{"id":76921,"date":"2019-06-15T01:52:07","date_gmt":"2019-06-15T08:52:07","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=76921"},"modified":"2019-06-24T03:31:04","modified_gmt":"2019-06-24T10:31:04","slug":"indiana-rent-report-may-2019","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/indiana-rent-report-may-2019\/","title":{"rendered":"Indiana Rent Report &#8211; May 2019"},"content":{"rendered":"<ul>\n<li><em>The U.S. average rent increased by 2.5% ($35) year over year and reached $1,442\u00a0in May 2019, up by 0.3% ($5) month over month, according to\u00a0<a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"external noopener noreferrer\" data-wpel-link=\"external\">Yardi Matrix<\/a>\u00a0data.<\/em><\/li>\n<li><em>Renting in the most budget-friendly large renter hub,\u00a0<a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/indianapolis-in\/\" target=\"_blank\" rel=\"external noopener noreferrer\" data-wpel-link=\"external\">Indianapolis, IN<\/a>, reached $863 following a $1 m-o-m increase<\/em><\/li>\n<li><em>Carmel apartments are the most expensive among the state\u2019s largest cities, while apartments in\u00a0Gary have the cheapest rents.\u00a0<\/em><\/li>\n<\/ul>\n<h3>Apartment rents increase by 2.5% as the prime rental season kicks off<\/h3>\n<p>Average rent prices went up by 2.5% year-over-year in May and reached a\u00a0<strong>$1,442\u00a0<\/strong>monthly\u00a0average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we\u2019ve seen in 18 months.<\/p>\n<p>Residential rents are rising\u00a0steadily across markets, with the third month in a row sprouting a 0.3% month-over-month jump.\u00a0Compared to last May, renters pay $35 more on average, according\u00a0to the latest\u00a0<a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"external noopener noreferrer\" data-wpel-link=\"external\">Yardi Matrix<\/a>\u00a0data on apartment market trends<\/p>\n<h3>Renting in Indiana\u2019s largest cities in May 2019<\/h3>\n<p>The average rent in Indiana is generally lower than the national average rent. Among the state\u2019s largest cities,\u00a0\u00a0apartments in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/carmel-in\/\">Carmel<\/a> are the\u00a0<strong>most expensive for renters,<\/strong>\u00a0with an average rent of $1,133 per month, followed by\u00a0apartments in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/bloomington-in\/\">Bloomington<\/a>, where the average rent reached $1,114 this May. At $1,094 per month, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/fishers-in\/\">Fishers<\/a> boasts the third most expensive prices among the state\u2019s largest cities.<\/p>\n<p>On the flipside, the\u00a0<strong>most affordable large cities\u00a0<\/strong>for renters in Indiana are <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/gary-in\/\">Gary<\/a> ($693 per month) and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/fort-wayne-in\/\">Fort Wayne<\/a> ($771 per month).<\/p>\n<p><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/indianapolis-in\/\">Indianapolis<\/a>\u00a0boasts an average rent of $863 per month, with a 3.5% (or $29) year-over-year increase, and up by 16.15% (or $120) over the last 5 years.<\/p>\n<p>Bloomington apartment prices are picking up speed, experiencing a 5.3% y-o-y spike, the<strong>\u00a0highest rent increase<\/strong>\u00a0over the year. Renters here pay $56 more per month than they did in May 2018. <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/lafayette-in\/\">Lafayette<\/a> apartments saw the second highest annual increase in the state, up by 3.8%, or $29 more expensive than last year. In Indianapolis, rents grew by 3.5% y-o-y, while in Fort Wayne they registered a 3.2% increase.<\/p>\n<p>The\u00a0<strong>slowest rising rents<\/strong>\u00a0were in Gary, where prices grew by 1.2% y-o-y, and in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/muncie-in\/\">Muncie<\/a>, up by 1.3%.<\/p>\n<p>If we look at\u00a0<strong>5-year changes<\/strong>, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/noblesville-in\/\">Noblesville<\/a> saw the sharpest rent increases, of 19.4% ($163) since 2015. In Bloomington and Indianapolis rents rose by 16.9% ($161) and 16.2% ($120), respectively.<\/p>\n<p><script id=\"infogram_0_fa74d818-ac0b-48fe-be14-16961cca8f73\" title=\"Indiana - RentReport May\" src=\"https:\/\/e.infogram.com\/js\/dist\/embed.js?HNv\" type=\"text\/javascript\"><\/script><\/p>\n<h3>The fastest and highest rent increases in smaller Indiana cities<\/h3>\n<p>Following the national trend, the most significant year-over-year changes in May 2019 were experienced in some of Indiana\u2019s smaller cities. Granger apartments are the most expensive in the entire state ($1,290\/month), followed by apartments in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/west-lafayette-in\/\">West Lafayette<\/a> and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/zionsville-in\/\">Zionsville<\/a>, boasting an average rent of $1,172 and $1,166, respectively.<\/p>\n<p>The most affordable mid-size and small cities in Indiana are <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/shelbyville-in\/\">Shelbyville<\/a>\u00a0($704), <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/beech-grove-in\/\">Beech Grove<\/a> ($748), and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/elkhart-in\/\">Elkhart<\/a> ($750).<\/p>\n<p>In terms of annual rent increases, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/speedway-in\/\">Speedway<\/a> boasts the sharpest rent growth of 9.4%, with renters having to pay $68 more each month than in 2018. Next up are <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/brownsburg-in\/\">Brownsburg<\/a> (8.6% or $82) and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/granger-in\/\">Granger<\/a> (7.6% or $91).<\/p>\n<p>To compare the rental market in Indiana with other cities in the U.S., you can also check our\u00a0<strong><a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/slowest-annual-rise-18-months-kick-starts-peak-rental-season-may-national-average-reaches-1442\/\">national rent report<\/a>.<\/strong><\/p>\n<h3>Methodology<\/h3>\n<div>\n<div data-tid=\"messageBodyContainer\">\n<div data-tid=\"messageBodyContent\">\n<div>\n<div>\n<div>\n<p><em><u><a title=\"https:\/\/www.rentcafe.com\/\" href=\"https:\/\/www.rentcafe.com\/\">RentCafe.com<\/a><\/u>\u00a0is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.<\/em><\/p>\n<p><em>The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company <\/em><u><i><a title=\"https:\/\/www.yardimatrix.com\/\" href=\"https:\/\/www.yardimatrix.com\/\">Yardi Matrix<\/a><\/i><\/u><em>, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units. <\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"usagerights\">\n<div class=\"fairuse\">\n<h3>Fair use and redistribution<\/h3>\n<p>We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to <a href=\"https:\/\/www.rentcafe.com\">RentCafe.com<\/a> or this page, so that your readers can learn more about this project, the research behind it and its methodology.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. average rent increased by 2.5% ($35) year over year and reached $1,442\u00a0in May 2019, up by 0.3% ($5) month over month, according to\u00a0Yardi Matrix\u00a0data. Renting in the most budget-friendly large renter hub,\u00a0Indianapolis, IN, reached $863 following a $1 m-o-m increase Carmel apartments are the most expensive among the state\u2019s largest cities, while apartments&hellip;<\/p>\n","protected":false},"author":131,"featured_media":78085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16366],"tags":[],"class_list":["post-76921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-rent-reports","gallery-content-unit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indiana Rent Report - May 2019 - RentCafe rental blog<\/title>\n<meta name=\"description\" content=\"The average rent in Indiana is generally lower than the national average rent. Carmel is the most expensive large rental market,\u00a0averaging $1,133 per month.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/indiana-rent-report-may-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indiana Rent Report - May 2019\" \/>\n<meta property=\"og:description\" content=\"The average rent in Indiana is generally lower than the national average rent. 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