Indianapolis, IN Homes For Rent

Homes for Rent in Indianapolis, IN: What You Need to Know

For most people, “Indy” is short for Indianapolis, the capital of Indiana, but for car-racing fans around the world, it stands for the Indianapolis 500.

A Storied Sports Scene

The city hosts the Indianapolis 500, the world’s most prestigious auto race, at the Indianapolis Motor Speedway every May. The first race was held in 1911, making Indy 500 one of the oldest car races. The racetrack is also one of the largest sports seating facilities in the world with 250,000 permanent seats. 

Not into speed? Indianapolis has three major league professional teams: the Indianapolis Colts (NFL), Indiana Pacers (NBA), and Indiana Fever (WBNA).

The Cost of Living in the City

If you’re moving to Indianapolis (population: 876,384), you’ll be pleased to know that the cost of living is 14.1% lower than the national average. Food and housing costs are 0.2% and 4.0% lower than the national average. Median gross rent is $1,023 while the median rent for a two-bedroom apartment is $1,072. The state levies a flat state income tax rate of 3.23%, but you’ll have to pay county taxes of up to 3.38%. The sales tax rate is 7%.

Know Your Neighborhoods

Downtown Indy is walkable and close to great restaurants, entertainment venues, and parks. You’ll have plenty of housing options, from new lofts and apartments to old houses in historic neighborhoods. Fountain Square and Lockerbie Square are popular downtown neighborhoods for their affordability. Suburbanites love Carmel and Fishers for their beautiful parks and top-ranked schools—plus, they’re within commuting distance to Indianapolis. Carmel has an added wow factor—an Arts and Design District with a Center for the Performing Arts.

Shopping in Indianapolis

When it comes to shopping, Indy has many independent, locally-owned shops downtown. For boutiques with unique merchandise and art galleries, visit Massachusetts Avenue downtown. If you want name-brand stores, head to upscale Fashion Mall where you’ll find Anthropologie, BCBG Max Azria, Burberry, and Saks Fifth Avenue. Circle Centre, connected to the Indiana Convention Center, caters to conference attendees who want to fit in shopping during breaks.

Schools and Education

There are 11 colleges and universities in Indianapolis, including Indiana University Purdue University Indianapolis (IUPUI) with 29,579 students, University of Indianapolis with 5,935 students, and Butler University with 5,495 students. In addition, there are 21 institutions of higher learning within a 50-mile radius of the city. 

The Indianapolis public school system consists of 246 schools serving 162,273 students. Paramount School of Excellence and Arthur C. Newby Elementary School 2 are among the top-ranked schools.