Goodin Development is highlighting the long-term economic advantages that make Indiana one of the most stable and compelling multifamily markets in the Midwest. The state’s consistent occupancy levels, employer expansion, controlled tax environment and steady rent growth signal that Indiana is positioned for durable multifamily demand for years to come.
In 2024, the Indiana Economic Development Corporation secured more than $39.2 billion in commitments from companies to locate or expand in Indiana and create 17,062 new jobs with an average wage of $36.09/hour (+7% the national average wage and +28% the state average wage). This marks the highest capital investment and annual record for average wages since the IEDC was established in 2005.
Indiana holds the highest possible credit rating, AAA, from S&P Global Ratings, Moody's, and Fitch These fundamentals provide the stability that multifamily developers and investors seek.
In 2025, Multifamily performance across Indiana continues to reflect this stability. The Indianapolis metro reports 92.2% occupancy and 3.6% annual rent growth. Over the past five years, Indianapolis has averaged 7.7% annual rent growth, demonstrating resilience through multiple economic cycles. Other Indiana cities—including Lafayette, Fort Wayne, Mishawaka and South Bend—maintain occupancy in the 92% to 96% range with annual rent growth of 4% to 8%.
While many major cities across the U.S. like Phoenix, Dallas, Denver, Austin, and Orlando have experienced negative rent growth, Indiana remains a stable and consistent growth market.
While the country overall delivered elevated levels of new supply from 2023 through 2025, projected supply for 2026 and beyond is declining drastically.
“Indiana is far from being an over-supplied state,” said Justin Goodin, founder of Goodin Development. “But as we see Indiana continue to grow and fewer new supply coming online, we think this will put pressure on apartment occupancy and rent growth to increase even more.”
Several factors further reinforce Indiana’s multifamily strength:
- A diverse employment base driven by manufacturing, life sciences, logistics and technology.
- Indiana ranked #1 in the Midwest for business from sources like Chief Executive magazine.
- Competitive cost of living relative to sunbelt states.
- Business & landlord friendly.
- Significant investment in infrastructure, redevelopment and downtown revitalization.
For developers, Indiana offers consistency, cooperation and steady demand supported by economic growth and stable renter demographics. For municipalities, high-quality multifamily and mixed-use developments support broader economic development goals and expand local housing options.
“We build exclusively in Indiana for a reason,” Goodin said. “The fundamentals are strong, the demand for apartments is there, and the long-term outlook remains stable. Indiana continues to position itself as a market where high-quality multifamily development can thrive.”
Goodin Development will continue advancing new multifamily and mixed-use communities throughout Indiana, supported by the state’s strong economic conditions and long-term housing demand.
Goodin Development is an Indianapolis-based multifamily development company that builds Class A, mixed-use communities throughout Indiana. The firm was founded by Justin Goodin, a finance graduate of Indiana University’s Kelley School of Business. Goodin Development provides busy families with opportunities to earn all the benefits that come with real estate investing, without the hassles of being a landlord.