Best places to buy rental properties in Indiana

January 20, 2022
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Investing in Indiana

It's hard to find a state more classically midwestern as Indiana. With a relatively low cost of living, a diverse economy (eg. Manufacturing, Pharmaceuticals), and prestigious universities, Indiana could be a good option for you to consider.

The Nophin team crunched the numbers and found the five best places to invest in Indiana rental properties.

Statewide vacancy rates

IN Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Indianapolis, IN

Indianapolis is the capital of Indiana and has a thriving pharmaceutical industry. When considering Indianapolis, also factor in the surrounding suburbs like Fishers, Carmel, and Nobelsville.

  • Population: 887,642
  • Median household income: $50,813
  • Median 1-bedroom monthly rent: $1,054
  • Median listing home price: $240,000

Bloomington, IN

Bloomington is a college town home to the University of Indiana. It's also one of the most bicycle-friendly communities in the US.

  • Population: 79,168
  • Median household income: $41,354
  • Median 1-bedroom monthly rent: $900
  • Median listing home price: $300,000

South Bend, IN

South Bend is most well known for its Catholic influence and architecture. South Bend is also home to the University of Notre Dame.

  • Population: 103,453
  • Median household income: $42,657
  • Median 1-bedroom monthly rent: $1,700
  • Median listing home price: $175,000

Evansville, IN

Evansville is Indiana's third largest city and is nestled in between Kentucky and Illinois.

  • Population: 117,298
  • Median household income: $42,623
  • Median 1-bedroom monthly rent: $700
  • Median listing home price: $169,900

Fort Wayne, IN

Fort Wayne sits in the heart of the Rust Belt. Fort Wayne can be an attractive place to invest given its extensive park system and rich history.

  • Population: 263,886
  • Median household income: $51,454
  • Median 1-bedroom monthly rent: $865
  • Median listing home price: $209,900

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!


To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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