Indianapolis Rent Prices: What the Data Shows

Indianapolis is one of the cheapest large cities in America to rent in, and that affordability is the whole draw. The median rent is about $1,413, well under the national median of roughly $1,951. But the trend line comes with a catch. Here is what the data shows on price, apartment size, the five-year climb, and the suburbs.

What rent costs in Indianapolis right now

The citywide median sits near $1,413, up about 5.6% over the past year. By apartment size, studios run about $1,003, one-bedrooms around $1,159, two-bedrooms near $1,358, and three-bedrooms about $1,768. A two-bedroom under $1,400 is roughly $600 a month below the national norm, which is exactly why the metro keeps drawing renters and remote workers priced out of the coasts.

The five-year picture

Here is the catch. Cheap as it is today, Indianapolis rent is up about 37% over the past five years, one of the faster climbs in the Midwest. The city started from a very low base, so even a big percentage increase leaves it affordable in absolute terms, but the direction is unmistakably up, and the annual pace has not slowed much.

The suburbs: where the money is

The metro splits sharply between the city and its affluent northern suburbs. In Hamilton County, Carmel runs about $1,878 and Fishers about $1,868, both several hundred dollars above the city and both climbing fast, with Carmel up about 10% over the past year. Noblesville is about $1,743. Closer to the city, Greenwood at about $1,594 and Lawrence at $1,561 offer a middle ground between suburban amenities and city prices.

How Indianapolis compares

Against nearby Midwest peers, Indianapolis holds its affordability. It runs just under Columbus, Ohio at about $1,456 and just above Louisville, Kentucky at $1,388. All three sit far below the national median, which is what makes the region one of the last genuinely affordable corners of the country for renters.

Is it a good deal?

By our Rent Reality Score, Indianapolis lands at 54, right in the middle, meaning rents are close to the city's own long-term trend rather than a standout bargain or clearly overheated. The honest read: Indianapolis is cheap in absolute terms and will stay that way for a while, but the days of rock-bottom rent are fading as the metro grows. See the full Indianapolis rent data, or compare it to another Midwest market in the RentDataNow compare tool.

Sources

Rent figures: RentDataNow, June 2026, with medians and five-year history anchored to the Zillow Observed Rent Index.