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Downtown apartments maintain occupancy rate amid construction boom

• Downtown Indianapolis has had an influx of apartment units delivered since 2010. In fact, over 6,000 apartments have been added to the inventory! An additional 2,250 units are slated to come online by 2020. Compare this to the 1,150 that were delivered in the 2000’s.

• Despite this rapid growth in inventory, the apartment vacancy rate has remained below 10.0 percent. This is in large part thanks to a growing population driven by Millennials. According to recent estimates from Esri, the overall population within a quarter-mile radius of Monument Circle has grown by 91.0 percent. The Millennial population (ages 18 to 34 years old) has swelled by 105.0 percent.

• With a growing workforce population, it is no surprise that the CBD office market has had strong performance in the past couple years. The CBD office vacancy rate continues to drop and now sits at 14.4 percent.

Source: Tikijian Associates Multihousing Investment Advisors, JLL Research

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