Demand is holding up across the metro and remains above long-term averages with broad-based leasing strength, especially in Hamilton County.
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Supply pressure is still present but moderating as the pipeline shrinks and is now at the lowest level since 2020. With fewer projects breaking ground and recent lease-ups progressing, the market is moving toward better balance.
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Fundamentals are stabilizing as modest rent growth and relative affordability support market resiliency. Although occupancy sits below norms, it is poised to firm gradually as new supply is absorbed.
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MARKET OUTLOOK
Indianapolis heads into late 2025 with improving balance as supply pressure eases and demand holds above historical norms...
