Trends : Multi-Housing Rental Market in Indianapolis
Delivered December 3, 2019. Contributor: Agnidip M.
Goals
To identify trends in the multi-housing rental market in Indianapolis that focus on the demographics of apartment renters today.
Early Findings
- As per Fannie Mae’s report titled ‘Multifamily Metro Outlook: Indianapolis Spring 2019’, apartment fundamentals have rebounded after a brief slowdown and the metro still boasts favorable demographic trends that will help demand stay level with the incoming supply.
- As a more specific trend, apartment supply is beginning to heat up in Indianapolis as approximately 16,000 apartments have been completed between 2013 and 2019. Low costs of living and above-average job growth continue to attract residents to the metro.
- From a demographic stand-point, young professionals and relocating Midwesterners seeking job opportunities and a lower cost of living are expected to continue driving growth in the apartment market in Indianapolis.
- According to another report titled ‘Indianapolis: Room for Growth Multifamily Report Spring 2019’ published by Yardi Matrix, Indianapolis’ growing economy and well-paying technology and business services jobs continue to attract young professionals, owing to which absorption of new high-end apartments is expected to remain healthy.
- As per city-data.com, in Indianapolis, median household income for apartments without a mortgage is $46,713
- Overall, as reported by Norada Real Estate Investments in 2019, the housing market statistics for Indianapolis is as follows:
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