Apartments for Rent in Indianapolis
Indianapolis, fondly known as "Indy," is renowned for its sports culture, notably the Indianapolis 500, a centerpiece of local pride and an international renown. Indianapolis is also the proud home of the Colts and the Pacers. It also boasts a vibrant arts scene, including an array of museums, theaters, and the famous Indianapolis Symphony Orchestra. The Madame Walker Legacy Center, home to the Madame Walker Theater, is a historical gem positioned in the heart of the city near Indiana University Indianapolis.
If you're looking to rent in Indy, there's a few things you should know. Downtown Indianapolis and its cultural districts do not feature many apartment complexes or highrises. Smaller, landlord owned (but not onsite) homes in the Cape Cod or Bungalow style are somewhat common rental options. As such, the terms are rather varied, with some tenant-at-will, some 6-month lease scenarios, some 15-month arrangements in more upscale residences, and, of course, lots in between.
Indianapolis is in the shallow end of the pool of monthly rent and it's easy to wade in and out. Even expensive 1 BR apartment in Indianapolis welcome you at under $1,300 per month. The other Indianapolis neighborhoods, all within easy reach of one another, average around $700 for a one bedroom, $850 for a two bedroom, and $1,000 for a three bedroom. If you've ever lived in NYC, LA, SFO, or any other city recognizable solely from its initials, you're going to have a lot of extra funds each month for all the tenderloin sandwiches and Sun Kings.
Still have questions about moving to Indy? Keep reading.
Average Rent in Indianapolis
The following rent averages come from current listings on our website. Rent prices listed are averages and may not reflect the cost of specific units. Rental prices can vary depending on factors like size, location, amenities, and availability.
How Much Is Rent for a Studio Apartment in Indianapolis?
On average, expect to pay around $1,159 per month for a studio apartment in Indianapolis.
How Much Is Rent for a 1-Bedroom Apartment in Indianapolis?
The average rent for a 1-bedroom apartment in Indianapolis is approximately $1,313 per month.
How Much Is Rent for a 2-Bedroom Apartment in Indianapolis?
In Indianapolis, a 2-bedroom apartment typically rents for around $1,609 per month.
How Much Is Rent for a 3-Bedroom Apartment in Indianapolis?
A 3-bedroom apartment in Indianapolis will cost, on average, $1,873 per month.
Transportation in Indianapolis, IN
Most people in Indianapolis get around by car. Traffic is not much of a problem, there is reasonably priced parking downtown, and the public transportation system is easy enough but limited. Keep your car, but just make sure that your apartment community offers either a parking garage or assigned parking spaces.
IndyGo, the main public transportation provider, operates a network of fixed bus routes, including a modern Bus Rapid Transit (BRT) line, the Red Line, which offers faster commutes with amenities like onboard Wi-Fi. They also have plans for expanding the BRT system with Purple and Blue Lines coming in the future. Fares are affordable, currently at $1.75 for regular routes.
Indianapolis also has a growing network of bike lanes over 100 miles long, with plans for further expansion. The city also offers Pacers Bikeshare, a bike rental program with stations across the city. Electric scooter rentals are another option you might see around town.
Pet-Friendly Apartment Hunting in Indianapolis
You shouldn't have too much trouble finding a pet-friendly landlord in Indianapolis, but you may face breed or size restrictions if you have a large dog. Keep in mind, though, that there are a lot of homes and private landlords who may have larger properties and fewer restrictions.
You can use our tools to find pet-friendly apartments. Either take our easy quiz by selecting a bedroom on the right, or navigate back to the main page and select "Dog-Friendly" or "Cat-Friendly" in the "Amenities" menu.
FAQs about Apartments in Indianapolis
Still have questions about renting in Indy? Here are some of the most commonly asked questions from people who are moving to the city for the first time:
What salary do you need to live in Indianapolis?
With a median rent of $1,035 a month for a one-bedroom, we estimate you would need to earn around $40,000 a year to comfortably afford an apartment in the city.
Is it cheaper to rent or buy in Indianapolis?
Current census data puts the median mortgage costs in Indianapolis at $1,337 a month, while our data shows that one-bedroom apartments are renting at a median rate of $1,035 and two-bedrooms for $1,225. Therefore, it is probably cheaper to rent in Indianapolis overall, though not in all cases.
Best Neighborhoods in Indianapolis, IN
Like every major city, there is shopping, art, colleges, parks, culture, sport, and pockets of divine dining. Indianapolis is marginally more compact in these regards, but no different. Well, no different except for the high school hoops fanaticism and the refurbished remnant of a failed waterways experiment - the Grand Canal - complete with gondolas. Let us explore the apartment scene of the Venice of the Midwest.
Downtown Indianapolis
Home to most of Indy's popular attractions (Colts, Pacers, Symphony, the historically significant Hilbert Circle Theater, Circle Centre Shopping), burgeoning restaurant scene, and IUPUI, the downtown area/canal/wholesale district is the most "now" section of Indianapolis. It used to be the most "then."
Not that long ago, much of downtown Indy was on the "strictly functional" side of architecture and vibe. As Indianapolis was the site of the world's first union train station, it was largely dominated by its sprawling network of railroad operations - sort of a proletarian and thuggish aura. Since 1995, nearly $700 million has been invested in chic buildings including some destination hotels.
Many of the apartment complexes included recently renovated pool and gym areas, greatly increasing the livability of the area. Now the whole place vibes less Orwell's 1984 and more Prince's 1999. $1,300 for top-of-the line 1BR apartment with washer and dryer included. Plenty of high end 2BR apartments available for that price. $800 for a decent 1BR.
Broad Ripple
Youthful, fun, full of nightlife, proximity to the most tenacious NCAA team ever, the Butler Bulldogs, as well as David Letterman and Kurt Vonnegut, Broad Ripple is clever and relevant. Broad Ripple is about 6 miles north of downtown and its "we're open if you are" motto sums up a lot about the bohemian nature of the village. There're 50 restaurants, some of them family style places, within a 1/3 mile radius. It's clean with lots going on. Around $725 for a 1BR, $875 for a 2 BR.
Fountain Square
Just a couple miles southeast of downtown Indianapolis, Fountain Square is one of Indianapolis' six designated cultural districts. Fountain Square is the primary neighborhood for Indy's artists and galleries and is anchored by the (bubbling with Americana) diner/duckpin bowling alley. Around $500 for a 1BR - bungalows and lofts here too.
White River Area
A couple miles west of downtown you'll find White River State Park - America's only urban cultural park. Located in the same vicinity is the Indianapolis Zoo - the only such institution accredited as a zoo, aquarium, and botanical garden. More sedate and outdoorsy than most other Indianapolis neighborhoods, the White River area boasts lots of golf courses and easy access to the 65 and 465 if you're driving somewhere, and the racetrack for if you're driving somewhere really FAST. This is a great part of the city for pet friendly apartments, many of which include great access to dog parks.
East Indianapolis
Go East-Northeast from downtown Indianapolis for 10 miles or so, in the direction I-69 and/or I-465 and you'll find many cookie-cutter complexes. Respectable, with landscaped grounds, amenities, water features, and social events, these offer the least in terms of vibrancy, but the most in terms of commuting and a lot-for-a-little. Decent 1 BR apartments under $500, 2 BR under $700.
Get Ready for the Indy 500
Indianapolis, for its undeserved vanilla rep, does host the world’s most attended sporting event: the Indy 500 at which those seated, in pavilions, and tailgating can top 400,000, or 50% the size of the city itself. Say what you will about the societal contributions of racing, but that is an impressive feat considering there are just 32,000 total hotel rooms in the entire metropolitan region.
