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Indianapolis is seeing a clear shift in its housing market as more seniors choose to pay rent instead of homeownership. Many are drawn to renting for its flexibility, freedom from maintenance costs, and predictable monthly expenses that help protect their retirement savings. In Central Indiana, active-adult and independent living rental apartments are also expanding to meet these needs.
As a trusted property management expert, PMI Midwest examines this rental market trend and what it means for local landlords and investors. Keep reading to learn more about these communities.
Key Takeaways
- The share of renters aged 65 and older in Indianapolis has grown from 8.9 percent in 2013 to 13.5 percent in 2023, mirroring a national rise in older renters.
- Seniors are choosing to rent for flexibility, lower upkeep, and predictable monthly expenses that fit within fixed incomes.
- Accessibility, safety, and proximity to essential services are top priorities for older Americans.
- For landlords, catering to these preferences through thoughtful design, reliable management, and clear online listings can attract and retain senior apartment residents.
Why Seniors Are Choosing to Rent
More seniors today are embracing renting houses and apartments as a practical and flexible lifestyle choice. One major reason is freedom from upkeep. Landlords or property managers handle repairs and maintenance responsibilities, removing the stress of home ownership.
Renting also brings financial predictability. Without property taxes, homeowners' insurance, or surprise repair bills, monthly expenses are easier to manage on fixed incomes. Still, affordable rent prices remain a concern: Harvard University’s latest data from the Joint Center for Housing Studies (JCHS) reports that in 2024, over 40 percent of renters aged 65 and older are cost-burdened, spending at least 30 percent of their income on rent.
Mobility is another advantage. Renting allows older Americans to relocate easily, whether to be near family, enjoy warmer climates, or live in walkable urban or suburban areas within walking distance of essentials. To support comfort and connection, many rental apartments also offer amenities like fitness centers, social spaces, and added security.
Experts note a broader cultural shift, as a growing number of seniors see renting not as a compromise but as a path to a simpler, more flexible retirement life.
The Numbers behind the Trend
Nationally, the number of renters aged 65 and older has grown by nearly 30 percent from a decade ago, adding about 2.4 million senior renters. According to JCHS, renter households in this age group increased by 8.1 percent from 2019 to 2023 alone.
In Indianapolis, this shift is also evident. The percentage of renters aged 65 and up rose from 8.9 percent in 2013 to 13.5 percent in 2023, reflecting the city’s steady embrace of urban development and rental living among older residents.
Financial factors may influence this trend. Nationally, median rent is about $1,422 per month, compared with typical home prices totaling roughly $3,214 per month when accounting for mortgage payments, maintenance, taxes, and insurance. These figures vary by market, though.
What Senior Renters Value Most
Older adults who rent tend to prioritize practicality, safety, and community. One-floor living and accessibility features such as elevators, grab bars, handrails, walk-in showers, and good lighting are among the most desired. When these are unavailable, seniors can request reasonable modifications for their apartments, like ramps or grab bars under fair housing guidelines.
Location is another major consideration. Over half of renters aged 55 and older prefer being close to grocery stores or shopping centers, while 37 percent value proximity to medical care or friends and family. Many also seek neighborhoods that offer social activities, walkable surroundings, and on-site amenities that promote connection.
Technology is becoming a bigger part of their search criteria, with 71 percent now using rental websites or apps. However, only 30 percent would feel comfortable signing a lease without seeing the property in person. Adding community photos and accessibility details to listings helps create a sense of transparency and builds trust with this age group.
How Landlords and Property Managers Can Attract Senior Renters
To attract older renters, landlords and property managers should focus on accessibility, reliability, and community connections.
Community and Accessibility
Amenities like lounges, fitness areas, and social activities encourage an active and independent living lifestyle, reflecting the growing active adult trend in Central Indiana.
As for accessibility, step-free entries, single-level layouts, grab bars, elevators, and strong lighting are key safety features seniors look for. When these are not already installed, landlords should provide clear procedures for reasonable modifications in line with fair housing laws.
Reliability and Location
Seniors value low-stress living, so promoting professional management and responsive maintenance can build confidence. Right-sized units near essentials, such as grocery stores, medical care, and family or friends, are also appealing.
Flexibility
Many cases value having options. Some may be downsizing temporarily or relocating to be closer to family, while others plan to stay in place long-term once they find a comfortable, accessible senior apartment that fits their budget. Offering clear and flexible lease terms, such as renewal options or simplified transfer policies, can appeal to both preferences.
Online listings should also highlight accessibility features, amenities, community shots, and even 3D tours to reach tech-savvy older renters who appreciate transparency before committing.
The Financial Case for Landlords
The rental market for seniors presents a tangible opportunity for property owners in Indianapolis and beyond. From a product–market fit perspective, seniors consistently highlight key housing priorities: affordable rent, accessibility features, nearby amenities, and proximity to essential services. When landlords align their properties with these preferences, they position themselves more effectively within this growing number of aging adults seeking comfort and stability.
Another factor to consider is tenant reliability. While many older renters value the flexibility to move closer to family or new communities, those who find a senior apartment that fits their needs tend to stay longer.
By offering accessible, comfortable, and well-managed units with clear, flexible lease terms, landlords can appeal to both groups: seniors seeking stability and those who want the freedom to adjust as their lifestyle changes. This approach helps reduce vacancy risks while supporting tenant satisfaction.
FAQs
1. Why are seniors choosing to rent instead of owning in Indianapolis?
Many seniors prefer renting for its flexibility, predictable costs, and freedom from upkeep. It’s a practical option that removes the financial and physical demands of owning a home.
2. What features do senior renters value most in an apartment?
They prioritize accessibility, safety, and convenience, such as single-level layouts, grab bars, elevators, and proximity to stores or healthcare. Community spaces and social amenities add even more appeal.
3. How significant is the rise in older renters in Indianapolis?
The share of renters aged 65 and older in Indianapolis rose from 8.9 percent in 2013 to 13.5 percent in 2023. Nationally, this group has grown by nearly 30 percent over the past decade.
4. How can landlords attract older renters in Indianapolis?
Landlords should focus on accessibility, reliability, and location near essential services. Highlighting upkeep support and community pictures online can further capture senior tenants' interest.
The Future of Senior Renting in Indianapolis
The city reflects a broader national trend: older Americans are increasingly turning to rental housing for comfort, convenience, and control over their living expenses. With seniors now making up about 13.5 percent of Indy’s tenant base, developers are responding. As rising costs continue and retirement lifestyles evolve, preferences are shifting toward accessible senior apartments.
At PMI Midwest, we help property investors and owners navigate these shifting trends with expert local insight and comprehensive management services. Contact us today for a free consultation and learn how we can help you optimize your rental property for Indy’s changing market.
