Rental Market Reports > Single-Family Home Reports > Indiana
This rental market report examines rent prices for five of the most analyzed cities on Rentometer and five cities with the lowest GRM in Indiana in Q1 2023.
Summary - Year-Over-Year Rent Change
This rental market report highlights the average rent prices of three-bedroom (3-BR) single-family rentals (SFRs) for Q1 2023 in these five Indiana cities: Fort Wayne, Indianapolis, Noblesville, South Bend, and West Lafayette.
According to our data, Fort Wayne had the largest year-over-year rent increase of 24%, while West Lafayette had the smallest increase of 9%.
Methodology
Geography: This report considers rent changes in Rentometer’s five most analyzed SFR markets in Indiana during Q1 2023.
Property Type: 3-BR SFR with all bathroom counts.
Analysis: Rent data was analyzed year-over-year for each city.
Data: New rents collected at the beginning and end of each quarter are reported, excluding outliers below $500 and above $10,000.
Year-Over-Year Change in Average Rent: 3-Bedroom SFRs
Rent prices in these five Indiana cities experienced the following year-over-year rent increases in Q1 2023:
- Fort Wayne, Indiana: 24%
- South Bend, Indiana: 20%
- Noblesville, Indiana: 14%
- Indianapolis, Indiana: 11%
- West Lafayette, Indiana: 9%
Year-Over-Year Average Rent: 3-Bedroom SFRs
Below are the average rent prices for 3-BR SFRs in Q1 2023 for the following cities in Indiana:
- Fort Wayne, Indiana: $1,392
- South Bend, Indiana: $1,499
- Noblesville, Indiana: $1,843
- Indianapolis, Indiana: $1,548
- West Lafayette, Indiana: $1,744
Summary - Lowest GRMs
This rental market report analyzes Q1 2023 data for three-bedroom (3-BR) single-family rental (SFR) properties in these five Indiana cities: Bloomington, Evansville, Fort Wayne, Indianapolis, and South Bend.
Considering home prices, the Indiana city with the lowest gross rent multiplier (GRM) was South Bend with a GRM of 9.
Methodology
Geography: The scope of this analysis is five cities in the state of Indiana with the lowest GRMs.
Property Type: 3-BR SFRs with all bathroom counts.
Analysis: Rent data and home price data for Q1 2022 and 2023 were analyzed. The GRMs were calculated by dividing the Q1 2023 average home price by the annualized Q1 2023 average rent price.
Data: Rentometer rent data and Zillow Home Value Index prices were utilized in this report.
Rental Market GRM Analysis
These five Indiana cities had the lowest GRMs in Q1 2023:
- South Bend, Indiana: 9
- Evansville, Indiana: 11
- Indianapolis, Indiana: 12
- Bloomington, Indiana: 12
- Fort Wayne, Indiana: 13
Year-Over-Year Rent Change Analysis
Rent prices in these five Indiana cities experienced the following year-over-year rent increases in Q1 2023:
- South Bend, Indiana: 33%
- Evansville, Indiana: 31%
- Indianapolis, Indiana: 24%
- Bloomington, Indiana: 20%
- Fort Wayne, Indiana: 11%
Check rent prices in your market at www.rentometer.com.
Please note the research and data included in this report is aggregated from a variety of sources and many are third parties that are not affiliated with Rentometer, Inc. The information is believed to be accurate, but Rentometer, Inc. does not provide a warranty of any kind, either expressed or implied.