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Disclaimer: Covid-19 may have impacted rent prices in a way that is not yet reflected in our reports. When referencing the data published on this page, please keep in mind that the data provided here may not accurately depict the current reality of the market.

Carmel, IN Rental Market Trends

Highlights

The average rent for an apartment in Carmel is $1,222, a 4% increase compared to the previous year, when the average rent was $1,179.

Average Rent in Carmel, IN

Last updated February 2021
Average Rent Y-o-Y Change Average Apartment Size
$1,222 4% 1,019 sq. ft.

The average size for a Carmel, IN apartment is 1,019 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.

Carmel, IN Apartment Rent Ranges

  • $701-$1,00023%
  • $1,001-$1,50064%
  • $1,501-$2,00011%
  • > $2,0001%

Carmel, IN Occupied Housing Units

  • Renter-occupied Households26%
  • Owner-occupied Households73%

9,850 or 26% of the households in Carmel, IN are renter-occupied while 27,104 or 73% are owner-occupied.

Carmel, IN Rent Trends

Average Rent Mar / 2018 Jul / 2018 Nov / 2018 Mar / 2019 Jul / 2019 Nov / 2019 Mar / 2020 Jul / 2020 Feb / 2021
Carmel, IN $1,070 $1,073 $1,129 $1,112 $1,173 $1,179 $1,178 $1,184 $1,222
National $1,311 $1,342 $1,351 $1,356 $1,388 $1,395 $1,397 $1,389 $1,392
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Access comprehensive real estate data and information on Yardi Matrix

How Carmel Compares to Other Cities

Average Rent Y-o-Y Change
Indianapolis $942 5%
South Bend $1,022 7%
Greenwood $913 3%
Bloomington $1,128 n/a
Fort Wayne $838 5%
Lawrence $794 6%
Fishers $1,199 5%
Carmel $1,222 4%
Avon $1,170 3%
Anderson $744 4%
Noblesville $1,098 4%

For more information about the Carmel rental trends, check out our monthly rent report

Check out Indiana Cities, Indiana Neighborhoods and Indiana Zip Codes for more details on verified listings, including the Indiana Average Rent.

Curious about listings in your area? Check out our apartments near you for more details!

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The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Carmel apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.