Industry Indianapolis
421 N Pennsylvania St,
Indianapolis, IN 46204
$1,341 - $3,835
Studio - 2 Beds
Downtown Indianapolis
Indianapolis, IN
Downtown Indianapolis - Indianapolis, IN
Area Guide
Enjoy free rein of Indy’s finest.
College
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Architecture
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Upscale
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Affordable
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Art
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Dining
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Nightlife
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Walkable
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Sports
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Downtown Indianapolis is a true marvel of American urban design, and is rightly recognized as one of the stylistic gems of the Midwest. The grand architecture of the various government buildings and museums ranges from neoclassical to ultra-modern, creating a timeless and visually stunning environment. Huge monuments and war memorials punctuate the landscape as well – in fact, Indianapolis has more such public tributes than any city in America apart from Washington, DC.
Downtown features a thriving nightlife scene, mainly along Meridian Street and Massachusetts Avenue and incorporating an immense selection of bars, clubs, and live music venues for every taste. The dining is unbeatable, with world-class restaurants of every description within a short walk from anywhere and the popular Food Truck Fridays delivering more eclectic fare during the summer months.
The Downtown housing market is unique and diverse, ranging from upscale high-rise units to an abundance of surprisingly affordable studio apartments, and dozens of apartment buildings appear on the National Register of Historic Places. The abundance of lower-cost options is great for students (as well as faculty and staff) attending Indiana University - Purdue University Indianapolis, whose campus sits along the White River on the west side of Downtown.
Rent Trends
As of August 2025, the average apartment rent in Downtown Indianapolis is $1,286 for a studio, $1,464 for one bedroom, $1,906 for two bedrooms, and $2,574 for three bedrooms. Apartment rent in Downtown Indianapolis has increased by 2.1% in the past year.
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Studio
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564 sq ft
Average Sq Ft
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$1,286/month
Average Rent
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1 BR
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733 sq ft
Average Sq Ft
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$1,464/month
Average Rent
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2 BR
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1,093 sq ft
Average Sq Ft
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$1,906/month
Average Rent
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3 BR
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1,502 sq ft
Average Sq Ft
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$2,574/month
Average Rent
Points of Interest
Shopping Centers
Parks and Recreation
- University Park
- Indiana State Museum
- White River State Park
- White River Gardens
- Indianapolis Zoo
Commuter Rail
Airports
- Indianapolis International
Top Apartments in Downtown Indianapolis
Houses for Rent in Downtown Indianapolis
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2025.