Indianapolis, IN Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

Indianapolis multifamily fundamentals softened modestly through summer 2025 but remained on solid ground. Average asking rents ticked up 0.1% on a trailing three-month basis through August to $1,307, matching the national pace, while unemployment held at 3.6%, well below the 4.3% U.S. figure. Occupancy dipped 20 basis points year-over-year to 94.0%, a slight lag against the national average. Employment growth slowed to 0.4% through June, trailing the national rate, though the metro added 3,600 net jobs over 12 months. Developers delivered 4,096 units through August with 5,740 more underway, a healthy pipeline following 2024's record completions. Indiana University's $4.3 billion hospital campus, slated to open in 2027, represents a significant long-term demand driver for the market.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their Indianapolis October 2025 multifamily market report covers asking rents, occupancy, employment trends, and construction pipeline activity to help owners and investors assess market conditions. To read the full report, click here.