Rent prices are up in Indianapolis
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Rapid rent increases are easing across the U.S. — but not in Indianapolis.
Driving the news: Indianapolis-area rent prices at the end of March were 7.7% higher than a year earlier, according to a new Harvard Joint Center for Housing Studies report, making this one of the only markets still experiencing skyrocketing rent growth.
- Other cities with fast-rising rents include Miami (up 9.5%), Cincinnati (8.2%) and Newark, New Jersey (8.2%).
Why it matters: Indianapolis is experiencing a housing price shock that is transforming the market from affordable to unaffordable almost overnight and leaving low-income families with dwindling options.
Zoom out: Low-priced rental homes are disappearing across the state.
- Between 2019 and 2021, Indiana lost 41,000 housing units that had been priced at $600 a month or lower, per the Harvard housing study.
- The report attributes the reduction in affordable units to rent hikes, property upgrades and conversions to owner-occupied houses.
What they're saying: "Such substantial losses, particularly in states with historically lower rents, make it even more difficult for households with low incomes to secure affordable rentals," the authors write.
The big picture: U.S. rent growth has slowed, and in some markets even reversed, Axios' Emily Peck writes.
- National asking rents on new leases in May were a modest 1.5% higher than a year earlier, according to CoStar.
- Notable drops: In Austin, rents are down 2.7% from last year; in Las Vegas, -2.9%; in Orlando, -0.3%; and in Phoenix, -2.8%.
Reality check: Most price cuts and stalled rent growth reflect discounts on upscale apartment buildings, especially in areas where lots of new apartments are opening at once.
- Discounts and apartment incentives can be found in Indianapolis, too, but they primarily benefit middle- to upper-middle-class renters.
The bottom line: Indianapolis is losing its historical affordability advantage, largely at the expense of low-income renters.
