Your Guide to Renting in Indianapolis, IN
You don’t have to buy a home to love where you live in Indianapolis. Homes and apartments are available for rent all over the region.
Connected by 153 miles of trails and about 100 miles of bike lanes, Indianapolis, IN, is a renter’s dream, as you can live almost anywhere in the city and have access to its best things to see and do.
Take the Monon Trail – this rails-to-trails paved path stretches more than 25 miles from downtown Indianapolis through three major Hamilton County suburbs. It’s a major attraction for many renters, especially those who enjoy easy access to the outdoors.
Accessibility is a big reason Lauren Kenny, an Orr Fellow at the Indy Chamber, and Luke Zhang, a data scientist for the consulting firm Resultant, chose to move to Indianapolis after college.
“Indianapolis, overall, it’s a hidden gem that not many people know of,” Zhang says.
The rental market in Indianapolis offers advantages that other cities do not, starting with accessibility. Because renters can often walk, bike or drive between popular neighborhoods in minutes, they gain greater flexibility in where they choose to live.
Plus, renting is generally affordable. Renting an apartment in Indianapolis is about $550 less than the national average. Moreover, the diversity of rental options means tenants can find their “dream” apartment or house without a lot of compromise.
Kenny, for instance, prefers renting a home because the economics work in her favor. She notes that a one-bedroom apartment near downtown might go for $1,600 per month, but a three-bedroom house outside of downtown might cost $1,800 per month. With two roommates, the rent drops to $600 each, saving her $1,000 per month.
Interested in renting in or near Indianapolis? Let’s dive into a few neighborhoods and what they have to offer.
In This Article
Old Northside
The Old Northside sits atop downtown, with its palatial homes and towering trees reminiscent of Indianapolis’ Civil War-era past. The area is home to Herron-Morton Place or the Cottage Home district, and between them rests charming, well-maintained apartment buildings and condos to rent or buy.
The neighborhood offers easy access to dining and entertainment with the Monon Trail, Indianapolis Cultural Trail and Pogues Run Trail converging nearby. Restaurants such as Tinker Street and Festiva regularly draw crowds of diners, as do bars like West Fork Whiskey Co.
Nearby Mass Ave offers many popular restaurants and bars, not to mention Bottleworks – a Coca-Cola bottling plant turned into an entertainment district. A little further east, you’ll find everything from galleries to breweries in the Circle City Industrial Complex. North Mass Boulder, a rock-climbing gym, and Kan-Kan Cinema and Brasserie, an arthouse cinema, also attract people.
Learn more about the Old Northside here.
Fountain Square
Kenny and Zhang love Fountain Square for its walkability. This neighborhood, located just southeast of downtown, ranks as Indy’s second-most walkable neighborhood, with a walk score of 73. This means most errands can be accomplished on foot. The Indianapolis Cultural Trail runs through it, connecting it with Indy’s five other cultural districts.
Fountain Square’s mix of rehabbed and new housing – including apartment buildings going up along Shelby and Prospect streets – attract a variety of renters and homeowners, as do its eclectic dining and entertainment scenes. The Fountain Square Theatre Building offers things like swing dancing, duckpin bowling, a speakeasy and a rooftop bar.
Catch some cabaret at the White Rabbit or live music at venues like HI-FI Indy and Hoosier Dome. You’ll also find some of the city’s most delicious cuisine at restaurants like Three Carrots, Bluebeard and Milktooth. Veteran-owned Hotel Tango is also a great hangout where you can enjoy imaginative cocktails that showcase its artisan distillery.
Learn more about Fountain Square here.
Meridian Park
Part of the Mapleton-Fall Creek area north of downtown, Meridian Park is a historic neighborhood that brings a touch of suburban life close to downtown. Its location is ideal for many renters – close to downtown, but also close to other desirable neighborhoods such as Rocky Ripple and South Broad Ripple (aka SoBro).
Though not as walkable as other neighborhoods, Meridian Park still offers strong access to dining, entertainment and necessities. Enjoy modern Italian at Bocca, then polish off an indulgent milkshake at Baby’s. Independent grocer Goose the Market is beloved by locals for its selection of meat, cheese, bread and more – many are sourced from small Indiana farms.
As for entertainment, Meridian Park puts you close to some of the biggest destinations in Indianapolis, including the Children’s Museum of Indianapolis, the Indiana State Fairgrounds, and Newfields art museum. It also puts you close to Butler University and its base of impassioned basketball fans.
Learn more about Meridian Park here.
Broad Ripple
Few Indy neighborhoods are as charming and walkable as Broad Ripple, making it a favorite of both Kenny and Zhang. The neighborhood melds art and nature in a way that befits its location on the oxbow, a horseshoe-shaped bend of the White River. Modern apartments line sections of the Monon Trail and river, while charming older homes adorn surrounding streets.
The number of places to eat and things to do in Broad Ripple draws people from all over the city and suburbs. The Vogue Theatre is one of Indy’s best-known music destinations as well as its summer series called Rock the Ruins at nearby Holliday Park. Events happen all year in the village and along the canal, from the Broad Ripple Art Walk to the annual Duck Race.
Outdoorsy types love Broad Ripple, too. Step off the Monon into Marott Woods Nature Preserve, a wooded habitat with trails running alongside the White River. Broad Ripple Park expands your access to the river, with spaces to drop kayaks and a dog park where your pup can play off-leash.
Learn more about Broad Ripple here.
Meridian-Kessler
Meridian-Kessler spans some of the wealthiest zip codes in Indianapolis, yet it is still accessible, thanks to brick-faced apartment buildings and stately homes that have been converted into multiunit rentals. It’s where Kenny calls home, splitting rent on a house. A big draw for her: access to the Monon and the Red Line, a rapid-transit bus line. These two assets allow Kenny to access all her favorite parts of the city, including getting downtown for work. “The Monon is my gym,” she says.
The neighborhood offers a broad mix of restaurants and shops down College Avenue. Upscale places, such as Root & Bone and Meridian Restaurant & Bar, commingle with casual spots like Twenty Tap neighborhood pub, Prufrock Coffee Company, and Gallery Pastry Shop, which is known for its brunch. The Jazz Kitchen regularly sells out, serving a Southern-inspired menu as patrons enjoy local and national live jazz acts.
A great way to experience the neighborhood: the annual Meridian-Kessler Home Tour, which takes you past some of the most exciting residential architecture in the city.
Learn more about Meridian-Kessler here.
Carmel and Fishers
Carmel and Fishers are suburbs along the north and northeast edge of Indianapolis. They’re also two of the most desirable places to live – and not just near Indy, but in the entire United States. Both regularly appear on annual “best places to live” lists, including Livability’s Top 100 for 2023.
You can bike back and forth between Indy and Carmel via the Monon. Likewise, Fishers connects to Indianapolis via Fall Creek Trail, linking scenic stops, like Fort Harrison State Park, along the way. Fishers also connects to the Nickel Plate Trail, which extends from Noblesville to the Indiana State Fairgrounds. These suburbs are building apartments, restaurants and shops along the trails to attract new residents.
After renting at Penn Street Tower in downtown Indianapolis, Zhang relocated to Carmel. “The Midtown area, it’s popping in the summer,” Zhang says, referring to Carmel’s revitalized Midtown Plaza, a former industrial zone. But fun isn’t the only draw for Zhang.
“Coming from a Chinese background, it’s very important to spend time with family,” he says. “Carmel has a decent Chinese community with the Chinese church up there. I figured that it would be easier for my parents to adapt to U.S. culture while maintaining some Chinese heritage.”
Learn more about Carmel and Fishers.
This article was sponsored by Life in Indy.