INDIANAPOLIS — Indianapolis rent prices are growing, according to a recently released report. It's modest growth, sure, but when other cities are seeing a sharp decline — it's almost striking to have a market on stable ground.
Indianapolis has seen its rent rise by 1.3% compared to this time last year. Currently, national rent growth is only averaging 0.3%.
It's no secret that residents in typically highly-sought-after metropolitans — like New York City, San Francisco, and Washington D.C. — have scoured to less populated markets during the pandemic.
San Francisco rent prices have fallen by 5.6% year-over-year, while NYC rents are down 3.3% over the past year, according to Chris Salviati, a housing economist for Apartment List.
Not only are rental properties taking a price plunge in popular U.S. cities, but apartments are even sitting empty.
According to WRTV's sister station in New York, rent prices have dropped by 35% in NYC boroughs in August, and more than 13,000 units in Manhattan are sitting vacant.
This time of year usually has the highest rental activity, so rent prices in the most major U.S. markets taking a plunge is a striking recount.
"Rents in Indianapolis have continued on a slow upward trajectory throughout the pandemic," Salviati said. "Meanwhile, the other cities you mentioned — San Francisco and New York City — have seen the sharpest declines in rents since the start of the pandemic."
Median rents in Indianapolis currently stand at $713 for a one-bedroom apartment and $883 for a two-bedroom.
Although Indy's rent prices are rising, it's still the most affordable compared to other cities. For example, San Francisco has a median two-bedroom rent of $2,956, which is more than three times the price in Indianapolis.
Circle City renters can also find more reasonable prices around central Indiana compared to every other city around it, including Carmel, Fishers, Zionsville, and Plainfield. The only town near Indy with a lower median rent price is Beech Grove.
Other cities that have seen significant rent growth during the pandemic are Phoenix, AZ and Detroit, Michigan.
According to Apartment List's data, the city with the highest rental trends this year it yet another Hoosier metro — South Bend. The northern Indiana city's rental growth has increased by over 6%.