Outlooks for New Rentals in Downtown Indianapolis

Abstract

Downtown Indianapolis is a nationally recognized asset that is a source of pride for Hoosiers. Downtown has served as a key employment engine and the location of outstanding sporting facilities, great public spaces, thriving entertainment and commercial districts, and the host of Final Fours, the Super Bowl, and other national events and conventions. Until recently, downtown has primarily played a supportive residential role. In the past few years, however, an increasing number of empty nesters (born between 1946 and 1964) and young millennials (born between 1977 and 2003) are choosing to live in downtown Indianapolis. Much of the downtown residential market’s growth has been in the rental market. This report highlights key factors related to the downtown housing market including the outlook for new rentals.