Rentometer, Inc. | Data as of 10/23/2025
The Indianapolis‑Carmel‑Greenwood metro area offers a dynamic rental landscape that blends urban energy with suburban comfort. From the bustling downtown of Indianapolis—home to the iconic Circle Center Mall, the Indianapolis Motor Speedway, and a thriving arts scene—to the upscale villages of Carmel’s Arts & Design District and Greenwood’s historic downtown, renters enjoy easy access to cultural attractions, premier dining, and extensive park systems. A robust public transit network and major thoroughfares, such as I‑465 and I‑70, make commuting across the region quick and convenient, attracting professionals, students, and families alike.
Rental options span a wide spectrum of price points, ensuring flexibility for every budget. Studio and one‑bedroom units, whether in modern apartment communities or charming single‑family homes, typically sit in the $900‑$1,300 range, offering an affordable entry point for newcomers. Two‑ and three‑bedroom apartments and houses generally fall between the mid‑$1,000s and high‑$1,800s, providing ample space for growing households. Larger four‑plus bedroom homes and apartments are available in the $2,000‑plus tier, catering to families seeking extra room and suburban amenities. This variety of property types and sizes supports a balanced market that accommodates both short‑term renters and long‑term residents.
Neighborhoods across the metro area each boast distinct character. In Indianapolis, the Canal and Mass Ave districts blend historic architecture with lively entertainment venues. Carmel is renowned for its meticulously maintained green spaces, top‑rated schools, and family‑friendly events, while Greenwood offers a blend of historic charm and new‑development growth. Together, these communities create a vibrant rental ecosystem that supports diverse lifestyles while maintaining strong connections to employment hubs, educational institutions, and recreational opportunities throughout central Indiana.
| Property Type | Bedrooms | Average | Median | Min - Max | 25th - 75th |
|---|---|---|---|---|---|
| Apartment | Studio | $1,091 | $1,145 | $550 - $1,500 | $777 - $1,485 |
| Apartment | 1 Bedroom | $1,187 | $1,112 | $635 - $2,130 | $969 - $1,430 |
| Apartment | 2 Bedroom | $1,638 | $1,586 | $575 - $3,039 | $1,250 - $1,895 |
| Apartment | 3 Bedroom | $1,818 | $1,653 | $1,200 - $4,772 | $1,413 - $1,990 |
| House | 1 Bedroom | $920 | $900 | $750 - $1,125 | $875 - $975 |
| House | 2 Bedroom | $1,427 | $1,250 | $650 - $3,870 | $1,100 - $1,495 |
| House | 3 Bedroom | $1,764 | $1,750 | $255 - $3,800 | $1,500 - $1,935 |
| House | 4+ Bedroom | $2,429 | $2,295 | $950 - $7,000 | $2,095 - $2,625 |
In the current period, the average rent in Indianapolis-Carmel-Greenwood, IN was $1,055 for Studio, $1,151 for 1 Bedroom, $1,561 for 2 Bedroom, $1,770 for 3 Bedroom, and $2,322 for 4+ Bedroom.
Data provided by Rentometer, Inc.