Rents Stay Flat, Development Keeps Up
Following steady growth last year, the Indianapolis multifamily market recorded a slower start to 2026, in line with seasonal patterns, according to the latest Yardi Matrix Indianapolis multifamily market report. The average advertised asking rent was flat, on a trailing three-month basis through February, to $1,310, outperforming the national rate by 10 basis points, as per the latest U.S. multifamily market report. Year-over-year, rents in the metro were up 1.1%, placing it eighth among the top 30 metros tracked by Yardi Matrix.
Employment was up 0.8% year-over-year through December, 20 basis points above the U.S. figure, marking a slight improvement over the slower summer months. Only three sectors recorded net positive gains over the 12-month period ending in December 2025, led by education and health services, which added 7,600 positions. The area’s unemployment rate stood at 2.5% as of December, 190 basis points below the national figure, according to preliminary data from the Bureau of Labor Statistics. Meta will invest more than $10 billion in a 1-gigawatt data center campus and community infrastructure in Lebanon, Ind. The development will generate more than 4,000 construction jobs in the area, as well as 300 operational jobs.
Developers added 6,075 units to the metro in 2025, with completions accounting for 2.9% of existing stock, 30 basis points below the national figure. Construction starts more than doubled in 2025 compared to the projects that were started in the previous year.
Read the full Yardi Matrix Indianapolis Multifamily Market Report: April 2026
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