Rents are 5% below what Indianapolis's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,375 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in Indianapolis usually run 0.7% below trend in January and 0.8% above it in July, about $21 a month apart at today's median. Based on 11 years of data.
Rent in Indianapolis is at its highest level since Zillow's records here began in January 2015.
Rent in Indianapolis changed +2.6% over the year to September 2026. Across the 49 Indiana cities Zillow tracks, the typical change was +4.5%.
Rent in Indianapolis is 47.5% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 7 months in a row, and rose in 10 of the last 12 months.
The priciest of 30 ZIP codes in Indianapolis, 46234 ($1,992/mo), costs 1.9 times the cheapest, 46219 ($1,053/mo).
Shelbyville, 27 miles away, rents for 21% less ($1,083/mo), about $3,500 a year in savings.
From Zillow's monthly rent index (ZORI) for Indianapolis. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series.
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Who lives here
Indianapolis, IN is majority owner-occupied, 34.9% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Indianapolis, IN has changed in 5 years
Five years ago, renters in Indianapolis, IN paid around $1,011 a month. That figure now sits near $1,375, up 36.0% from the 2021 baseline. Census counts show Indianapolis, IN adding about 21,413 residents over the five-year window, up 2.5% on net. The renter share has eased from 46.9% to 44%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 30.9% to 34.9% across the same window. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the Indianapolis, IN market of 2021.
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Can you afford rent in Indianapolis on your salary?
At $1,375/mo, how Indianapolis rent compares to typical pay (30% rule).
Indianapolis rent by bedroom count
Median rent for each apartment size in Indianapolis. Click any size for full breakdown.
Tips for renters in Indianapolis
Last updated: October 17, 2026
The median rent in Indianapolis is $1,375/mo as of October 2026. A studio apartment averages $1,003/mo while a 2-bedroom runs $1,358/mo. One-bedroom apartments average $1,159/mo and 3-bedroom units go for $1,768/mo.
At 23% of estimated US median household income ($72,000/yr), Indianapolis ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.6% over the past year.
Frequently asked questions
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At $1,375/mo, rent takes ~23% of US median household income ($72,000/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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