Rental markets / Indianapolis

Indianapolis fair market rents

Look up HUD rent benchmarks by bedroom and ZIP code, then estimate cash flow with your own price and costs.

Area or ZIP code

Bedrooms

Rent schedule

3-bedroom gross-rent benchmark

$1,907 / month

+14.3% from FY2025.

FY2026 · effective Oct 1, 2025

Includes tenant-paid utilities. A benchmark, not an approved rent or property-specific estimate.

Published rent benchmarks

FY2025

$1,669

FY2026

$1,907

FY2027

$1,991

HUD schedules for the selected bedroom count. Changes are not a rent forecast.

Indianapolis-Carmel, IN HUD Metro FMR Area · Monthly gross rents
Bedroom count	FY2025	FY2026 · current	FY2027 · upcoming
Studio	$955	$1,118	$1,187
1 bedroom	$1,097	$1,267	$1,336
2 bedrooms	$1,283	$1,473	$1,536
3 bedrooms	$1,669	$1,907	$1,991
4 bedrooms	$2,028	$2,338	$2,425

FY2026 HUD area coverage: Boone County, IN; Brown County, IN; Hamilton County, IN; Hancock County, IN; Hendricks County, IN; Johnson County, IN; Marion County, IN; Morgan County, IN; Shelby County, IN. ZIP schedules may cover portions of this area.

Compare rents by ZIP code

Monthly HUD gross-rent benchmarks, including tenant-paid utilities. Choose 2–4 ZIPs to compare.

Find a ZIP code

Rent schedule

137 ZIP codes across published schedules

ZIP rent table

FY2026 monthly gross rents by ZIP.
ZIP	Studio	1 bedroom	2 bedrooms	3 bedrooms	4 bedrooms
46011	$1,030	$1,050	$1,380	$1,820	$1,830
46030	$940	$1,070	$1,240	$1,610	$1,970
46031	$1,070	$1,180	$1,410	$1,800	$2,220
46032	$1,550	$1,750	$2,040	$2,640	$3,240
46033	$1,570	$1,780	$2,070	$2,680	$3,290
46034	$1,140	$1,290	$1,500	$1,940	$2,380
46035	$810	$940	$1,100	$1,440	$1,730
46036	$810	$940	$1,100	$1,440	$1,730
46037	$1,460	$1,650	$1,920	$2,490	$3,050
46038	$1,470	$1,670	$1,940	$2,510	$3,080
46040	$1,160	$1,310	$1,530	$1,980	$2,410
46041	$810	$940	$1,100	$1,440	$1,730
46049	$990	$1,170	$1,370	$1,790	$2,160
46050	$810	$940	$1,100	$1,440	$1,730
46052	$930	$1,060	$1,230	$1,590	$1,950
46055	$1,450	$1,640	$1,910	$2,470	$3,030
46056	$1,010	$1,030	$1,350	$1,780	$1,790
46060	$1,210	$1,370	$1,590	$2,060	$2,520
46061	$1,400	$1,590	$1,850	$2,400	$2,940
46062	$1,310	$1,490	$1,730	$2,240	$2,750
46064	$1,060	$1,090	$1,430	$1,890	$1,900
46069	$890	$1,010	$1,180	$1,520	$1,860
46071	$960	$1,090	$1,270	$1,640	$2,020
46072	$990	$1,170	$1,370	$1,790	$2,160
46074	$1,440	$1,630	$1,900	$2,460	$3,020
46075	$1,630	$1,850	$2,150	$2,780	$3,410
46077	$1,610	$1,820	$2,120	$2,750	$3,370
46082	$1,400	$1,590	$1,850	$2,400	$2,940
46102	$1,090	$1,230	$1,430	$1,850	$2,270
46103	$1,090	$1,230	$1,430	$1,850	$2,270
46106	$1,540	$1,750	$2,030	$2,630	$3,220
46107	$1,020	$1,160	$1,350	$1,750	$2,140
46110	$860	$970	$1,130	$1,470	$1,800
46111	$1,030	$1,170	$1,360	$1,760	$2,160
46112	$1,320	$1,500	$1,740	$2,250	$2,760
46113	$1,330	$1,510	$1,750	$2,270	$2,780
46115	$810	$940	$1,100	$1,440	$1,730
46117	$880	$970	$1,160	$1,440	$1,730
46118	$940	$1,070	$1,240	$1,610	$1,970
46120	$810	$940	$1,100	$1,440	$1,730
46121	$1,050	$1,190	$1,420	$1,880	$2,250
46122	$1,090	$1,230	$1,430	$1,850	$2,270
46123	$1,400	$1,590	$1,850	$2,400	$2,940
46124	$850	$940	$1,100	$1,440	$1,730
46125	$930	$1,060	$1,230	$1,590	$1,950
46126	$810	$940	$1,100	$1,440	$1,730
46130	$900	$1,010	$1,180	$1,530	$1,870
46131	$1,090	$1,230	$1,430	$1,850	$2,270
46140	$1,040	$1,180	$1,370	$1,770	$2,170
46142	$1,070	$1,210	$1,410	$1,830	$2,240
46143	$1,340	$1,520	$1,770	$2,290	$2,810
46144	$990	$1,120	$1,300	$1,690	$2,060
46147	$960	$1,080	$1,260	$1,630	$2,000
46148	$810	$940	$1,100	$1,440	$1,730
46149	$1,140	$1,290	$1,500	$1,940	$2,380
46150	$910	$1,030	$1,220	$1,550	$1,850
46151	$930	$1,060	$1,230	$1,590	$1,950
46154	$1,040	$1,180	$1,370	$1,770	$2,170
46157	$810	$940	$1,100	$1,440	$1,730
46158	$1,040	$1,180	$1,370	$1,770	$2,170
46160	$840	$950	$1,110	$1,440	$1,760
46161	$990	$1,120	$1,300	$1,690	$2,060
46162	$1,120	$1,270	$1,480	$1,910	$2,340
46163	$1,050	$1,190	$1,380	$1,780	$2,190
46164	$840	$980	$1,160	$1,510	$1,820
46165	$1,360	$1,540	$1,810	$2,360	$2,870
46166	$910	$1,020	$1,190	$1,530	$1,890
46167	$1,090	$1,230	$1,430	$1,850	$2,270
46168	$1,220	$1,380	$1,610	$2,080	$2,560
46176	$940	$1,070	$1,240	$1,610	$1,970
46180	$920	$1,040	$1,230	$1,610	$1,960
46181	$1,110	$1,260	$1,460	$1,890	$2,320
46182	$1,190	$1,340	$1,560	$2,020	$2,470
46183	$1,180	$1,340	$1,560	$2,020	$2,480
46184	$1,670	$1,890	$2,200	$2,850	$3,490
46186	$1,000	$1,070	$1,320	$1,710	$1,910
46201	$970	$1,100	$1,280	$1,660	$2,030
46202	$1,400	$1,590	$1,850	$2,400	$2,940
46203	$1,000	$1,140	$1,320	$1,710	$2,100
46204	$1,650	$1,870	$2,170	$2,810	$3,440
46205	$1,140	$1,290	$1,500	$1,940	$2,380
46206	$1,070	$1,210	$1,410	$1,830	$2,240
46208	$1,020	$1,160	$1,350	$1,750	$2,140
46214	$1,020	$1,160	$1,350	$1,750	$2,140
46216	$1,250	$1,420	$1,650	$2,140	$2,620
46217	$1,310	$1,490	$1,730	$2,240	$2,750
46218	$960	$1,080	$1,260	$1,630	$2,000
46219	$1,020	$1,150	$1,340	$1,740	$2,130
46220	$1,280	$1,450	$1,690	$2,190	$2,680
46221	$1,090	$1,240	$1,440	$1,860	$2,290
46222	$1,040	$1,180	$1,370	$1,770	$2,170
46224	$1,040	$1,180	$1,370	$1,770	$2,170
46225	$1,010	$1,140	$1,330	$1,720	$2,110
46226	$1,020	$1,150	$1,340	$1,740	$2,130
46227	$1,000	$1,140	$1,320	$1,710	$2,100
46228	$1,350	$1,530	$1,780	$2,300	$2,830
46229	$990	$1,120	$1,300	$1,680	$2,060
46230	$1,070	$1,210	$1,410	$1,830	$2,240
46231	$1,550	$1,750	$2,040	$2,640	$3,240
46234	$1,350	$1,530	$1,780	$2,300	$2,830
46235	$950	$1,080	$1,250	$1,620	$1,980
46236	$1,610	$1,820	$2,120	$2,750	$3,370
46237	$1,230	$1,390	$1,620	$2,100	$2,570
46239	$1,240	$1,410	$1,640	$2,120	$2,600
46240	$1,320	$1,500	$1,740	$2,250	$2,760
46241	$1,070	$1,210	$1,410	$1,830	$2,240
46242	$1,070	$1,210	$1,410	$1,830	$2,240
46244	$1,070	$1,210	$1,410	$1,830	$2,240
46247	$1,070	$1,210	$1,410	$1,830	$2,240
46250	$1,240	$1,400	$1,630	$2,110	$2,590
46251	$1,070	$1,210	$1,410	$1,830	$2,240
46253	$1,070	$1,210	$1,410	$1,830	$2,240
46254	$1,090	$1,240	$1,440	$1,860	$2,290
46256	$1,090	$1,230	$1,430	$1,850	$2,270
46259	$1,210	$1,380	$1,600	$2,070	$2,540
46260	$1,130	$1,280	$1,490	$1,930	$2,370
46262	Not available	Not available	Not available	Not available	Not available
46268	$1,160	$1,320	$1,530	$1,980	$2,430
46278	$1,310	$1,480	$1,720	$2,230	$2,730
46280	$1,550	$1,750	$2,040	$2,640	$3,240
46282	$1,070	$1,210	$1,410	$1,830	$2,240
46290	$1,400	$1,580	$1,840	$2,380	$2,920
47201	$1,240	$1,270	$1,430	$1,720	$2,030
47234	$1,010	$1,090	$1,260	$1,580	$1,890
47235	$810	$940	$1,100	$1,440	$1,730
47240	$810	$940	$1,100	$1,440	$1,730
47272	$820	$940	$1,110	$1,440	$1,730
47274	$850	$940	$1,100	$1,440	$1,730
47384	$860	$940	$1,100	$1,440	$1,730
47401	$980	$1,090	$1,230	$1,600	$1,940
47433	$810	$940	$1,100	$1,440	$1,730
47435	$970	$1,090	$1,270	$1,650	$2,010
47448	$980	$1,110	$1,290	$1,670	$2,040
47456	$810	$940	$1,100	$1,440	$1,730
47468	$940	$1,060	$1,220	$1,580	$1,920
47933	$900	$1,050	$1,230	$1,610	$1,940
47968	$990	$1,020	$1,210	$1,600	$1,780

Choose up to four ZIPs.

Local rental households

2020–2024 ACS 5-year. Figures cover the selected county, which may be only part of the current HUD rental area.

County or county-equivalent

Boone County, Indiana

Rental households

Rental households: 6,097
Share of occupied homes rented: 21.2%

Rent burden

Spend 30%+ of income on rent: 39.9%
Spend 50%+ of income on rent: 16.1%

Among renter households with a calculated rent-to-income ratio.

Rental housing types

Single-unit homes: 38.5%
Buildings with 2–4 units: 9.5%
Buildings with 5+ units: 47.2%
Other rental homes: 4.8%

Estimates & margins of error

Boone County, Indiana · 2020–2024 ACS 5-year · 90% margins of error
Measure	Estimate	Margin of error
Rental households	6,097	±594
Share of occupied homes rented	21.2%	±2.1 percentage points
Spend 30%+ of income on rent	39.9%	±6.3 percentage points
Spend 50%+ of income on rent	16.1%	±4.7 percentage points
Single-unit homes	38.5%	±5.8 percentage points
Buildings with 2–4 units	9.5%	±3.0 percentage points
Buildings with 5+ units	47.2%	±6.1 percentage points
Other rental homes	4.8%	±2.3 percentage points

These are survey estimates. Margins of error for percentages follow Census guidance; small differences may not be meaningful.

Brown County, Indiana

Rental households

Rental households: 908
Share of occupied homes rented: 13.4%

Rent burden

Spend 30%+ of income on rent: 50.6%
Spend 50%+ of income on rent: 21.1%

Among renter households with a calculated rent-to-income ratio.

Rental housing types

Single-unit homes: 38.1%
Buildings with 2–4 units: 14.5%
Buildings with 5+ units: 28.6%
Other rental homes: 18.7%

Estimates & margins of error

Brown County, Indiana · 2020–2024 ACS 5-year · 90% margins of error
Measure	Estimate	Margin of error
Rental households	908	±187
Share of occupied homes rented	13.4%	±2.7 percentage points
Spend 30%+ of income on rent	50.6%	±13.9 percentage points
Spend 50%+ of income on rent	21.1%	±7.4 percentage points
Single-unit homes	38.1%	±11.5 percentage points
Buildings with 2–4 units	14.5%	±8.6 percentage points
Buildings with 5+ units	28.6%	±7.7 percentage points
Other rental homes	18.7%	±12.8 percentage points

These are survey estimates. Margins of error for percentages follow Census guidance; small differences may not be meaningful.

Hamilton County, Indiana

Rental households

Rental households: 32,836
Share of occupied homes rented: 23.9%

Rent burden

Spend 30%+ of income on rent: 42.3%
Spend 50%+ of income on rent: 18.1%

Among renter households with a calculated rent-to-income ratio.

Rental housing types

Single-unit homes: 29.7%
Buildings with 2–4 units: 12.6%
Buildings with 5+ units: 56.0%
Other rental homes: 1.8%

Estimates & margins of error

Hamilton County, Indiana · 2020–2024 ACS 5-year · 90% margins of error
Measure	Estimate	Margin of error
Rental households	32,836	±1,361
Share of occupied homes rented	23.9%	±1.0 percentage points
Spend 30%+ of income on rent	42.3%	±3.5 percentage points
Spend 50%+ of income on rent	18.1%	±2.4 percentage points
Single-unit homes	29.7%	±2.5 percentage points
Buildings with 2–4 units	12.6%	±1.9 percentage points
Buildings with 5+ units	56.0%	±3.1 percentage points
Other rental homes	1.8%	±0.7 percentage points

These are survey estimates. Margins of error for percentages follow Census guidance; small differences may not be meaningful.

Hancock County, Indiana

Rental households

Rental households: 6,855
Share of occupied homes rented: 20.5%

Rent burden

Spend 30%+ of income on rent: 40.4%
Spend 50%+ of income on rent: 14.2%

Among renter households with a calculated rent-to-income ratio.

Rental housing types

Single-unit homes: 44.6%
Buildings with 2–4 units: 18.9%
Buildings with 5+ units: 33.5%
Other rental homes: 3.0%

Estimates & margins of error

Hancock County, Indiana · 2020–2024 ACS 5-year · 90% margins of error
Measure	Estimate	Margin of error
Rental households	6,855	±622
Share of occupied homes rented	20.5%	±1.8 percentage points
Spend 30%+ of income on rent	40.4%	±5.6 percentage points
Spend 50%+ of income on rent	14.2%	±3.6 percentage points
Single-unit homes	44.6%	±6.4 percentage points
Buildings with 2–4 units	18.9%	±3.5 percentage points
Buildings with 5+ units	33.5%	±5.6 percentage points
Other rental homes	3.0%	±2.0 percentage points

These are survey estimates. Margins of error for percentages follow Census guidance; small differences may not be meaningful.

Hendricks County, Indiana

Rental households

Rental households: 14,608
Share of occupied homes rented: 21.8%

Rent burden

Spend 30%+ of income on rent: 47.4%
Spend 50%+ of income on rent: 20.7%

Among renter households with a calculated rent-to-income ratio.

Rental housing types

Single-unit homes: 38.7%
Buildings with 2–4 units: 11.0%
Buildings with 5+ units: 47.7%
Other rental homes: 2.6%

Estimates & margins of error

Hendricks County, Indiana · 2020–2024 ACS 5-year · 90% margins of error
Measure	Estimate	Margin of error
Rental households	14,608	±1,041
Share of occupied homes rented	21.8%	±1.5 percentage points
Spend 30%+ of income on rent	47.4%	±4.9 percentage points
Spend 50%+ of income on rent	20.7%	±3.8 percentage points
Single-unit homes	38.7%	±3.8 percentage points
Buildings with 2–4 units	11.0%	±2.4 percentage points
Buildings with 5+ units	47.7%	±4.3 percentage points
Other rental homes	2.6%	±1.1 percentage points

These are survey estimates. Margins of error for percentages follow Census guidance; small differences may not be meaningful.

Johnson County, Indiana

Rental households

Rental households: 17,061
Share of occupied homes rented: 27.3%

Rent burden

Spend 30%+ of income on rent: 42.7%
Spend 50%+ of income on rent: 21.5%

Among renter households with a calculated rent-to-income ratio.

Rental housing types

Single-unit homes: 43.2%
Buildings with 2–4 units: 12.1%
Buildings with 5+ units: 41.7%
Other rental homes: 3.1%

Estimates & margins of error

Johnson County, Indiana · 2020–2024 ACS 5-year · 90% margins of error
Measure	Estimate	Margin of error
Rental households	17,061	±1,039
Share of occupied homes rented	27.3%	±1.6 percentage points
Spend 30%+ of income on rent	42.7%	±4.4 percentage points
Spend 50%+ of income on rent	21.5%	±3.7 percentage points
Single-unit homes	43.2%	±4.0 percentage points
Buildings with 2–4 units	12.1%	±2.5 percentage points
Buildings with 5+ units	41.7%	±4.4 percentage points
Other rental homes	3.1%	±1.1 percentage points

These are survey estimates. Margins of error for percentages follow Census guidance; small differences may not be meaningful.

Marion County, Indiana

Rental households

Rental households: 173,991
Share of occupied homes rented: 43.5%

Rent burden

Spend 30%+ of income on rent: 50.9%
Spend 50%+ of income on rent: 26.1%

Among renter households with a calculated rent-to-income ratio.

Rental housing types

Single-unit homes: 32.9%
Buildings with 2–4 units: 17.8%
Buildings with 5+ units: 48.1%
Other rental homes: 1.3%

Estimates & margins of error

Marion County, Indiana · 2020–2024 ACS 5-year · 90% margins of error
Measure	Estimate	Margin of error
Rental households	173,991	±3,120
Share of occupied homes rented	43.5%	±0.8 percentage points
Spend 30%+ of income on rent	50.9%	±1.5 percentage points
Spend 50%+ of income on rent	26.1%	±1.2 percentage points
Single-unit homes	32.9%	±1.2 percentage points
Buildings with 2–4 units	17.8%	±1.1 percentage points
Buildings with 5+ units	48.1%	±1.5 percentage points
Other rental homes	1.3%	±0.4 percentage points

These are survey estimates. Margins of error for percentages follow Census guidance; small differences may not be meaningful.

Morgan County, Indiana

Rental households

Rental households: 5,054
Share of occupied homes rented: 17.9%

Rent burden

Spend 30%+ of income on rent: 47.8%
Spend 50%+ of income on rent: 26.7%

Among renter households with a calculated rent-to-income ratio.

Rental housing types

Single-unit homes: 52.8%
Buildings with 2–4 units: 23.3%
Buildings with 5+ units: 17.7%
Other rental homes: 6.2%

Estimates & margins of error

Morgan County, Indiana · 2020–2024 ACS 5-year · 90% margins of error
Measure	Estimate	Margin of error
Rental households	5,054	±510
Share of occupied homes rented	17.9%	±1.8 percentage points
Spend 30%+ of income on rent	47.8%	±6.0 percentage points
Spend 50%+ of income on rent	26.7%	±5.9 percentage points
Single-unit homes	52.8%	±6.6 percentage points
Buildings with 2–4 units	23.3%	±4.6 percentage points
Buildings with 5+ units	17.7%	±3.8 percentage points
Other rental homes	6.2%	±2.1 percentage points

These are survey estimates. Margins of error for percentages follow Census guidance; small differences may not be meaningful.

Shelby County, Indiana

Rental households

Rental households: 5,082
Share of occupied homes rented: 27.5%

Rent burden

Spend 30%+ of income on rent: 40.5%
Spend 50%+ of income on rent: 23.0%

Among renter households with a calculated rent-to-income ratio.

Rental housing types

Single-unit homes: 45.4%
Buildings with 2–4 units: 20.1%
Buildings with 5+ units: 27.3%
Other rental homes: 7.2%

Estimates & margins of error

Shelby County, Indiana · 2020–2024 ACS 5-year · 90% margins of error
Measure	Estimate	Margin of error
Rental households	5,082	±437
Share of occupied homes rented	27.5%	±2.3 percentage points
Spend 30%+ of income on rent	40.5%	±6.6 percentage points
Spend 50%+ of income on rent	23.0%	±5.5 percentage points
Single-unit homes	45.4%	±5.5 percentage points
Buildings with 2–4 units	20.1%	±4.6 percentage points
Buildings with 5+ units	27.3%	±4.9 percentage points
Other rental homes	7.2%	±3.4 percentage points

These are survey estimates. Margins of error for percentages follow Census guidance; small differences may not be meaningful.

Census sources & definitions

2020–2024 ACS 5-year combines five years of survey responses. These describe the survey period, not today’s market. Rental households are renter-occupied homes. Housing types refer to the building containing each rental; “other” includes mobile homes, boats, RVs and similar housing.

Source: U.S. Census Bureau, tables B25003, B25070 and B25032. Statistical guidance. Data checked Sep 22, 2026. Rental Wire is not affiliated with or endorsed by the Census Bureau.

Download county data & margins of error

Does a property work at that rent?

Start with the HUD benchmark or enter your expected lease rent. Price and cost defaults are examples, not local estimates.

Monthly cash flow before income tax

$105

Based on example price and costs. Edit them for your property.

Lease rent used: $1,757
Upfront cash: $53,500

Sources, dates & coverage

Indianapolis-Carmel, IN HUD Metro FMR Area. HUD area ID: METRO26900M26900. Coverage: Boone County, IN; Brown County, IN; Hamilton County, IN; Hancock County, IN; Hendricks County, IN; Johnson County, IN; Marion County, IN; Morgan County, IN; Shelby County, IN.

HUD gross-rent benchmarks include tenant-paid basic utilities, excluding phone, cable and internet. They are not asking-rent quotes, approved Section 8 rents or housing-authority payment standards.

FY2025 area source (effective Oct 1, 2024; source version Apr 28, 2025) · FY2026 area source (effective Oct 1, 2025; source version May 21, 2026) · FY2027 area source (effective Oct 1, 2026).

ZIP schedules: FY2025 · FY2026 · FY2027. SAFMR methodology.

HUD data checked Sep 22, 2026. Changes can reflect methodology and geographic coverage as well as rents. Missing data and figures that cannot be compared are marked unavailable. Future schedules are labelled upcoming.

Source: U.S. Department of Housing and Urban Development. HUD public-domain reuse policy, section 1.D. Rental Wire is not affiliated with or endorsed by HUD. Retain the source, geography and fiscal year when sharing data.

Calculation assumptions

Cash flow is rent less vacancy, operating costs, replacement reserves and fixed-rate mortgage payments, including principal. Tax deductions, sale proceeds and appreciation are outside this first-year calculation. The target price uses the same rent, expense amounts, mortgage rate, down-payment percentage and closing-cost percentage. Property taxes and lender terms may change with the actual purchase price.

When using a HUD benchmark, we subtract tenant-paid utilities to estimate lease rent. Custom rent is used as entered. Add utilities you pay to operating costs. This does not determine a voucher subsidy or a housing authority's approved rent.

Other markets in the region

Cincinnati rent benchmarks Fort Wayne rent benchmarks Louisville rent benchmarks Chicago rent benchmarks

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