Q2 absorption of 1,660 units doubled the prior quarter's 833 units, though trailing 12-month absorption of 3,294 units still lags the 4,254 units delivered, maintaining lease-up competition across the market.
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The construction pipeline is contracting rapidly, with trailing 12-month starts falling to 2,272 units from 3,771 a year ago and 4,155 units remaining under construction (2.3% of inventory), pointing to meaningfully reduced supply pressure ahead.
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Rents have stabilized at $1,323 per unit (0.2% YoY) after returning to growth over the past two quarters, while occupancy of 91.1% posted its first quarterly gain in several periods.
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MARKET OUTLOOK
Indianapolis is well into the late stages of its supply cycle, with both construction starts and deliveries declining while demand gains momentum...
