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Indianapolis Multifamily Five Fast Facts

Maggie Tillotson • 8/9/2023
What You Need to Know in Today's Indianapolis Commercial Real Estate (CRE) Multifamily Market. 
  1. Indianapolis Unemployment Rate Remained Unchanged 
    The unemployment rate for the Indianapolis MSA remained unchanged QOQ and YOY at 2.7%. 

  2. Top City to Launch a Career 
    The Indianapolis MSA ranked No.6 on Bankrate’s list of the best U.S. cities to launch a career for postgraduates and young professionals because of its affordability, employment opportunities and quality of life. 

  3. Top 3 Market for Rent Growth 
    Yardi's latest report for June 2023 reveals that Indianapolis is firmly positioned as the No. 3 city in the U.S. with impressive rent growth. The market's consistent performance is a testament to its strong and resilient nature, boasting a remarkable year-over-year rent growth rate of 6.1%. 

  4. Occupancy is Softening  
    The occupancy rate in Q2 equaled 91.8%, a slight increase over Q1’s occupancy of 91.5%.  YOY occupancy shows some softening, as expected, with a decline of 250 bps in all but one submarket. An increase in occupancy is expected over the next 12 months for the Indianapolis market as a whole. 
  5. Over 1,000 Units Delivered YTD 
    The Indianapolis multifamily delivered 814 units of new construction in the second quarter and over 1,000 YTD, with the Greenwood and Fishers/Noblesville submarkets posting the highest delivery totals YTD.  


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