Indianapolis rents and rental comps

Name: Indianapolis, IN rental market data
Creator: PropMetrics

The median asking rent across 17 Indianapolis zip codes is $1,350/month, up 1.8% from a year ago.

One of the best cash flow markets in the country. Low entry points, solid rents relative to price, and institutions haven't fully discovered it yet. Enjoy it while it lasts.

Median Asking Rent

$1,350

Rent Change (YoY)

+1.8%

Avg Days on Market

Active Rental Listings

2,214

Median List Price

$230,000

Median Asking Rent Over Time

Average across 17 zip codes

12 months+1.7%

Median Asking Rent by ZIP Code

Rental Listings by ZIP Code

ZIP	Median Rent	YoY Growth	$/Sqft	Avg DOM	Listings
46254	$1,850/mo	+3.1%	$1.37	47	84
46217	$1,820/mo	+4.1%	$1.24	34	65
46237	$1,755/mo	+3.2%	$1.22	45	80
46220	$1,750/mo	+9.4%	$1.48	60	90
46229	$1,615/mo	-2.4%	$1.12	38	70
46203	$1,450/mo	+3.6%	$1.30	38	238
46205	$1,450/mo	0.0%	$1.30	50	186
46204	$1,428/mo	+2.1%	$1.96	76	71
46227	$1,300/mo	+4.0%	$1.27	60	80
46226	$1,250/mo	-7.4%	$1.27	57	139
46202	$1,235/mo	-7.1%	$1.66	43	229
46201	$1,200/mo	+9.1%	$1.17	52	339
46218	$1,195/mo	+4.4%	$1.21	28	142
46225	$1,195/mo	-0.3%	$1.31	58	80
46224	$1,150/mo	+3.6%	$1.31	60	44
46208	$1,100/mo	-8.3%	$1.19	44	158
46222	$1,099/mo	+10.0%	$1.29	43	119

Comps for any address in Indianapolis

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Median Asking Rent by Bedroom

Unit Size	Median Rent	$/Sqft
Studio	$775/mo	$1.65/sqft
1 Bedroom	$950/mo	$1.46/sqft
2 Bedroom	$1,150/mo	$1.27/sqft
3 Bedroom	$1,695/mo	$1.22/sqft
4 Bedroom	$1,949/mo	$1.06/sqft

Aggregated median across all Indianapolis zip codes with available data.

For-Sale Listings by ZIP Code

ZIP	Median List Price	YoY Change	$/Sqft
46202	$400,000	+0.3%	$228.15
46204	$370,000	-2.4%	$268.95
46220	$359,900	+0.3%	$202.60
46205	$299,000	-0.3%	$173.54
46237	$285,000	+3.6%	$153.55
46217	$275,000	+1.9%	$158.91
46227	$249,900	+4.1%	$152.03
46229	$239,900	-7.6%	$138.89
46254	$230,000	-4.2%	$152.91
46225	$225,000	0.0%	$161.97
46224	$224,000	-6.7%	$161.29
46203	$214,900	-0.0%	$172.97
46201	$199,900	+5.2%	$146.02
46208	$199,000	+4.7%	$146.48
46226	$169,900	-8.2%	$135.17
46222	$159,900	+6.6%	$148.46
46218	$135,000	-3.6%	$133.74

HUD Fair Market Rents

Unit Size	Fair Market Rent	Median Asking Rent	Difference
Studio	$1,650/mo	$775/mo	-53%
1 Bedroom	$1,870/mo	$950/mo	-49%
2 Bedroom	$2,170/mo	$1,150/mo	-47%
3 Bedroom	$2,810/mo	$1,695/mo	-40%
4 Bedroom	$3,440/mo	$1,949/mo	-43%

HUD publishes Fair Market Rents once a year for the Indianapolis metro area. Local housing authorities use them to set Section 8 voucher payment standards, usually 90% to 110% of the FMR.

About the Indianapolis rental market

The median asking rent across Indianapolis, IN sits at $1,350/month, pulled from active rental listings in 17 zip codes. That's up 1.8% from a year ago.

Rents aren't uniform across the city. ZIP 46254 tops the list at $1,850/month. ZIP 46222 comes in lowest at $1,099/month. That's a 68% spread between the top and bottom zip codes, which is wide. City-wide averages won't tell you much about a specific property here.

A 2-bedroom rents for $1,150/month at the median. 1-bedrooms run about $950. 3-bedrooms come in around $1,695.

Listings take longer here. The average is 49 days on market, which gives renters more room to negotiate and means landlords should price carefully.

Gross rent-to-value lands around 7.0% ($1,350/month rent on a $230,000 median price). Middle of the pack for cash-flow markets.

HUD's Fair Market Rent for a 2-bedroom in the Indianapolis metro is $2,170/month. Asking rents come in about 38% below the federal benchmark, which can make Section 8 properties competitive here.

Indy is a cash flow market. Purchase prices are low relative to rents, which produces rent-to-price ratios you can't find in Sun Belt or coastal cities. The economy runs on healthcare (Eli Lilly, IU Health), logistics (central US location, FedEx hub), and a few other industries that aren't going anywhere. Broad Ripple, Fountain Square, and Mass Ave have gentrified and get premium rents. East and south sides have the best spreadsheet numbers for cash flow, but property condition and tenant quality vary widely. The math works in Indianapolis. Picking the right properties in the right neighborhoods is where investors win or lose.

These numbers are city-wide averages. If you're pricing a specific property in Indianapolis, pull comps from the same zip code. The spread is usually bigger than people expect.

Pull rental comps for an address in Indianapolis

City-wide medians are the headline. The comps that actually price a property come from the block it's on. Search any Indianapolis address to see them.