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Census median gross rent is $1,191 (margin of error $9). That figure is the population-weighted mean of the county Fair Market Rents.
HUD Fair Market Rent, Census rent, value, and income, and building permits for Indianapolis-Carmel-Greenwood, IN.
| Bedrooms | Fair Market Rent | Census median | Margin of error |
|---|---|---|---|
| Studio | $1,103 | $947 | $19 |
| 1 BR | $1,243 | $1,038 | $15 |
| 2 BR | $1,454 | $1,192 | $13 |
| 3 BR | $1,884 | $1,427 | $24 |
| 4 BR | $2,288 | $1,772 | $74 |
| 5+ BR | $1,833 | $183 |
| Bedrooms | Small Area FMR |
|---|---|
| Studio | $810 to $1,670 |
| 1 BR | $940 to $1,890 |
| 2 BR | $1,100 to $2,200 |
| 3 BR | $1,440 to $2,850 |
| 4 BR | $1,730 to $3,490 |
Rental vacancy is 5.29%, from 15,621 vacant-for-rent units and 279,600 renter-occupied units.
| County | Population | 2BR FMR | Section 8 | Voucher premium | Rent-to-income | Gross yield |
|---|---|---|---|---|---|---|
| Marion County | 992,196 | $1,473 | Section 8 | Voucher premium | Rent-to-income | Gross yield |
| Hamilton County | 387,036 | $1,473 | Section 8 | Voucher premium | Rent-to-income | Gross yield |
| Hendricks County | 193,510 | $1,473 | Section 8 | Voucher premium | Rent-to-income | Gross yield |
| Johnson County | 174,262 | $1,473 | Section 8 | Voucher premium | Rent-to-income | Gross yield |
| Madison County | 135,088 | $1,206 | Section 8 | Voucher premium | Rent-to-income | Gross yield |
| Hancock County | 90,969 | $1,473 | Section 8 | Voucher premium | Rent-to-income | Gross yield |
| Boone County | 80,689 | $1,473 | Section 8 | Voucher premium | Rent-to-income | Gross yield |
| Morgan County | 74,967 | $1,473 | Section 8 | Voucher premium | Rent-to-income | Gross yield |
| Shelby County | 45,882 | $1,473 | Section 8 | Voucher premium | Rent-to-income | Gross yield |
| Brown County | 15,777 | $1,473 | Section 8 | Voucher premium | Rent-to-income | Gross yield |
| Tipton County | 15,319 | $1,109 | Section 8 | Voucher premium | Rent-to-income | Gross yield |
| Structure | Buildings | Units | Valuation, thousands of dollars |
|---|---|---|---|
| 1 unit | 9,322 | 9,322 | 3,624,955 |
| 2 units | 62 | 124 | 20,849 |
| 3 and 4 units | 11 | 43 | 7,161 |
| 5 or more units | 104 | 1,974 | 322,191 |
| Total | 11,463 | 3,975,156 |
The 100 metros are the 100 metropolitan statistical areas with the largest POPESTIMATE2025 in the Census Bureau Vintage 2025 population estimates. Component counties are the county rows in that file. The metro Fair Market Rent by bedroom is the July 1, 2025 population-weighted mean of the FY2026 county Fair Market Rent, rounded half up. A county with town schedules uses the population-weighted mean of those town rents. Census median rent, home value, and renter income are the ACS 2024 5-year estimates for the metropolitan statistical area. Gross rent yield equals median gross rent (B25064) times 12, divided by median home value (B25077), in percent rounded half up to 0.01. Rent-to-income equals median gross rent times 12, divided by renter median household income (B25119 renter column), on the same rounding. Rental vacancy equals vacant-for-rent units (B25004) divided by renter-occupied units (B25003) plus vacant-for-rent units, on the same rounding. Building permits are housing units authorized in the Census Building Permits Survey 2025 annual CBSA file, survey date 202599. Units are the sum of 1-unit, 2-unit, 3-and-4-unit, and 5-or-more-unit units. Valuation is the sum of the published values, which the survey reports in thousands of dollars. The Small Area FMR range is the lowest and highest ZIP Small Area FMR among component counties that have one.
Source: HUD FY2026 Fair Market Rents, effective 2025-10-01, retrieved 2026-10-09, https://www.huduser.gov/portal/datasets/fmr.html; U.S. Census Bureau Population Estimates Vintage 2025, as of 2025-07-01, https://www2.census.gov/programs-surveys/popest/datasets/2020-2025/metro/totals/cbsa-est2025-alldata.csv; American Community Survey 2024 5-year tables B25031, B25064, B25077, B25119, B25003, and B25004, as of 2024-07-01 (data years 2020-2024), retrieved 2026-10-09, https://data.census.gov/table/ACSDT5Y2024.B25064; and the Census Bureau Building Permits Survey 2025 annual CBSA file, https://www2.census.gov/econ/bps/CBSA%20(beginning%20Jan%202024)/cbsa2025a.txt.
Tax education
The rent and value figures on this page are market context. They are not taxable rent received.
The FY2026 2-bedroom Fair Market Rent in the Indianapolis metro is $1,454.
ACS 2024 5-year median gross rent in Indianapolis-Carmel-Greenwood, IN is $1,191 (margin of error $9).
Gross rent yield is 5.37%, from median gross rent $1,191 and median home value $265,900.
The Census Building Permits Survey authorized 11,463 housing units in Indianapolis-Carmel-Greenwood, IN in 2025.