Indianapolis Property Management Update: Rental Statistics Q3, 2022

With the real estate market experiencing all kinds of changes and unrest on the sales front, Rental update Q3 2022 the rental market in Central Indiana kept plugging right along during this year’s third quarter.

Like several quarters before it, the third quarter saw a new record for average rents in Indianapolis.

Indy posted an average rent of $1,388, up from $1,362 in Quarter 2 and up from $1,278 during the same quarter in 2021.

A total of 544 homes leased in Quarter 3, essentially the same as Q2 (543) and just shy of Quarter 3 of 2021 (547).

Days on market were up a bit, coming in at 33 for Q3, 2022 vs. only 27 in Q3, 2021.

So, again, the rental market, to this point at least, has been very steady.

T&H Realty’s Perspective

As we expected, rental activity slowed toward the end of the quarter and remains chilly.

As we’ve discussed many times, there’s some definite seasonality in the Central Indiana rental market, so the slowdown was no surprise. 

While new listings generated multiple applications earlier in the year (sometimes within hours) homes are now sitting longer.

Homes are ultimately leasing, but price and condition play a major role in getting homes leased in a timely manner.

Generally speaking, renters are staying put, which is great for renewals, but does reduce the pool of people searching for available properties. We suspect that days on market and possibly average rents could swing in negative directions during the fourth quarter.

Written by Jeremy Tallman

Jeremy is the President and Managing Broker for T&H Realty Services. He has been active in the Central Indiana real estate market since 2000 and leads one of the most successful single-family property management companies in the state.

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