Department of Numbers

Indianapolis Indiana Residential Rent and Rental Statistics

The median monthly gross residential rent in Indianapolis, IN (the Indianapolis-Carmel metro area) was $825 in 2015 according to the Census ACS survey.1 Average gross rent in Indianapolis was $855 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Indianapolis median and average rent data will be released in September of 2017.

Data is also available below for Indianapolis rental vacancy rates, Indianapolis rent as a percent of median income and the fraction of renters in Indianapolis.

Show dollars as: Nominal Real

Real Gross Rent in Indianapolis Indiana (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Indiana Median Gross Rent $758 +1.20% +5.72%
Indianapolis, IN Median Gross Rent $825 +1.35% +6.45%

Indianapolis, IN Real Gross Rent Trends

At $825, real median gross rent in Indianapolis was at its highest level in 2015 since the series began in 2005. At $855, real average gross rent in Indianapolis was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in Indianapolis: Indianapolis IN Median, Indianapolis IN Average, Indiana Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Indianapolis

Date US
Median
Indiana
Median
Indianapolis, IN
Median
Indianapolis, IN
Average
2015 $959 $758 $825 $855
2014 $930 $749 $814 $831
2013 $898 $725 $783 $810
2012 $886 $717 $775 $796
2011 $887 $720 $778 $788
2010 $901 $719 $786 $803
2009 $905 $738 $806 $820
2008 $920 $748 $808 $808
2007 $874 $707 $770 $777
2006 $883 $739 $802 $803
2005 $858 $725 $785 $792

Indianapolis Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Indianapolis Indiana was 7.94% according to Census ACS data.

Rental Vacancy Rate in Indianapolis Indiana

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Indiana 7.94% -0.15% -0.49%
Indianapolis, IN 7.94% -0.66% -1.29%

Trends in Indianapolis, IN Rental Vacancy Rate

The rental vacancy rate in Indianapolis peaked in 2006 at 12.97%. Since then it has fallen by 5.03% to 7.94%. Data records for this series originated in 2005. From a 2013 post peak low of 7.80%, the rental vacancy rate has increased by 0.14%.

Rental Vacancy Rate: Indianapolis IN, Indiana, US

Rental vacancy rate in Indiana

Historical Rental Vacancy Rate data for Indianapolis

Date US Indiana Indianapolis, IN
2015 5.85% 7.94% 7.94%
2014 6.32% 8.09% 8.60%
2013 6.49% 7.00% 7.80%
2012 6.77% 8.43% 9.23%
2011 7.40% 8.47% 8.63%
2010 8.17% 8.78% 8.62%
2009 8.43% 10.44% 9.50%
2008 7.86% 9.02% 9.09%
2007 7.87% 9.72% 11.26%
2006 7.70% 11.17% 12.97%
2005 7.74% 10.67% 11.19%

Rent as a Fraction of Income

Using median household income data for Indianapolis, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Indianapolis, median monthly gross rent as a fraction of median household income was 18.22% in 2015 according to the ACS.

Indianapolis Indiana Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Indiana 18.00% -0.27% -0.26%
Indianapolis, IN 18.22% -0.56% +0.32%

Trends in Indianapolis, IN Rent as a Fraction of Income

The fraction of median Indianapolis household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.78%. Since then it has fallen by 0.56% to 18.22%.

Fraction of Income towards Rent: Indianapolis IN, Indiana, US

Percent of median household income going towards median monthly gross rent in Indianapolis Indiana

Historical Data for Annual Rent as a Fraction of Income in Indianapolis Indiana

Date US Indiana Indianapolis, IN
2015 20.63% 18.00% 18.22%
2014 20.89% 18.27% 18.78%
2013 20.78% 18.43% 18.53%
2012 20.65% 18.27% 17.90%
2011 20.70% 18.27% 18.04%
2010 20.50% 18.37% 18.32%
2009 20.12% 18.15% 17.85%
2008 19.00% 16.76% 16.19%
2007 18.66% 16.14% 15.71%
2006 18.90% 16.87% 16.36%
2005 18.89% 16.78% 16.02%

Renter Fraction in Indianapolis Indiana

You can calculate the renter fraction in Indianapolis in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Indianapolis as a fraction of total Indianapolis households. In 2015 35.82% of households were renters according to Census ACS data.

Indianapolis Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Indiana 31.82% +0.40% +1.20%
Indianapolis, IN 35.82% +0.40% +0.61%

Trends in the Indianapolis, IN Renter Fraction

At 35.82%, the 2015 household based renter fraction in Indianapolis was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Indianapolis IN, Indiana, US

Fraction of renters in Indianapolis

History of Indianapolis Renter Fraction

Date US Indiana Indianapolis, IN
2015 36.97% 31.82% 35.82%
2014 36.90% 31.42% 35.42%
2013 36.50% 31.48% 35.39%
2012 36.09% 30.62% 35.21%
2011 35.42% 30.28% 33.82%
2010 34.65% 29.71% 32.79%
2009 34.13% 29.57% 33.63%
2008 33.36% 28.17% 30.56%
2007 32.80% 28.37% 30.53%
2006 32.73% 27.88% 31.16%
2005 33.10% 28.00% 30.29%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.