Historically Low Vacancy and Healthy Payroll Additions Increase Rents in Indianapolis
With robust demand drivers in place, single-family rents in Indianapolis are expected to stay stable in the face of elevated home and apartment construction. Some of the new demand is coming from the 10,700 new trade, transportation and utility jobs and the $1 billion spent on transportation infrastructure in 2015. The sector is currently Indianapolis’s largest and grew 5 percent year-over-year, second only to the financial activities sector. Technology companies are leasing large spaces downtown and throughout the metro, a result of Indiana University and Purdue University providing a skilled talent pool. Tech companies will help create some of the 14,400 jobs expected to be added this year as the market was ranked 10th out of 46 large cities in terms of technology o office space growth. Employment gains will remain necessary[…]
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