MARKET SNAPSHOT

Indianapolis q1 2026

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AVERAGE RENT

$1,316 Q1 2026

OCCUPANCY RATE

90.3% Q1 2026

NET ABSORPTION

2,246 T4Q

ANNUAL RENT CHANGE

0.3% Q1 2026

ANNUAL OCCUPANCY CHANGE

-190 BPS

UNIT COMPLETIONS

4,558 T4Q

KEY TAKEAWAYS

The 4,558 units completed over the past 12 months outpaced net absorption of 2,246 units, sustaining lease-up competition. However, quarterly demand rebounded sharply to 488 units in Q1, up from just 46 in Q4 2025, suggesting improving leasing velocity.

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The construction pipeline is decisively contracting, with starts down more than 50% year-over-year and active construction at just 2.3% of inventory, setting the stage for meaningful supply relief through the remainder of 2026 and into 2027.

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Fundamentals appear to be approaching a trough, with rents stabilizing at $1,316 per unit and the pace of occupancy compression narrowing sharply, pointing toward a gradual recovery as the supply cycle turns.

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MARKET OUTLOOK

Indianapolis is navigating the late stages of its supply cycle with fundamentals trending in the right direction. The pipeline has contracted sharply, starts are at multi-year...

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