Wilmoth Property Services
Since 1991, specializing in working with property owners discovering creative real estate solutions throughout the Indianapolis metropolitan area.
Indianapolis has an estimated population of 887,642 residents, making it the most populous city in Indiana. It also serves as the state capital and as the seat of Marion County. Aside from “Circle City” and simply “Indy,” Indianapolis is nicknamed the “Racing Capital of the World,” thanks to its motorsports market. The city is home to two auto racing sanctioning bodies as well as the annual Indy 500 race.
However, motorsports are not the only thing Indianapolis is famous for. The city also boasts a thriving arts and culture scene. In terms of visual arts, there are notable places such as the Indianapolis Museum of Art and the Indianapolis Art Center. Performing arts also take center stage at venues like the Indiana Theatre and the Indianapolis Artsgarden.
Colleges and universities located in Indianapolis include Indiana University-Purdue University Indianapolis (IUPUI), the University of Indianapolis, and Butler University. Other notable attractions include the Children’s Museum of Indianapolis, Newfields, the Indianapolis Zoo, the Eiteljorg Museum, the Indiana State Museum, and the Indianapolis Motor Speedway.
In Indianapolis, the median listing price for a home is $205,000, with some properties going for as high as $27.2 million. The rental market here is quite attractive, though, with 46.1% of the population in Marion County being renters. That means that there is a demand for rentals in Indianapolis and that landlords have a fairly large pool of potential tenants to choose from.
Image via towncharts.com
And while rent is not as high as the national average, Indianapolis still offers decent returns for property investors. The average rent in this city is $992, which already represents a growth of 8% from the year prior. Most of the apartments in Indianapolis command a rental rate between $701 and $1,000, though there are also a number of apartments that go beyond that range.
Image via rentcafe.com
In terms of vacancies, Indianapolis has a slightly above-average rate. The national vacancy rate in 2019 was 5.97%, while Indianapolis had a 6.11$ rate in the same year. This is down from 2018’s 7.27$ and 2017’s 7.21%, which means the vacancy rate is somewhat improving in Circle City.
Rental property investments are a great chance to earn income on the side. Purchasing a rental property, though, is the simplest part of the process. The next step is becoming a landlord and performing a bunch of responsibilities. As a landlord, you need to keep your property up to code, look for and vet tenants, collect rent, and oversee maintenance.
Due to the amount of work involved, most landlords opt to hire an Indianapolis rental management company. With professional management, you don’t need to worry about your responsibilities as a landlord anymore. A manager can handle everything for you. All you need to do is sit back and watch your rental income start coming in.
What can a property management company do for you?
Rental Choice makes it simple for landlords to find the right property management in Indianapolis. Our online directory is composed of thoroughly screened and trustworthy rental management companies. Search for one by city or state, learn more about each company, and contact them using the information we conveniently provide.