The Residences on 56th Street
6800 Brendon Way W Dr,
Indianapolis, IN 46226
1-3 Beds | $850 - 1,699
Rental Market Trends in Indianapolis, IN
What is the average rent in Indianapolis, IN?
$1,093/month
Average Rent
696 Sq Ft
Average Apartment Size
+2.8%
Increase in the Last Year
As of December 2024, the average rent in Indianapolis, IN is $1,093 per month. This is 30% lower than the national average rent of $1,559/month, making renting in Indianapolis more affordable than most cities in the US. When you rent an apartment in Indianapolis, you can expect to pay about $949 per month for a studio, $1,093 for a one-bedroom apartment, and around $1,287 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,501 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Indianapolis, IN?
In the past year, rent has increased by 2.8%, which averages out to $31 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated December 2024
Legend
2023
2024
Rent Ranges in Indianapolis, IN
Last Updated December 2024
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
10%
Below $700/month
27%
$700 - $1,000/month
48%
$1,001 - $1,500/month
13%
$1,501 - $2,000/month
2%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Indianapolis?
Based on current rent prices, Crooked Creek, Eagle Creek and Chapel Hill Ben Davis are the most affordable neighborhoods in Indianapolis.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Indianapolis?
Based on current rent prices, North Meridian, Market East and Circle City are the most expensive neighborhoods in Indianapolis.
Neighborhood
Average Rent
Average Sq Ft
Which Indianapolis neighborhoods have the most rentals available?
The neighborhoods in Indianapolis with the most apartments available are Downtown Indianapolis, Circle City and Castleton .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Indianapolis, IN?
Because the average rent in Indianapolis is $1,093, you’ll want to make about $3,643 per month or $43,716 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Indianapolis, IN compare to other nearby cities and neighborhoods?
Use the tool below to compare Indianapolis, IN to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$876/month
$1,106/month
One Bedroom
$895/month
$1,173/month
Two Bedroom
$1,145/month
$1,579/month
Three Bedroom
$1,518/month
$1,702/month
Nearby City Rent Trends
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CYM Living
-
51
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16
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The Ardizzone Group
-
14
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3
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Core Redevelopment, LLC
-
16
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.