Apartment occupancy in Indianapolis reached a two-decade peak in 3rd quarter 2019, as apartment demand swelled and supply volumes faded. Occupancy here climbed 160 basis points just in the past six months, hitting a 3rd quarter rate of 95.5%, the strongest showing in the 20 years that RealPage has been tracking the market. Pushing occupancy recently was an exceptionally strong performance in this year’s prime leasing season. Indianapolis absorbed nearly 3,500 units from April through September, making 2019 the market’s best peak season since 2010. Meanwhile, new apartment completions have slowed. Roughly 2,500 units were delivered in the past year, a volume that was behind the five-year average (2,900 units) and well below the recent peak from 2015 (3,900 units).
