Indianapolis Multifamily Market Report

Steady job growth, low rents support demand. Indianapolis continues to be a relocation leader among Midwest markets, with record net in-migration expected for a second consecutive year in 2025. This influx is motivated in part by comparatively lower living costs, as Indianapolis ranks fourth among major markets in the ratio of average rent to income. Households have come to the market, increasing the need for more personnel in sectors such as health care, transportation, warehousing and professional services. Nearly 60,000 jobs have been added in these fields since 2019. With companies like GXO Logistics and Eli Lilly planning future expansions, these factors are set to sustain robust apartment demand, exceeding ample deliveries for a second straight year.