Apartments in Indianapolis

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A Local Perspective

Racing, football, basketball and basically all other forms of competition are at the heart of Indianapolis. It is the capitol of the state, the largest city in Indiana, and home to more than 800,000 people. Government agencies are some of the largest and most important employers in the city, but it also has a strong manufacturing backbone. Tourism due to the sporting events hosted in the city, especially racing, also provides a strong boost to the local economy.

Indianapolis is famous for its downtown. The city compresses a huge amount of shopping, dining and other services into a small area that is easily traveled by foot. However, most people are visiting the downtown as a side-trip. The real thing that draws people to Indianapolis is the Indianapolis 500, an event so popular it is estimated to have more than 300,000 people attend it annually.

Indianapolis IN

Finding an Indianapolis Apartment

When to search

When you need to rent a place in Indianapolis, avoid looking in May. The problem with May is that many people with suites available for rent will rent them out to tourists coming to town to take in the Indy 500. If you look in June though, the tourists are gone and many people will be looking to rent out their available units.

Staying in the know

Applying for an apartment in Indianapolis should be treated like applying for a job. Just like you want an employer to form a good opinion of you and hire you, you want a landlord to extend you the trust of letting you live in a property they own. You do this the same way, by convincing them that you are professional, responsible and by providing good references.

Life in Indianapolis


The best method to get around Indianapolis depends on where you want to go. The closer you're staying to the city center, the better the bus is suited to your needs. For the interior of the city, it is fast, clean and efficient. However, if you want to get outside the interior, a car is really helpful, as bus routes are less frequent and in some cases not available at all to certain outlying areas.

Where to play

If you get a chance to attend a college football or basketball game, or a racing event, you'll get a real feel for what Indianapolis is all about. There are also museums celebrating the NCAA and the Motor Speedway Hall of Fame to visit on days without events. With more than a dozen golf courses available from the city, those who love a slower sport have lots to keep them entertained as well. Indy is also well known for its music, so visit Birdy's and the Chatterbox to experience some after-hours culture.

May Rent Report

Welcome to the May 2022 Indianapolis Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 2022 key findings and figures for the Indianapolis rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Indianapolis and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Indianapolis average rent prices in the chart below.

Monthly Rent Report

Indianapolis Rent Prices Decrease From April to May

Indianapolis rent prices decreased over the last month. From April to May, the city experienced a -1.39% decrease for the price of a one-bedroom apartment. The rent price for a Indianapolis one-bedroom apartments currently stands at $919.0.

When we take a look at the two-bedroom comparison from April to May, Indianapolis experienced a 0.0% decrease for the price of a two-bedroom apartment. The rent price for a Indianapolis two-bedroom apartments currently stands at $1,191.0.

May Prices: Indianapolis vs. Surrounding Areas

Rent Prices in Indianapolis and Surrounding Areas

Rent prices have decreased in Indianapolis over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 4 of the Indianapolis suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Carmel, IN, Speedway, IN, Greenwood, IN, Noblesville, IN .

  • Rent decreased in Fishers, IN, Westfield, IN, Plainfield, IN.

  • 6 suburbs are currently priced higher than the city of Indianapolis.

  • 1 suburb is currently priced lower than the city of Indianapolis.

May 2022 Pricing Trends: Indianapolis vs. National Comparisons

Indianapolis Rent Prices More Affordable Than Major Cities

Rent growth in Indianapolis over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Indianapolis average rent prices appear to be relatively affordable for local residents.

The price for a Indianapolis one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

You can view the full rundown of Rentable's May 2022 National Apartment Report and data set here.

For more information about Indianapolis and surrounding area rent prices, take a look at the complete data set below.

Data set for Indianapolis and suburbs

1 BR May 1 BR M/M % Change 2 BR May 2 BR M/M % Change
Indianapolis, IN $932.0 -0.96% $1,191.0 0.25%
Carmel, IN $1,120.0 2.28% $1,379.0 0.22%
Speedway, IN $1,043.0 1.07% $1,233.0 1.48%
Greenwood, IN $876.0 2.82% $1,138.0 0.44%
Fishers, IN $946.0 -0.63% $1,265.0 -4.67%
Westfield, IN $1,151.0 -0.35% $1,302.0 -5.03%
Noblesville, IN $1,125.0 2.09% $1,500.0 1.90%
Plainfield, IN $1,239.0 -3.73% $1,372.0 1.93%


Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.