Thanks to the city’s relatively modest rental rates and plentiful housing inventory, Forbes named Indianapolis the best city in the nation for renters in 2017. Now, as we near the end of 2018, a recent report from Indianapolis-based brokerage firm Tikijian Associates is shedding new light on the ways in which our city’s rental market has changed over the course of the past year.
While renters still have plenty of attractive options to choose from, a surge in multifamily development has set rental rates on an upward trajectory in many neighborhoods across Indianapolis.
Although the average monthly rental rate in Indianapolis sits at around $850, one-bedroom apartments downtown often cost upwards of $1,000 a month, according to the Indianapolis Business Journal. The market analysis from Tikijian Associates attributes this trend both to the recent increase in multifamily housing developments, as well as a tendency for property owners in desirable neighborhoods to make “high end” upgrades to existing properties.
“Between the rental market and sales and investment market, things are going very well,” said Senior Managing Director George Tikijian in a statement. “We’re pretty long into an economic recovery and have a low-interest-rate environment. Couple that with the tremendous demands across the board and what we’re seeing from rent growth … The market is strong.”
At AMG Property Management, we strive to help the property owners in our area make the most of their investments by filling vacancies, conducting maintenance tasks, offering advertising services and more. To speak with a representative about all the property management services we offer, feel free to give us a call or contact us online today!