Indianapolis Multifamily Market Report

Fast-growing suburbs receive greater supply. Although 2026 deliveries will be nearly on par with 2025, they will be down 55 percent from 2024’s peak. Carmel-Hamilton County is slated to add more than 2,000 units, though strong population growth should aid absorption, as Westfield Washington Township alone added 3,500 residents from mid-2024 to mid-2025. Meanwhile, McCordsville-Fortville will post its largest completion slate, with roughly 500 units across three projects. Though its population remains small, it has nearly doubled over the past five years. The CBD’s supply risk will begin to moderate, supporting occupancy in 2026 as demand strengthens, while no active projects as of March are slated for 2027, an optimistic signal for longer-term performance.