What are the top zip codes in Indianapolis for new apartments?

Developers have completed more than 9,200 apartments across Indianapolis over the last decade, giving renters expanded access to modern housing near employment centers, transit routes, and entertainment districts. Understanding which zip codes attracted the most development can help renters narrow their search and compare locations based on lifestyle and budget priorities.

But which Indianapolis zip codes added the most apartments?

Indianapolis combines a below-average cost of living with a growing employment base in healthcare, life sciences, logistics, and technology. The city’s cost of living is about 2% lower than the Indiana state average and roughly 10% below the national average, offering residents strong value alongside expanding job opportunities that continue to drive demand for newer apartment communities.

Below is a closer look at the zip codes that saw the highest concentration of new apartment construction.

3,209 new apartments place zip code 46204 at the center of development

Zip code 46204 added 3,209 new apartments, making it Indianapolis’s most active area for new rental construction. The zip code covers the city’s downtown core, placing residents within walking distance of sports venues, cultural institutions, and major office towers.

Transit access is among the strongest in the city. The Red Line runs through downtown with frequent service, and the Julia M. Carson Transit Center connects multiple IndyGo bus routes. Major employers within or near the zip code include Salesforce, Eli Lilly, IU Health, Elevance Health (Anthem), and state government offices. IUPUI also sits just west of downtown, supporting both employment and housing demand.

1,773 new apartments expand options in zip code 46202

Zip code 46202 gained 1,773 new apartments, reflecting steady development just north and southeast of downtown. The area offers proximity to the urban core while maintaining a slightly lower-density residential feel.

Residents benefit from access to the Red Line along College Avenue, multiple IndyGo bus routes, and direct road connections to downtown via Meridian Street and Virginia Avenue. Commutes to downtown employers typically take under 15 minutes. Major employers within easy reach include Eli Lilly, IU Health Methodist Hospital, Community Health Network facilities, and a wide range of professional services firms located downtown and along the northside employment corridor.

944 new apartments signal growth in zip code 46222

Zip code 46222 added 944 new apartments across several developments, marking a notable increase in rental supply west of downtown. The area has historically been industrial, but recent projects have introduced newer housing at comparatively accessible price points.

While transit options are more limited than downtown, several IndyGo bus routes serve the area, and major roadways including I-65, I-70, and 16th Street allow quick car commutes. Downtown is typically 10–15 minutes away. Allison Transmission’s headquarters is located within the zip code, and residents also commute to IUPUI, IU Health facilities, logistics employers, and downtown offices.

890 new apartments strengthen inventory in zip code 46220

Zip code 46220 added 890 new apartments, supporting demand on Indianapolis’s north side. The area blends established residential streets with newer mixed-use developments and appeals to renters seeking space and neighborhood amenities.

The Red Line’s northern terminus provides direct rapid-transit access to downtown, while the Monon Trail offers a popular bike and pedestrian route through the area. Meridian Street and College Avenue support car commuting. While fewer large corporate offices sit within the zip code, residents frequently work downtown or in healthcare and education. Nearby employers include Community Health Network facilities, medical offices, and northside professional services firms.

617 new apartments add supply in zip code 46237

Zip code 46237 built 617 new apartments, reflecting targeted growth on Indianapolis’s south side. Development here focuses on value-oriented communities with convenient access to regional employment hubs.

Public transit service is limited, making car access essential. I-465 and major arterial roads connect residents to the airport and surrounding suburbs. Indianapolis International Airport is typically a 15–20-minute drive. Major employers accessible from the area include FedEx’s Indianapolis hub, Amazon fulfillment centers, Allison Transmission facilities, and multiple healthcare providers across the southside and Greenwood area.

Top 5 zip codes for new apartments in Indianapolis, IN

* Total new apartments completed between 2015 and 2025.

Source:
RentCafe.com analysis of Yardi data as of July 2025

Indianapolis’s rental market has remained stable, with newer apartment communities continuing to offer concessions as supply delivers, giving renters leverage in many submarkets. Ongoing job growth in life sciences, healthcare, logistics, and technology supports long-term demand, particularly near downtown and transit corridors.

Future development activity is expected to continue along IndyGo’s rapid-transit lines. The Red Line remains a major development driver, while the Purple Line and the under-construction Blue Line are expected to support additional infill projects in coming years. While new construction concentrates in a handful of zip codes, Indianapolis still offers a wide range of rental options across both newer and established neighborhoods.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the U.S.

This study uses data from 2015–2025, with the ‘last decade’ referring to this period.