In Indianapolis, rent prices are booming as the economy continues along the path of a remarkable recovery. In recent years, the city of Indianapolis has become known as one of the country's top distribution and logistics hubs. Just five years ago, the unemployment rate in Indianapolis and the surrounding region was more than 9 percent. Today, Globe St. reports that the unemployment rate in the region has declined to 5.3 percent. At the same time, new employment is surging in the area, indicating that the local employment market has achieved full recovery. According to the Indianapolis Business Journal, Indianapolis ranked 35th last year in terms of job growth out of 280 metro areas.
Rental Market Growing with Local Economy in Indianapolis
As the local employment market in Indianapolis continues to boom, it is also driving a healthy multifamily market. Research from DTZ indicates that in 2013 alone, more than 10,000 people migrated to the Indianapolis metro area. As most landlords are well aware, an influx of people tends to drive demand in real estate and right now, more people want to be in Indianapolis. At the same time, other large cities in the Midwest, including Cleveland, Detroit, and Chicago have lost people. DTZ has further predicted that the population boom in Indianapolis will continue to grow for the next several years.
RentJungle reports that the average rent price in Indianapolis as of February 2015 was $780. Furthermore, the average Indianapolis rent price over the past six months has increased by two percent. The strong job growth in Indianapolis is certainly helping to fuel strong demand in the downtown apartment market. With more Millennials entering the local market, apartment construction in downtown Indianapolis is on the rise. Last year, 4,200 apartment units came online, a number equal to the total amount constructed throughout all of the metro area, reports the Indianapolis Business Journal. This year, another 4,000 apartment units are expected to be ready for occupancy.
Stronger Need for Tenant Screening in Indianapolis
With more people pouring into Indianapolis, it has become increasingly important for landlords to make sure they are prepared to deal with an increasing tenant demand. One of most important steps that landlords can take to protect their investments is to conduct a comprehensive tenant screening. This is particularly true when screening tenants from out-of-state, which is often the case with new tenants moving to Indianapolis from other parts of the country.
Comprehensive tenant screening services can provide a number of benefits, ultimately saving landlords a significant amount of time and providing greater peace of mind. Along with checking for previous evictions, a tenant background screening can also include a tenant credit check to ensure that applicants are credit worthy.
It is not uncommon for landlords to attempt to handle a tenant check on their own. As demand continues to increase in the Indianapolis area, landlords will find that a professional tenant screening service, such as VerticalRent can help landlords to screen more tenants in a more thorough manner in less time.