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Market Report

Indianapolis Multifamily Market

2Q 2022

Expanding Populace, Moderating Pipeline
Set Metro For Historically Tight Vacancy

Widespread demand fuels record-low availability. As Indianapolis' population continues to expand at a steady rate, the growth of the 20- to 34-year-old cohort is fostering a rising need for available apartments. This is reflected in recent vacancy fluctuation, as availability in the metro compressed by 250 basis points over the past two years ended in March. Demand has improved in the suburbs lately, as vacancy outside the core was a record-low 3.0 percent at the onset of 2022. The historically strong rate of household formation slated to occur this year suggests tightening will persist in suburban submarkets. Absorption in the CBD also notably advanced in 2021, with availability falling 410 basis points. As residents continue to return to downtown offices this year, further recovery in the core can be anticipated.

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