Indianapolis, Indiana – In spite of a modest drop in November, Indiana rents are still high.
At the end of 2022, Indianapolis had the one-bedroom apartment rent reduction that was the most pronounced, according to the Zumper National Rent Report.
However, they are still significantly higher than they were in Indiana prior to the COVID-19 pandemic.
“For the past year there was an 8.4% increase for one-bedroom apartments and 19.8% increase in rent for two-bedroom apartments,” said Andrew Bradley, Policy Director for Prosperity Indiana.
For Indiana residents in need of affordable housing, Prosperity Indiana offers services and advocacy activities.
The group is pushing for the construction of more affordable housing in safer neighborhoods.
“We’re also looking at opportunities to be able to able to increase the renters tax deduction, make it a refundable tax credit that would be one way to make housing more affordable,” Bradley said.
Another idea is to give tenants the option of not paying rent if their landlord won’t perform basic maintenance on their flat.
“Until those issues are addressed, a renter has a way to put their rent into an escrow account, so they are paying rent, it just doesn’t get to landlord until they follow through on their obligations,” Bradley said.
According to Prosperity Indiana, the typical income earner shouldn’t spend more than 30% of their monthly income on rent.
