Indianapolis, Indiana – According to recent data from the May rental report published by realtor.com, Indianapolis is amongst the top ten metropolitan regions experiencing a significant year-over-year surge in rental prices.
Currently positioned as the fourth on the list, the city has witnessed a rental price escalation of 7.3%. Consequently, the median rent of an apartment within the area has now reached $1,331.
This accelerated growth rate comes in stark contrast to the trends observed on the national front.
Remarkably, for the first time in the past three years, the United States has recorded a decrease in average annual rent rates across the country.
In May 2023, the national median rent for a two-bedroom apartment declined by half a percent from the same period last year, bringing it down to $1,923.
Conversely, the median price for a one-bedroom unit has seen a slight increase of $6, placing it at $1,628.