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Things are looking grim in Indianapolis as low and middle-income residents continue to be squeezed out with astronomical rent increases.
Rent increases in Indianapolis are among the highest in the nation. Rent for middle-tier apartments was up more in Indianapolis than just about any other metro area in the nation at the end of 2023, according to real estate firm CoStar Group, which rates buildings based on design, amenities, location and certifications.
Demand for more affordable apartments is helping keep the middle-of-the-road rent prices up, says Jay Lybik, CoStar’s national director of multifamily analytics.
Meanwhile, high-end rent prices are being pushed down due to a flood of new construction, with there being more apartments than renters who want them. As a result, higher income residents are more likely than others to score a deal.
Doug McCoy, the Director of the Center for Real Estate Studies at Indiana University Kelley School of Business, joined the Kendall & Casey Show today to discuss why Indianapolis is suffering high rent increases and what the future looks like for its residents.
