Indianapolis Apartment Occupancy Up Notably

Like other slow and steady apartment markets in the Midwest, Indianapolis has held up relatively well during the COVID-19 pandemic. Occupancy in Indianapolis climbed 60 basis points (bps) in the past year to stand at 95.3%. That rate was above the market’s five-year average of 94% and registered near the national norm of 95.6%. This is quite the feat for Indianapolis, which has historically been a high-vacancy apartment market. Occupancy here has hovered around 93% to 94% in the past ten years, falling behind the national norm by an average of 160 bps. In fact, apartment occupancy in Indianapolis hasn’t been this close to the U.S. norm in more than 20 years.