Great stats for Indy!

12 Replies

Indianapolis top of the list for 2021 Forecast Rent Growth by Yardi!

Great news! Let me know your thoughts.

Justin G. that doesn't surprise me about Indianapolis at all. They're off on the numbers for Kansas CIty however, Rents are skyrocketing there Where is the data from?

Interested when overlayed with job growth as well - check out Las Vegas which shows a fairly significant drop in job growth but nearly 4% in projected rent growth.  Is supply really that limited out there? Or perhaps they're that bullish on a return on jobs over 12 months?

Originally posted by @Stephen DeThample :

@Andrew Schutsky

The supply is record lows. Lots of buyers from California and other more expensive places moving here. Lower housing prices and no state income taxes.

Thanks for sharing your insights - funny enough I’d never really explored this market  maybe I should be doing so :)

 

No big surprise for those active in the Indy market. To me to biggest indicator of future rent growth is the completions as % of the total stock being only 1.2% compared to other markets. 

Indianapolis is a very stable market that has seen consistent growth, but not gangbusters growth. Maybe no double digit boom but also no double digit bust.

This has kept Indy (and much of the Midwest) off the radar from many institutional buyers who instead are sticking to primarily/gateway markets and faster growing markets in the Sunbelt.

For example, at the Apartment Strategies Outlook conference at NMHC last year there were long presentations on markets across the country, and besides Chicago which is unrepresentative of most Midwest markets, the Midwest was not mentioned once - and that's fine by me. 

Provides an excellent opportunity to exploit the inefficiency of the market. 

I'm getting consistent 2% bumps at renewal. turns are forecast to bump by $50-100 per door, which is 5-10%.

oddly enough, appreciation is strong with 80k on 5 doors since mid 2019. A welcome surprise. sounds like a refinance is in order!

Awesome stuff! If anyone wants to connect on value add opportunities in the Indy area, I’d love to help out! I’ve been in the business since 2009 & currently flip for myself & partners.

WOW, thanks for sharing @Justin G.

I am an investor and agent in Illinois and just got my license in Indiana. I bought my first investment property in EC last year and I am fully convinced its a growing market so much better than IL for cashflow.