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Average Rent in Indianapolis, IN

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Current Versus Historical Indianapolis, IN Rents

Indianapolis rentals average $744 for a studio rental to $1,813 for a 4-bedroom rental. The median price of all currently available listings is $1,264, or roughly $1 per square feet.
For the apartment units and housing in April 2024, median rents have fallen substantiallyover the last year. Studio rentals prices have decreased by $586 (-44.17%) year-over-year from $1,326 to $740. 1-bedroom rentals prices have decreased by $446 (-32.98%) year-over-year from $1,353 to $907. 2-bedroom rentals prices have decreased by $930 (-41.70%) year-over-year from $2,230 to $1,300. 3-bedroom rentals prices have increased by $115 (7.78%) year-over-year from $1,480 to $1,595. 4-bedroom rentals prices have increased by $446 (30.57%) year-over-year from $1,459 to $1,905. Note that this figure includes all active and rented listings throughout the month.
Month-to-month, seasonality might have a bigger impact than overall trend price changes. Studio rents have gone down by 9.28% this month. 1-bedroom rents have gone down by 16.58% this month. 2-bedroom rents have gone down by 31.49% this month. 3-bedroom rents have gone up by 3.85% this month. 4-bedroom rents have gone up by 11.02% this month.
Beds
Price / Sqft
 Apr 2024 Rent 1 Yr Ago Rent (% +/-) 3 Yr Ago Rent (% +/-)
Studio $1.96 $740 $1,326 (-44.17%) $1,621 (-54.34%)
1 BR $1.22 $907 $1,353 (-32.98%) $1,222 (-25.75%)
2 BR $1.14 $1,300 $2,230 (-41.70%) $1,504 (-13.58%)
3 BR $1.08 $1,595 $1,480 (7.78%) $1,330 (19.89%)
4+ BR $0.99 $1,905 $1,459 (30.57%) $1,315 (44.90%)

Historical Rents in Indianapolis, IN

Studio
1 Bed
2 Bed
3 Bed
4 Bed

Top Cities Near Indianapolis



Let's compare Indianapolis, IN's rent against other top cities nearby by bedroom size.
City Studio 1 Bed 2 Bed All

Top Neighborhoods Near Indianapolis



View the following chart for more information.
Neighborhood Studio 1 Bed 2 Bed All

Top Counties Near Indianapolis

The average rent for rentals in these counties is $950. That's roughly around $1 per sqft. A total of 1 counties have a lower average rent. The county that is the most affordable is Center, Indianapolis, IN. It's average rent per month is $950. Vice versa, with an average rent of $950, Center, Indianapolis, IN is the most expensive county by Indianapolis, IN.

Typically, rent for studios in Indianapolis, IN is 5.85% more affordable than other counties nearby. In comparison, rent for one bedroom listings in Indianapolis, IN is 4.09% more expensive than other counties nearby. Finally, rent for two bedrooms in Indianapolis, IN is 7.32% more expensive than other counties nearby. We've listed all of these counties in the chart below.
County Studio 1 Bed 2 Bed All
Center, Indianapolis, IN $787 $763 $950 $950

Top Zipcodes Near Indianapolis



You can view the average rent breakdown for each zipcode by bedroom size.
Zipcode Studio 1 Bed 2 Bed All

Frequently Asked Questions - Indianapolis Average Rents

What is the average rent price in Indianapolis, IN?
The average monthly rental price for Indianapolis, IN apartments for rent is approximately $1,264. This calculation takes into consideration rental listings of varying bedroom/bathroom sizes, building types, and locations.
Do Indianapolis, IN rent prices drop in winter?
Yes! On average we see a 3.4% drop in rental prices between the peak summer months and the slower winter months. With the added bonus of decreased competition from other renters looking to move, winter is generally considered the best time of the year to find an apartment for rent in Indianapolis, IN.
How much is a studio apartment in Indianapolis, IN?
The average monthly rental price for studio apartments is $744 and an average price per square feet of $1.96. There are a total of 6 studio apartment listings currently available for rent in Indianapolis.
How much is a one bedroom apartment in Indianapolis, IN?
The average monthly rental price for one bedroom apartments is $795 and an average price per square feet of $1.22. There are a total of 56 one bedroom apartment listings currently available for rent in Indianapolis.
How much is a two bedroom apartment in Indianapolis, IN?
The average monthly rental price for two bedroom apartments is $1,025 and an average price per square feet of $1.14. There are a total of 89 two bedroom apartment listings currently available for rent in Indianapolis.
How have rent prices in Indianapolis, IN changed this year?
Rent prices for rentals in Indianapolis, IN can fluctuate yearly. Specifically, studio rental prices have changed by -0.44%, one bedroom rental prices have changed by -0.33%, two bedroom rental prices have changed by -0.42%, and three bedroom rental prices have changed by 0.08% year-over-year.
What is a reasonable rent price in Indianapolis, IN?
A reasonable rent price in Indianapolis, IN is around $1,011/month. You can search for these reasonably priced rental listings on RentHop.
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