{"id":7361,"date":"2023-11-14T07:59:00","date_gmt":"2023-11-14T07:59:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7361"},"modified":"2024-05-16T08:35:01","modified_gmt":"2024-05-16T08:35:01","slug":"october-2023-indianapolis-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/october-2023-indianapolis-multifamily-market-report\/","title":{"rendered":"Indianapolis Multifamily Market Report \u2013 October 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/indianapolis-multifamily-market-report\/\">Indianapolis Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Rent Growth Stabilizes, Development Slows<\/h2>\n<p>Indianapolis\u2019 multifamily market maintained a steady course through the nationwide economic slowdown. Rent growth was 0.4% on a trailing three-month basis through August\u201420 basis points above the national rate\u2014to an average of $1,246. Year-over-year rent development stood at 4.8%, <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2023\/\"><strong>330 basis points higher than the U.S. figure<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-D99K9\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Indianapolis vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/D99K9\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The unemployment rate in Indianapolis reached 3.6% as of July, according to preliminary data from the Bureau of Labor Statistics, 10 basis points higher than the U.S. rate. The figure climbed 80 basis points from January, in line with the overall economic slowdown. Over the 12-month period ending in June, Indianapolis gained 40,700 jobs, with the leisure and hospitality sector leading growth (8,100 jobs), followed by education and health services (7,900 jobs). Indiana\u2019s economic growth continues to be partially fueled by large investments in manufacturing, such as an upcoming $3.2 billion project.<\/p>\n<p><iframe id=\"datawrapper-chart-hFi3E\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Indianapolis Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/hFi3E\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Unlike most major metros tracked by Yardi Matrix, Indianapolis\u2019 completions did not slow down. The metro added 1,369 units year-to-date through August, which exceeded 2022\u2019s total. Meanwhile, investment volume during the same period dropped 72.9% year-over-year.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4638-MatrixMultifamilyIndianapolisReport-October2023\"><strong>Matrix Multifamily Indianapolis Report-October 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Growth Stabilizes, Development Slows Indianapolis\u2019 multifamily market maintained a steady course through the nationwide economic slowdown. Rent growth was 0.4% on a trailing three-month basis through August\u201420 basis points above the national rate\u2014to an average of $1,246. Year-over-year rent development stood at 4.8%, 330 basis points higher than the U.S. figure. The unemployment rate [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[8,475],"class_list":["post-7361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-indianapolis","tag-multifamily-outlook-2023"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indianapolis Multifamily Market Report \u2013 October 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Indianapolis multifamily rents rose 4.8% Y-o-Y as of August, to an average of $1,246, according to Yardi Matrix data.\" \/>\n<meta name=\"robots\" content=\"index, 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