RENTCafé released its Indiana Rent Report in May 2019 with data compiled from actual rents charged in Indiana’s large, mid-size and small cities, as well as the National Rent Report for the last month.
National Rent Report Summary
As the prime rental season kicks off, rents nationwide maintain a strong month-over-month growth, but the annual increase of 2.5 percent is the slowest seen in 18 months. The national average rent clocks in at $1,442; that’s $35 more than what renters paid on average last May.
Indiana Rent Report May 2019 Highlights
Large cities:
- Carmel apartments are the state’s most expensive for renters, with an average rent of $1,133, followed by apartments in Bloomington ($1,114) and Fishers ($1,094).
- The most affordable large cities for renters are Gary ($693) and Fort Wayne ($771).
- The fastest growing rents were in Bloomington, where rental apartment prices increased by 5.3 percent ($56) over the year, followed by Lafayette (3.8 percent), Indianapolis (3.5 percent), and Fort Wayne (3.2 percent).
- The weakest increases were in Gary (1.2 percent) and in Muncie (1.3 percent).
- Noblesville saw the biggest five-year change in rents, up by 19.4 percent ($163) since 2015. Bloomington and Indianapolis rents rose by 16.9 percent ($161) and 16.2 percent ($120), respectively.
Mid-size and small cities saw the most significant changes:
- Granger apartments are the most expensive in Indiana ($1,290), while the most affordable small city is Shelbyville ($704).
- Speedway boasts the sharpest rent growth of 9.4% year-over-year. Next up are Brownsburg (8.6 percent) and Granger (7.6 percent).