City Description
Indianapolis is not only the capital city of Indiana, but is also considered the racing capital of the world due to the city hosting the Indy 500, Brickyard 400 and the US Grand Prix Formula 1. Motorsports fans will surely be happy living here!
Additionally, Indianapolis is intersected by four primary highways – the Interstate 65, Interstate 69, Interstate 70 and Interstate 74, making it a hub for motorists travelling in all directions. The city also has two other auxiliary Interstate Highways within its metropolitan areas.
Some notable landmarks in this city include:
- Hilbert Circle Theatre
- Lucas Oil Stadium
- Circle Centre Mall
- Indianapolis Zoo
- Indianapolis Museum of Art
- Indianapolis Motor Speedway
Overall Average and Median Rent in Indianapolis
The overall average rent per month in Indianapolis ranges from $1,249 to $1,499. The overall median rent per month in Indianapolis ranges from $1,106 to $1,368. These values are based on all property types, from studios up to 4 and more bedroom properties. See below for a summary of overall rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,249 | – |
| redfin.com (Jun 2022 data) | $1,499 | – |
| zillow.com | – | $1,368 |
| apartmentlist.com | – | $1,106 |
| renthop.com | – | $1,150 |
Studio Average and Median Rent in Indianapolis
The average rent for a studio per month in Indianapolis ranges from $844 to $850. The median rent for a studio per month in Indianapolis ranges from $850 to $961. These values are based on a studio property, which is a self-contained space without separate rooms, except for the bathroom. There is no separate bedroom but usually there is an attached kitchenette. See below for a summary of studio rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $844 | – |
| rentable.co | $850 | – |
| zillow.com | – | $850 |
| zumper.com | – | $961 |
| renthop.com | – | $850 |
1 Bedroom Average and Median Rent in Indianapolis
The average rent for a 1 bedroom property per month in Indianapolis ranges from $980 to $1,249. The median rent for a 1 bedroom property per month in Indianapolis ranges from $775 to $976. These values are based on all 1 bedroom property types. These can include 1 bedroom apartments, condos, townhouses and houses. 1 bedroom properties have a separate bedroom, unlike studio apartments. See below for a summary of 1 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,249 | – |
| rentable.co | $980 | – |
| zillow.com | – | $850 |
| apartmentlist.com | – | $931 |
| zumper.com | – | $976 |
| renthop.com | – | $775 |
2 Bedroom Average and Median Rent in Indianapolis
The average rent for a 2 bedroom property per month in Indianapolis ranges from $1,150 to $1,525. The median rent for a 2 bedroom property per month in Indianapolis ranges from $1,000 to $1,118. These values are based on all 2 bedroom property types. These can include 2 bedroom apartments, condos, townhouses and houses. See below for a summary of 2 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,525 | – |
| rentable.co | $1,150 | – |
| zillow.com | – | $1,100 |
| apartmentlist.com | – | $1,118 |
| zumper.com | – | $1,109 |
| renthop.com | – | $1,000 |
3 Bedroom Average and Median Rent in Indianapolis
The average rent for a 3 bedroom property per month in Indianapolis ranges from $1,482 to $1,500. The median rent for a 3 bedroom property per month in Indianapolis ranges from $1,453 to $1,525. These values are based on all 3 bedroom property types. These can include 3 bedroom apartments, condos, townhouses and houses. See below for a summary of 3 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,482 | – |
| rentable.co | $1,500 | – |
| zillow.com | – | $1,525 |
| zumper.com | – | $1,453 |
| renthop.com | – | $1,500 |
4 or More Bedroom Average and Median Rent in Indianapolis
The average rent for a 4 or more bedroom property per month in Indianapolis is approximately $1,630. The median rent for a 4 or more bedroom property per month in Indianapolis ranges from $1,716 to $2,467. These values are based on all 4 or more bedroom property types. These can include 4 or more bedroom apartments, condos, townhouses and houses. See below for a summary of 4 or more bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| rentable.co | $1,630 | – |
| zillow.com | – | $2,467 |
| zumper.com | – | $1,716 |
| renthop.com | – | $1,800 |
Most Expensive Neighborhoods to Rent in Indianapolis
According to rentcafe.com, the below are the top 5 most expensive neighborhoods to rent in Indianapolis.
- North Meridian
- Wholesale District
- College Heights
- College Meadows
- Echo Crest
Cheapest Neighborhoods to Rent in Indianapolis
Below are some of the cheapest neighborhoods to rent in Indianapolis, based on rent.com’s monthly rental prices. A 2 bedroom property from this list below can start from only $690 per month in rent, which is much lower than the $1,150 to $1,525, for the same type of property, across the whole of Indianapolis.
- Eagledale
- Gateway West
- Chapel Hill-Ben Davis
- Chapel Glen
- Southdale
Rental Trends in Indianapolis
According to redfin.com’s Data Center, their average monthly rent estimate, for all of Indianapolis, was $1,175 in February of 2021. This increased to $1,499 for June of 2022. That’s a not-so-small 28% increase in a 16 month period.
Is it Cheaper to Buy or Rent in Indianapolis?
Until May of 2022, it was actually more expensive to rent than to pay off the mortgage (based on average prices for all property types and a down payment of 5%). After May the average monthly mortgage costs overtook the average monthly rent costs slightly.
Average vs Median Rent
The average value is generally calculated by summing all available values and dividing it by the total number of values. The median value is usually obtained by ordering all values in ascending order and taking the exact middle position’s value (so that half of the values are higher and half are lower). This is why average and median values can be different.
Furthermore, average and median rental prices will vary depending on where the data is taken from. Some of the sources are based on the total collection of their own rental listings, while others are based on estimates and predictions using their own in-house methodologies and/or US Census data. Rental figures were obtained at the time of writing this article and are always changing.