Median rents, rental comps, and market trends across 12 zip codes in Indianapolis, IN.
One of the best cash flow markets in the country. Low entry points, solid rents relative to purchase price, and institutional investors haven't fully discovered it yet. Enjoy that while it lasts.
Median Asking Rent
$1,286
Rent Change (YoY)
-5.0%
Avg Days on Market
54
Active Rental Listings
1,924
Median List Price
$222,450
Average across 12 zip codes
ZIP | Median Rent |
|---|---|
| 46217 | $1,740/mo |
| 46220 | $1,550/mo |
| 46204 | $1,467/mo |
| 46203 | $1,450/mo |
| 46225 | $1,378/mo |
| 46205 | $1,295/mo |
| 46227 | $1,295/mo |
| 46201 | $1,200/mo |
| 46208 | $1,200/mo |
| 46202 | $1,199/mo |
| 46218 | $1,100/mo |
| 46222 | $1,100/mo |
Get rental comps for any property in Indianapolis
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| Unit Size | Median Rent |
|---|---|
| Studio | $825/mo |
| 1 Bedroom | $881/mo |
| 2 Bedroom | $1,138/mo |
| 3 Bedroom | $1,598/mo |
| 4 Bedroom | $1,795/mo |
Aggregated median across all Indianapolis zip codes with available data.
| ZIP | Median List Price |
|---|---|
| 46202 | $400,000 |
| 46204 | $399,000 |
| 46220 | $330,000 |
| 46205 | $274,900 |
| 46217 | $270,000 |
| 46227 | $225,000 |
| 46225 | $219,900 |
| 46208 | $189,000 |
| 46203 | $185,000 |
| 46201 | $175,000 |
| 46222 | $144,900 |
| 46218 | $120,000 |
| Unit Size | Fair Market Rent |
|---|---|
| Studio | $1,650/mo |
| 1 Bedroom | $1,870/mo |
| 2 Bedroom | $2,170/mo |
| 3 Bedroom | $2,810/mo |
| 4 Bedroom | $3,440/mo |
Fair Market Rents are published annually by HUD for the Indianapolis metropolitan area. Local housing authorities use these to set Section 8 voucher payment standards, typically between 90% and 110% of the FMR.
The median asking rent across Indianapolis, IN is currently $1,286/month, based on active rental listings across 12 zip codes. Median asking rents have decreased by -5.0% over the past 12 months.
Asking rents vary significantly across the city. ZIP 46217 has the highest median asking rent at $1,740/month, while ZIP 46218 comes in at $1,100/month.
Rental listings in the area spend an average of 54 days on market before being leased, suggesting a more tenant-friendly market.
The HUD Fair Market Rent for a 2-bedroom in the Indianapolis metro area is $2,170/month. Current median asking rents are near or below the FMR for this area.
Indy is a cash flow investor's market. Purchase prices are low relative to rents, which gives you rent-to-price ratios that are hard to find in Sun Belt or coastal markets. The economy runs on healthcare (Eli Lilly, IU Health), logistics (central location, FedEx hub), and a few other industries that aren't going anywhere. Broad Ripple, Fountain Square, and Mass Ave have all gentrified and get premium rents. East and south sides are where the numbers look best on paper for cash flow, but property condition and tenant quality vary a lot. This is a market where the math works — just make sure you're picking the right properties in the right neighborhoods.
Want to look up rental comps and rent estimates for a specific property in Indianapolis? PropMetrics lets you search any address and get detailed rental data instantly.
Get rent estimates, comparable rentals, and market data for any property in Indianapolis, IN. Free to start.
What rental comps are, what makes a good one, and how to use them to price your rental property accurately.
Fair market rent, Section 8, HUD... what does it all mean? A straightforward breakdown of how it works and why it matters.
A step-by-step guide to pricing your rental so it rents quickly without leaving money on the table.