The top rental markets in Indiana are Indianapolis, Fort Wayne, Anderson, and South Bend.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Indiana Rental Trends:
Indiana might be known for Hoosiers, sports-car racing, and schools, but its mix of urban and rural environments means it has properties for every type of landlord and renter. Its affordability is also a great aspect as it shows positive numbers in all of the categories. Here are some highlights from the top rental markets in the Hoosier State.
Days on Market:
The city with the lowest days on market is Fort Wayne at 12 – under the national average which sits at 15 days; Indianapolis has the highest number of days on market at 15.
The top three two towns for the largest amount of leads per listing are above the national average sitting at 38. Here they are:
- Anderson – 104 leads per listing
- South Bend – 82 leads per listing
- Indianapolis – 52 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Anderson comes under that with the lowest average rent of $636 for a two-bedroom compared to the highest rent in Indiana at $949 in Indianapolis.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Indiana’s highest median sale price comes much below that at $154,000 in Indianapolis with its lowest median sale price at $102,000 in Anderson.
Indiana’s median income rings in at $43,950 – under the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Indiana cities between 2018 and 2019. With the largest being an increase of 35% in Anderson at $675, and the largest decrease in Fort Wayne at -14.29% with the current average at around $600 – under the national average for security deposits which is $1,200.
All of the Indiana’s cities have a livability score of 62 or higher with the highest being Fort Wayne at 76!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.