-bedroom apartments make up 43% of the rental market in Indianapolis

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3-bedroom apartments make up 10% of the rental market in Indianapolis

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40% of rental properties in Indianapolis have on-site laundry facilities

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25% of rental properties in Indianapolis have a fitness center

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35% of rental properties in Indianapolis have a swimming pool

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15% of rental properties in Indianapolis offer covered parking

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The average square footage per person in Indianapolis rentals is 450 square feet

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Average rent for a 1-bedroom apartment in Indianapolis is $1,015 per month

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Average rent for a 2-bedroom apartment in Indianapolis is $1,195 per month

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Average rent for a studio apartment in Indianapolis is $875 per month

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Average rent for a 3-bedroom apartment in Indianapolis is $1,395 per month

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Average rent for a 4-bedroom apartment in Indianapolis is $1,650 per month

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65% of rental properties in Indianapolis were built before 1990

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25% of rental properties in Indianapolis were built between 1990 and 2010

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10% of rental properties in Indianapolis were built after 2010

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The average rent for a single-family home in Indianapolis is $1,295 per month

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The average rent for a townhouse in Indianapolis is $1,150 per month

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The average rent for a duplex in Indianapolis is $995 per month

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The average rent for luxury apartments in Indianapolis is $1,450 per month

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The vacancy rate for rentals in Indianapolis is 7.2%

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The average time to rent a property in Indianapolis is 24 days

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75% of rental properties in Indianapolis are managed by property management companies

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25% of rental properties in Indianapolis are managed by individual landlords

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Indianapolis is the 91st most expensive rental market in the country

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Rent prices in Indianapolis are 37% lower than the national average

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The average rent in Indianapolis is 15% lower than the Indiana state average

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The average rent in Downtown Indianapolis is $1,385 per month

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The average rent in Broad Ripple is $1,150 per month

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The average rent in Fountain Square is $1,225 per month

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The average rent in Meridian-Kessler is $1,275 per month

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The average rent in Irvington is $950 per month

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The overall average rent in Indianapolis is $1,091 per month

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The median rent for all bedroom types in Indianapolis is $1,095 per month

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62% of apartments in Indianapolis rent for between $701-$1,000 per month

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25% of apartments in Indianapolis rent for between $1,001-$1,500 per month

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8% of apartments in Indianapolis rent for more than $1,500 per month

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5% of apartments in Indianapolis rent for less than $700 per month

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Rent prices in Indianapolis have increased by 7% compared to the previous year

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The average rent increase in Indianapolis is 3-5% per year for renewed leases

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The average security deposit for rentals in Indianapolis is equal to one month's rent

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75% of landlords in Indianapolis require a credit check for potential tenants

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85% of rental properties in Indianapolis allow pets with additional fees

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The average pet deposit in Indianapolis is $250

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30% of rental properties in Indianapolis include utilities in the rent

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The average length of a lease agreement in Indianapolis is 12 months

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20% of rental properties in Indianapolis offer short-term leases (less than 12 months)

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70% of renters in Indianapolis use online platforms to search for rentals

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The average cost of renter's insurance in Indianapolis is $15 per month

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The average cost of parking in Indianapolis rental properties is $50 per month

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46% of households in Indianapolis are renter-occupied

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The average renter in Indianapolis stays in their apartment for 2.5 years

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33% of renters in Indianapolis are under the age of 35

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The average income of renters in Indianapolis is $47,000 per year

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55% of renters in Indianapolis have a bachelor's degree or higher

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60% of renters in Indianapolis have lived in the city for more than 5 years

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The average commute time for renters in Indianapolis is 23 minutes

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35% of renters in Indianapolis work in the healthcare industry

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20% of renters in Indianapolis work in the technology sector

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15% of renters in Indianapolis work in education

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The average age of renters in Indianapolis is 32 years old

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40% of renters in Indianapolis are single

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35% of renters in Indianapolis are married

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25% of renters in Indianapolis have children

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Summary

  • Average rent for a 1-bedroom apartment in Indianapolis is $1,015 per month
  • Average rent for a 2-bedroom apartment in Indianapolis is $1,195 per month
  • Average rent for a studio apartment in Indianapolis is $875 per month
  • Average rent for a 3-bedroom apartment in Indianapolis is $1,395 per month
  • Average rent for a 4-bedroom apartment in Indianapolis is $1,650 per month
  • The overall average rent in Indianapolis is $1,091 per month
  • Rent prices in Indianapolis have increased by 7% compared to the previous year
  • The median rent for all bedroom types in Indianapolis is $1,095 per month
  • Indianapolis is the 91st most expensive rental market in the country
  • The average rent in Downtown Indianapolis is $1,385 per month
  • The average rent in Broad Ripple is $1,150 per month
  • The average rent in Fountain Square is $1,225 per month
  • The average rent in Meridian-Kessler is $1,275 per month
  • The average rent in Irvington is $950 per month
  • 46% of households in Indianapolis are renter-occupied

Finding a rental in Indianapolis is like solving a real estate Rubiks Cube, with each block representing a different statistic. From the $1,015 average for a 1-bedroom apartment to the 7% rent hike YoY, its a numbers game in the 91st priciest market in the U.S. Where you land—be it Broad Ripple or Fountain Square—determines your $1,091 monthly average fate. So gear up for some downtown living at $1,385, or cozy up in Irvington at $950. Just remember, in this rental roulette, 46% of households in the Circle City roll the dice as renters. Choose wisely, fellow Hoosiers.

Affordability

  • 40% of renters in Indianapolis spend more than 30% of their income on rent

Interpretation

Looks like Indianapolis has become a city where renting is less of a walk in the park and more of a tightrope act. With 40% of renters stretching their wallets thin just to keep a roof over their heads, it's no wonder many are tip-toeing dangerously close to the edge of financial stability. The average rent in Indianapolis isn't just a number on paper—it's a harsh reality that begs the question: when did renting in the Crossroads of America become a high-stakes game of budgeting roulette?

Apartment Characteristics

  • The average apartment size in Indianapolis is 875 square feet
  • Studio apartments make up 7% of the rental market in Indianapolis
  • 1-bedroom apartments make up 40% of the rental market in Indianapolis
  • 2-bedroom apartments make up 43% of the rental market in Indianapolis
  • 3-bedroom apartments make up 10% of the rental market in Indianapolis
  • 40% of rental properties in Indianapolis have on-site laundry facilities
  • 25% of rental properties in Indianapolis have a fitness center
  • 35% of rental properties in Indianapolis have a swimming pool
  • 15% of rental properties in Indianapolis offer covered parking
  • The average square footage per person in Indianapolis rentals is 450 square feet

Interpretation

In the quirky puzzle of Indianapolis rentals, where studio apartments are the elusive unicorns at 7% and 2-bedroom abodes reign supreme at 43%, it seems size does matter. With the average square footage per person clocking in at a cozy 450 square feet, it's a wonder where all the stuff goes! But fear not, as 40% of rental properties come equipped with on-site laundry facilities to keep those clothes from taking over, and 25% boast a fitness center to help tenants sweat out any space-related stress. So whether you're a lone wolf in a studio or a social butterfly in a 3-bedroom palace, Indianapolis has a quirky mix of options to suit every renter's needs.

Apartment Sizes

  • Average rent for a 1-bedroom apartment in Indianapolis is $1,015 per month
  • Average rent for a 2-bedroom apartment in Indianapolis is $1,195 per month
  • Average rent for a studio apartment in Indianapolis is $875 per month
  • Average rent for a 3-bedroom apartment in Indianapolis is $1,395 per month
  • Average rent for a 4-bedroom apartment in Indianapolis is $1,650 per month

Interpretation

In a city where the average rent for a 1-bedroom apartment could get you a week's worth of avocado toast in some trendy neighborhoods, Indianapolis seems to be striking a balance between affordability and urban charm. With prices ranging from the humble studio apartment at $875 per month to the spacious 4-bedroom abode at $1,650 per month, there's a little something for everyone in the Circle City. Whether you prefer to splurge on closet space or save for those Friday night cocktails, Indianapolis is proving that you can have your rent and still go out to eat, too.

Housing Stock

  • 65% of rental properties in Indianapolis were built before 1990
  • 25% of rental properties in Indianapolis were built between 1990 and 2010
  • 10% of rental properties in Indianapolis were built after 2010

Interpretation

Indianapolis's rental housing market seems to be stuck in a bit of a time warp, with a majority of rental properties harkening back to the pre-internet era. It appears that in this city, older is definitely the new black when it comes to housing options. While some may find charm in the vintage appeal of these properties, it begs the question of whether the city is ready for a more modern update. As the saying goes, they don't build them like they used to, but perhaps it's time for Indianapolis to give the newer kids on the block a chance to shine.

Housing Types

  • The average rent for a single-family home in Indianapolis is $1,295 per month
  • The average rent for a townhouse in Indianapolis is $1,150 per month
  • The average rent for a duplex in Indianapolis is $995 per month

Interpretation

Indianapolis seems to be playing a real-life game of Goldilocks with its rental prices - single-family homes are just right at $1,295, townhouses are a tad too cold at $1,150, and duplexes are feeling a bit too hot at $995. It's a rental market where finding the perfect fit can feel as elusive as a fairytale ending. But with some savvy searching and a sprinkle of luck, tenants in the Circle City can hopefully land a rental that's just right for their budget.

Luxury Rentals

  • The average rent for luxury apartments in Indianapolis is $1,450 per month

Interpretation

In a city known for its Hoosier hospitality, it seems that luxury comes at a price in Indianapolis. With an average rent of $1,450 per month for upscale apartments, it's clear that living the high life in the Circle City doesn't come cheap. But hey, who needs money when you're surrounded by all that corn and Indy car racing, right? Remember, in Indianapolis, even the rent payments can go fast.

Market Characteristics

  • The vacancy rate for rentals in Indianapolis is 7.2%
  • The average time to rent a property in Indianapolis is 24 days
  • 75% of rental properties in Indianapolis are managed by property management companies
  • 25% of rental properties in Indianapolis are managed by individual landlords

Interpretation

In a real estate landscape that could give even the most seasoned house hunters a run for their money, Indianapolis proves to strike a balance between choice and competition. With a vacancy rate at a respectable 7.2%, one might wonder if residents are engaging in a covert game of hide-and-seek within the city limits. And with properties being snatched up in just under a month on average, it seems like renters in Indianapolis have mastered the art of speed dating for homes. And while 75% of rental properties are under the watchful eye of property management companies, the remaining 25% are left in the hands of individual landlords who, one can only assume, take pride in spying on potential tenants through peepholes in their spare time.

Market Comparison

  • Indianapolis is the 91st most expensive rental market in the country
  • Rent prices in Indianapolis are 37% lower than the national average
  • The average rent in Indianapolis is 15% lower than the Indiana state average

Interpretation

Indianapolis, the 91st most expensive rental market in the country, is serving up a delightful dish of affordability amidst a landscape of skyrocketing housing costs. With rent prices lurking at 37% below the national average and a cool 15% dip below the state average, Indianapolis is like the friend who always insists on picking up the tab at dinner - reliable, generous, and pleasantly surprising. So, while other cities may be flexing their real estate muscles, Indianapolis is a beacon of financial sanity where your wallet can breathe a sigh of relief. Cheers to the Circle City for keeping it cool, calm, and collected in the rent race.

Neighborhood Variations

  • The average rent in Downtown Indianapolis is $1,385 per month
  • The average rent in Broad Ripple is $1,150 per month
  • The average rent in Fountain Square is $1,225 per month
  • The average rent in Meridian-Kessler is $1,275 per month
  • The average rent in Irvington is $950 per month

Interpretation

As the rent prices in Indianapolis paint a vivid picture of the city's diverse neighborhoods, one thing is clear - living in Downtown means paying the premium to be at the heart of the action, while those opting for the charm of historic Irvington get to save a pretty penny. From the trendy streets of Broad Ripple to the artistic flair of Fountain Square and the upscale feel of Meridian-Kessler, each neighborhood offers its unique blend of lifestyle and culture, with rent prices reflecting the nuances of choice and location in this bustling Midwestern metropolis.

Overall Average

  • The overall average rent in Indianapolis is $1,091 per month
  • The median rent for all bedroom types in Indianapolis is $1,095 per month

Interpretation

Indianapolis, the city of basketball legends and racing fanatics, seems to be spinning its own unique rent game. With an overall average rent of $1,091 per month and a median rent of $1,095 per month for all bedroom types, it's like the housing market is playing a cheeky prank on renters, keeping them on their toes and their wallets in check. As Hoosiers navigate this rental maze, they might find themselves pondering if the numbers are as elusive as a race car zooming around the Indy 500 track. A city where rent prices whizz around like an expert three-pointer, Indianapolis residents better keep their game faces on as they hustle for the perfect home sweet home.

Rent Distribution

  • 62% of apartments in Indianapolis rent for between $701-$1,000 per month
  • 25% of apartments in Indianapolis rent for between $1,001-$1,500 per month
  • 8% of apartments in Indianapolis rent for more than $1,500 per month
  • 5% of apartments in Indianapolis rent for less than $700 per month

Interpretation

In Indianapolis, it seems like the rental market is playing a game of Goldilocks, with 62% of apartments offering prices that are just right, 25% reaching for the porridge labeled “luxury,” 8% residing in the penthouse suite, and 5% opting for the budget-friendly bowl. So whether you're looking for a cozy spot, a grandiose abode, or aiming to stretch your dollar, there's a rental option in the Hoosier state capital for every taste and budget.

Rent Trends

  • Rent prices in Indianapolis have increased by 7% compared to the previous year
  • The average rent increase in Indianapolis is 3-5% per year for renewed leases

Interpretation

Indianapolis residents are feeling the squeeze as rent prices in the city continue to climb faster than a squirrel up a tree. With a 7% increase compared to last year, finding an affordable place to hang your hat is becoming more challenging than ever. Landlords seem to have caught a case of selective amnesia, conveniently forgetting the 3-5% average increase for renewed leases and opting for a more generous raise instead. Looks like the only thing guaranteed to go up in Indianapolis is your monthly rent check – better start saving those pennies!

Rental Practices

  • The average security deposit for rentals in Indianapolis is equal to one month's rent
  • 75% of landlords in Indianapolis require a credit check for potential tenants
  • 85% of rental properties in Indianapolis allow pets with additional fees
  • The average pet deposit in Indianapolis is $250
  • 30% of rental properties in Indianapolis include utilities in the rent
  • The average length of a lease agreement in Indianapolis is 12 months
  • 20% of rental properties in Indianapolis offer short-term leases (less than 12 months)
  • 70% of renters in Indianapolis use online platforms to search for rentals
  • The average cost of renter's insurance in Indianapolis is $15 per month
  • The average cost of parking in Indianapolis rental properties is $50 per month

Interpretation

In the intricate dance of renting in Indianapolis, where security deposits play hide and seek with credit checks, and furry friends tiptoe in with their additional fees, it's a jungle out there. With lease agreements strutting a tightrope of 12 months, some properties daring to offer quickies, and utility inclusions playing hard to get, renters are left to navigate a maze of choices. But fear not, as the tech-savvy majority turns to online platforms for salvation amid the chaos, while the financial woes of $15 renter's insurance and the ongoing saga of $50 parking costs serve as the background music to this rental opera. In this city of opportunity and challenges, one thing's for sure - the average renter in Indianapolis is in for a rollercoaster ride.

Renter Demographics

  • 46% of households in Indianapolis are renter-occupied
  • The average renter in Indianapolis stays in their apartment for 2.5 years
  • 33% of renters in Indianapolis are under the age of 35
  • The average income of renters in Indianapolis is $47,000 per year
  • 55% of renters in Indianapolis have a bachelor's degree or higher
  • 60% of renters in Indianapolis have lived in the city for more than 5 years
  • The average commute time for renters in Indianapolis is 23 minutes
  • 35% of renters in Indianapolis work in the healthcare industry
  • 20% of renters in Indianapolis work in the technology sector
  • 15% of renters in Indianapolis work in education
  • The average age of renters in Indianapolis is 32 years old
  • 40% of renters in Indianapolis are single
  • 35% of renters in Indianapolis are married
  • 25% of renters in Indianapolis have children

References