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 $932 in 2019 according to the Census ACS survey.1 Average gross rent in Indianapolis was $970 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Indianapolis median and average rent data will be released in September of 2021.

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 (2019 dollars)2

2019 1 Year Change 3 Year Change
US Median Gross Rent $1,097 +1.86% +6.82%
Indiana Median Gross Rent $840 +0.60% +4.48%
Indianapolis, IN Median Gross Rent $932 +0.98% +4.37%

Indianapolis, IN Real Gross Rent Trends

At $932, real median gross rent in Indianapolis was at its highest level in 2019 since the series began in 2005. At $970, real average gross rent in Indianapolis was at its highest level in 2019 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
2019 $1,097 $840 $932 $970
2018 $1,077 $835 $923 $963
2017 $1,043 $818 $914 $936
2016 $1,027 $804 $893 $928
2015 $1,017 $804 $875 $907
2014 $986 $795 $864 $882
2013 $953 $769 $831 $859
2012 $940 $761 $822 $845
2011 $941 $764 $825 $836
2010 $955 $763 $834 $851
2009 $960 $783 $855 $870

more history ...

Indianapolis Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Indianapolis Indiana was 6.11% according to Census ACS data.

Rental Vacancy Rate in Indianapolis Indiana

2019 1 Year Change 3 Year Change
US 5.97% -0.18% +0.08%
Indiana 6.89% +0.30% -0.07%
Indianapolis, IN 6.11% -1.16% -0.82%

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 6.86% to 6.11%. Data records for this series originated in 2005.

Rental Vacancy Rate: Indianapolis IN, Indiana, US

Rental vacancy rate in Indiana

Historical Rental Vacancy Rate data for Indianapolis

Date US Indiana Indianapolis, IN
2019 5.97% 6.89% 6.11%
2018 6.15% 6.59% 7.27%
2017 6.18% 7.14% 7.21%
2016 5.89% 6.96% 6.93%
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%

more history ...

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 17.89% in 2019 according to the ACS.

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

2019 1 Year Change 3 Year Change
US 20.03% -0.47% -0.40%
Indiana 17.50% -0.15% -0.12%
Indianapolis, IN 17.89% +0.06% -0.14%

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 0.89% to 17.89%.

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
2019 20.03% 17.50% 17.89%
2018 20.50% 17.65% 17.84%
2017 20.13% 17.56% 17.85%
2016 20.43% 17.62% 18.04%
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%

more history ...

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 2019 34.83% of households were renters according to Census ACS data.

Indianapolis Fraction of Renters by Household Units

2019 1 Year Change 3 Year Change
US 35.89% -0.16% -0.99%
Indiana 30.69% -0.37% -0.96%
Indianapolis, IN 34.83% -0.45% -0.83%

Trends in the Indianapolis, IN Renter Fraction

The Indianapolis household renter fraction peaked in in 2015 at 35.82% and is now 0.99% below that 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
2019 35.89% 30.69% 34.83%
2018 36.05% 31.06% 35.28%
2017 36.13% 30.96% 34.56%
2016 36.88% 31.65% 35.66%
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%

more history ...

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.