MARKET SNAPSHOT

Indianapolis q1 2025

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AVERAGE RENT

$1,311 Q1 2025

OCCUPANCY RATE

92.6% Q1 2025

QUARTERLY NET ABSORPTION

1,105 Q1 2025

ANNUAL RENT CHANGE

2.0% Q1 2025

ANNUAL OCCUPANCY CHANGE

+10 BPS Q1 2025

QUARTERLY COMPLETIONS

387 Q1 2025

KEY TAKEAWAYS

Net absorption surged to around 5,548 units over the last 12 months, up 80% year-over-year, driven by strong demand for mid-tier properties, which saw a tenfold increase.

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With only 4,049 units underway and annual starts at a 15-year low, new deliveries are expected to fall 50%, easing supply pressures.

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Rent growth reached 2.0%, led by lower-tier assets at 3.7%, while occupancy rose to 92.6%. Rent gains are expected to regain momentum through year-end amid stable renter demand and occupancy.

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MARKET OUTLOOK

The Indianapolis multifamily market is poised for a period of relative stability and renewed growth through the remainder of 2025. Strengthening demand—particularly for mid-tier assets—has driven with net absorption above 5,500 units—the highest level in recent years...

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