With the real estate market experiencing all kinds of changes and unrest on the sales front, 
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.
