INDIANAPOLIS (WISH) — Indianapolis ranks in the top 15 metropolitan areas in the country for completed apartment complexes.

According to the Rentcafe, Indianapolis is expected to add 1,200 rentals of more than 50 units by the end of this year. Carmel is expected to add 1,120 during that time.

Yardi Matrix analyst Doug Ressler says people are flocking to Indianapolis. “Indianapolis right now is looking at a very affordable cost of living if you compare it to other cities,” he said.

Rentcafe surveyed 369 metropolitan areas, ranking Indianapolis 11th in the most number of apartments added in a five-year span – an estimated 11,500 apartments since 2019.

That number is expected to grow 40% by 2028.

Although the Federal Reserve cut interest rates last month people may be able stretch their dollar farther renting rather than buying. The average cost of buying a home is $400,000.

“The climbing cost of of housing continues to accelerate, the maintenance expense and I’m not just talking about mortgage interest rates, I’m talking about insurance costs,” said Ressler.

It’s also cheaper for developers to build an apartment complex they know can be filled from the day it opens. Property managers are likely to offer renters more incentives to sign or resign a lease.

“It’s economics 101, the more supply that comes on as a consumer, the more choices, and you see developers right now property owners offering significant concessions,:” said Ressler.

According to Rentcafe, Westfield is projected to add 850 new rentals this year, while Fishers will complete around 500