Rent Tracker
Rent Inflation in Indianapolis, IN
The average asking rent in Indianapolis, IN is $1,553/month as of 2026-05. That is +2.3% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$1,553/mo
as of 2026-05
Year-over-Year Change
+2.3%
24-Month Rent Trend
Monthly ZORI index values for Indianapolis, IN.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-05 | $1,553 | +0.58% |
| 2026-04 | $1,544 | +0.26% |
| 2026-03 | $1,540 | +0.52% |
| 2026-02 | $1,532 | +0.07% |
| 2026-01 | $1,531 | +0.20% |
| 2025-12 | $1,528 | -0.26% |
| 2025-11 | $1,532 | +0.20% |
| 2025-10 | $1,529 | -0.13% |
| 2025-09 | $1,531 | +0.00% |
| 2025-08 | $1,531 | -0.07% |
| 2025-07 | $1,532 | +0.46% |
| 2025-06 | $1,525 | +0.46% |
| 2025-05 | $1,518 | +0.73% |
| 2025-04 | $1,507 | +0.40% |
| 2025-03 | $1,501 | +0.60% |
| 2025-02 | $1,492 | +0.40% |
| 2025-01 | $1,486 | +0.68% |
| 2024-12 | $1,476 | +0.14% |
| 2024-11 | $1,474 | +0.00% |
| 2024-10 | $1,474 | -0.47% |
| 2024-09 | $1,481 | +0.20% |
| 2024-08 | $1,478 | +0.27% |
| 2024-07 | $1,474 | +0.89% |
| 2024-06 | $1,461 | — |
Why Rent Inflation Matters
Shelter is the single largest component of the official CPI, accounting for roughly one-third of the index. But the BLS shelter index tends to lag real-market rent changes by 12–18 months because it measures rents paid by all tenants — including long-term renters locked into old leases. ZORI measures asking rents for new leases, making it a timelier signal of where CPI shelter inflation is headed.
When ZORI is rising sharply in your city, it is a leading indicator that official shelter inflation — and therefore overall CPI — will remain elevated in coming months.
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Data Source
Rent data uses the Zillow Observed Rent Index (ZORI), a smoothed measure of typical market-rate asking rents updated monthly by Zillow Research. ZORI covers single-family homes, condos, and co-ops and reflects asking rents for new leases — making it a more timely indicator than the lagged BLS shelter index. zillow.com/research | Money & Prices