There’s no shortage of fun and culture to be had throughout Indianapolis, the state capital of Indiana.
The Children’s Museum of Indianapolis, the world’s largest children’s museum, is a beloved institution for the younger set, while the Indianapolis Museum of Art Galleries, at Newfields, a 152-acre campus near downtown, allows art enthusiasts to get up close and personal with the masters, including Rembrandt, Cezanne and O’Keeffe. In addition to the Indy 500, football fans can cheer on the Colts at Lucas Oil Stadium.
One of the reasons people love living in Indianapolis is many of the neighborhoods have a suburban feel, while still having access to many urban amenities located downtown. There are plenty of affordable apartments to be found throughout the city but some residents are finding themselves paying almost 11 percent more than they did last year to rent in some of the city’s most vibrant communities.
Here’s a look at the five Indianapolis neighborhoods where rent is increasing the most.
5. St. Vincent / Greenbriar
- Price increase over the past year: 5.46 percent
- Average rent for one-bedroom in St. Vincent / Greenbriar: $ 737.97
St. Vincent – Greenbriar is home to young professionals and families who love the easy access to restaurants, coffee shops and parks. Residents love the suburban feel and being near St. Vincent Indianapolis Hospital.
Rental rates have increased just shy of 6 percent in St. Vincent – Greenbriar, raising the rent to almost $738 per month.
FUN FACT: For adults who are a kid at heart, 16-Bit Bar + Arcade offers guests ages 21 and over access to more than 50 classic arcades, including Donkey Kong, Mario Bros. and Ms. Pac Man. While you do have to buy a drink to play, many games are free or 25 cents.
4. Crooked Creek
- Price increase over the past year: 8.54 percent
- Average rent for one-bedroom in Crooked Creek: $722.50
Crooked Creek, located in Marion County, backs up to Newfields, a 152-acre art museum campus that has poured a lot of love into their campus gardens, beer garden area and sculpture park.
About 16,000 residents call this area filled with parks home. Just northeast of the neighborhood, and within easy access, are restaurants, shops and entertainment. Nearby is Eagle Creek Park where locals sail, picnic, fish and bike.
Rental rates have increased just more than 8 percent in Crooked Creek, raising the rent to $722 per month.
FUN FACT: The Fay Biccard Glick Neighborhood Center offers programs for all members of the community, from babies to seniors, who they call “recycled teenagers.”
- Price increase over the past year: 9.92 percent
- Average rent for one-bedroom in Edgewood: $687.85
Not to be mistaken with Edgewood, IN (a suburb of Indianapolis with a population just shy of 2,000), the neighborhood of Edgewood in Indianapolis is home to almost 13,000. Those seeking a small town and suburban feel, complete with mature trees lining the streets, will find it at Edgewood.
Rental rates have increased just shy of 10 percent in Edgewood, raising the rent to almost $700 per month.
FUN FACT: Kim’s Kakery, Bakery and Café has been a mainstay in Edgewood. It’s the only full-service bakery in Indianapolis that does wedding cakes, fully custom cakes, breads, pastries and lunch full-time.
- Price increase over the past year: 10.02 percent
- Average rent for one-bedroom in Eagledale: $593.72
Located on the west side of Indianapolis, Eagledale is adjacent to the International Marketplace which is where more than 150 languages are spoken and incredible ethnic fare from immigrants to Indy can be found. It has a suburban feel, with many of the ranch homes built in the 1950s and 1960s.
Rental rates have increased by more than 10 percent in Eagledale, raising the rent to almost $600 per month.
FUN FACT: Since Eagledale is close to the largest sporting facility in the world, the Indianapolis Motor Speedway, it’s not unusual to see an increase in traffic and cars parked everywhere whenever the Indianapolis 500 is held.
1. Mapleton – Fall Creek
Source: Visit Indy
- Price increase over the past year: 10.46 percent
- Average rent for one-bedroom in Mapleton – Fall Creek: $866.20
A number of historic homes are being refurbished in the area, but that’s not the only reason the Mapleton – Fall Creek area has been busy. Conveniently located between Broad Ripple and downtown Indianapolis, the new Red Line bus rapid transit system runs on the west side of the neighborhood (making access into the downtown core much easier) and the trail system along Fall Creek has been upgraded. It’s also adjacent to the world’s largest children’s museum, which also recently experienced a massive expansion.
Rental rates have increased by more than 10 percent in this neighborhood, raising the rent to about $866.20 per month.
FUN FACT: Residents of Mapleton – Fall Creek (and five other nearby neighborhoods) enjoy a free membership to The Children’s Museum of Indianapolis.
We looked at all neighborhoods in Indianapolis with sufficient available inventory on Apartment Guide and Rent.com and compared the average price from August 2018 to August 2019 to find the neighborhoods with the highest percentage increase in one-bedroom rent prices.
The current rent information included in this article is based on August 2019 multifamily rental property inventory on Apartment Guide and Rent.com and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.