How much does it cost to rent in Carmel, IN?

As of July 2026, the median monthly rent in Carmel, IN is $1,854. This figure is based on aggregated data from public sources and community-submitted rents.

Is Carmel cheaper than other Indiana cities?

Carmel is one of the pricier cities in Indiana, ranking #10 out of 65 cities tracked at $1,854/mo.

When was Carmel rent data last updated?

Carmel rent data reflects July 2026 and was last refreshed on July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.

City Report · IN

Carmel

Name: Average Rent Prices in Carmel, IN
Creator: RentDataNow
License: https://rentdatanow.com/terms-of-service

Pop. 101,651·10th most expensive in Indiana·Carmel rents are up 8.1% over the past year

Median rent (all units)

$1,854/mo

Year-over-Year

+8.1%

Month-over-Month

-1.3%

vs US Median

-$111

Falling (Monthly)

Be the first to discuss Carmel rents ↓

Most AffordableMost Expensive

Carmel · $1,854

More expensive than 50% of US cities · National median $1,965/mo

Rent Reality Score

50/100

Fairly priced

OverheatedFairGreat value

Rents are right about where Carmel's 10-year trend predicts.

Actual rent

$1,854/mo

Expected by trend

$1,859/mo

The Rent Reality Score compares today's median rent to where Carmel's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$1,327

1 BR

$1,527

2 BR

$1,783

3 BR

$2,320

4 BR+

$2,820

Research median

$1,783/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost

$22,248/yr

At $1,854/mo median

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (8.1% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+8.1% YoY, -1.3% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Carmel, IN is majority owner-occupied, has a median income above the national average, 74.4% of residents hold a bachelor's degree or higher.

Population

101,651

Median income

$141,505

Median age

40.6

Renters

25.7%

Age distribution

24.5%

18.9%

28.8%

13%

14.7%

Under 1824.5%

18–3418.9%

35–5428.8%

55–6413%

65+14.7%

Gender

48.9%

51.1%

Male48.9%

Female51.1%

Race & ethnicity

76.5%

White76.5%

Black3.1%

Hispanic5.5%

Asian11.7%

Other3.2%

Education (25+)

15.6%

74.4%

No HS diploma2.2%

HS diploma7.9%

Some college15.6%

Bachelor's+74.4%

Housing tenure

74.3%

25.7%

Owner74.3%

Renter25.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Carmel, IN has changed in 5 years

Rent

$1,330 → $1,854

up 39.4%

Income

$119,772 → $141,505

up 18.1%

Population

98,137 → 101,651

up 3.6%

Renter share

24.7% → 25.7%

+1.0 pts

Bachelor's+

73.5% → 74.4%

+0.9 pts

Across the past five years, the going rent in Carmel, IN has shifted from $1,330 to $1,854, up 39.4% since 2021. Local incomes tracked alongside that move, going from a median of $119,772 in 2021 to $141,505 more recently. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Carmel, IN adding about 3,514 residents over the five-year window, up 3.6% on net. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the Carmel, IN market of 2021.

Community

Discussions about Carmel

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View Carmel rent history (2015–2026) →

Salary vs rent

Can you afford rent in Carmel on your salary?

At $1,854/mo, how Carmel rent compares to typical pay (30% rule).

Registered Nurse

Avg $86,922/yr · Rent = 25.6% income

affordable

Elementary School Teacher

Avg $61,714/yr · Rent = 36.1% income

stretched

Police Officer

Avg $71,088/yr · Rent = 31.3% income

stretched

Software Developer

Avg $127,061/yr · Rent = 17.5% income

very comfortable

Lawyer

Avg $162,352/yr · Rent = 13.7% income

very comfortable

Firefighter

Avg $57,785/yr · Rent = 38.5% income

stretched

Truck Driver

Avg $52,173/yr · Rent = 42.6% income

rent-burdened

Electrician

Avg $64,308/yr · Rent = 34.6% income

stretched

By apartment size

Carmel rent by bedroom count

Median rent for each apartment size in Carmel. Click any size for full breakdown.

Local insights

Tips for renters in Carmel

About renting in Carmel, IN

Last updated: July 20, 2026

The median rent in Carmel is $1,854/mo as of July 2026. A studio apartment averages $1,327/mo while a 2-bedroom runs $1,783/mo. One-bedroom apartments average $1,527/mo and 3-bedroom units go for $2,320/mo.

At 16% of local median household income ($141,505/yr), Carmel ranks as affordable compared to the national benchmark of 30%. Rents have increased 8.1% over the past year.

FAQ

Frequently asked questions

Is Carmel an affordable city for renters?

Carmel is considered very affordable for renters. At $1,854/mo, rent takes approximately 16% of the local median household income ($141,505/yr). The standard benchmark is 30%. Carmel falls comfortably within that range.

How much income do you need to rent in Carmel?

To keep rent at or below 30% of gross income, you would need to earn at least $74,000/year (~$36/hour full-time) to afford the median rent of $1,854/mo in Carmel. The local median household income is $141,505/yr, meaning the typical Carmel household meets that threshold.

Is rent going up or down in Carmel?

Rent in Carmel has increased 8.1% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Carmel neighborhoods have the lowest rent?

The most affordable ZIP codes in Carmel are 46032 ($1,751/mo), 46280 ($1,963/mo), and 46033 ($2,495/mo). Citywide, the median rent in Carmel is $1,854/mo.

How does Carmel rent compare to other cities in Indiana?

Carmel is one of the pricier cities in Indiana for rent, ranking #10 out of 65 tracked cities at $1,854/mo.

Which nearby cities are cheaper to rent in than Carmel?

Several nearby cities have lower median rents than Carmel ($1,854/mo): Indianapolis ($1,411/mo), Lawrence ($1,615/mo), Noblesville ($1,716/mo).

What percentage of Carmel residents rent vs. own?

According to Census data, approximately 25.7% of Carmel households are renters, while 74.3% are owner-occupied. Carmel leans toward homeownership, which can mean a smaller rental inventory.