Even before the housing bubble burst, the Indianapolis rental market was doing quite well. The city is home to a number of universities, including Ball State and Butler, so there is a considerable student population seeking leases each semester. Even with so many foreclosures over the past few years, Indianapolis weathered the economic storm better than most comparable cities, and has even been a bit of a magnet for people looking to start over. They, too, find themselves in need of living arrangements.
A Bright Spot in the Big Picture
In fact, just last year, Money Magazine (along with a lesser-known trade publication called Inman News) ranked Indianapolis as the best investment rental property market in the United States. Apartments.com, for instance, has 400 apartments listed there right now. The local Craigslist page has over 500 rental listings that were posted today. That’s the kind of dynamic market one can expect to find in the Midwest’s second-largest city.
When in Doubt…
With so many landlords out there, any tenant seeking to rent in the State Capitol would do well to verse him- or herself with Indianapolis’ landlord-tenant laws. The same market that brings so many landlords and tenants together has also spawned a huge number of attorneys who specialize in the rights of both parties. Some of it has to do with federal laws, obviously such as those prohibiting discrimination, but also like the Fair Credit Reporting Act.
People who have moved to Indianapolis, and who rented their previous homes, may especially want to brush up on landlord-tenant law, since the details may vary from location to location. In some places, it can be quite an arduous task to evict a person, while in others the landlord may hold all the cards. Always look before you leap, meaning before you sign your lease. And when in doubt, pick up the phone book, and find a qualified attorney to answer your questions. Anything else would be hearsay.