Indianapolis has become one of the more competitive rental markets in the Midwest, with steady population growth, a strong job base anchored by healthcare, logistics, and finance, and a steady stream of newcomers drawn to the city's relatively affordable cost of living.
With these market conditions, you need to up your game to be the preferred rental unit among all the others. One of the biggest drivers in attracting tenants, other than rent price, is property features. A renter would want to live in a home that suits their lifestyle, so it helps to know which features are worth investing in to boost retention and attract more tenants.
Key Highlights:
- In-unit laundry is now a baseline expectation, not a luxury. Indianapolis renters across most submarkets will pass on units without it, so even a stacked washer/dryer in a closet nook can meaningfully improve your competitiveness.
- Mid-range kitchen updates deliver strong returns without a full renovation. Newer appliances, fresh countertops, and better lighting, paired with high-quality listing photos, help a unit stand out before a tenant ever schedules a tour.
- Pet-friendly policies widen your applicant pool in a city with high pet ownership rates, but landlords should pair this with safeguards like pet fees, breed guidelines, and clear lease terms to manage added risk.
- Smart home features offer a strong cost-to-impact ratio. Smart locks, video doorbells, and programmable thermostats are relatively inexpensive to install but carry outsized appeal, especially with renters who value convenience and security.
- Not every feature is worth the investment. Before renovating, landlords should weigh budget, target tenant demographic, location-specific needs, and what comparable properties in the area already offer.
Before You Invest
The last thing you want to do is spend money on renovations and see no returns. Just because a feature is attractive in the current rental market doesn’t immediately mean you should invest in it. A hot tub seems appealing at face value, but do you actually know how much money you need to maintain it? Here’s what you should consider first:
- Budget: If you plan to renovate your rental property, you need to set a realistic budget to avoid overspending and leaving little to no money for emergency repairs or maintenance.
- Target Market: Determine whether the feature will be both attractive and functional for the tenant pool you’re trying to sell the lifestyle to. For example, high-speed internet will appeal to young professionals and students.
- Location: Some features are more suitable for certain locations. For areas where temperatures get below zero, double-paned windows can be a selling point.
- Similar Properties: There is such a thing as too much, and in a competitive market, you need to balance the features you can offer and how low your rent can be. Upgrades can justify a higher rent price, but your target market may be willing to sacrifice certain features for a lower monthly rent.
Features You Can Invest In
Here are features that might benefit your standing in the rental market.
In-Unit Laundry
What used to be a luxury is now a necessity across Indianapolis submarkets. In-unit washer and dryer hookups have shifted from a nice-to-have to a baseline expectation, and not having it means losing out to similar properties in your area.
Renters don’t want to haul laundry to a shared facility or a laundromat consistently, especially young professionals or students who rarely have spare time. If a full laundry room isn't feasible, even a stacked unit in a closet nook can make a property significantly more competitive.
Updated Kitchens Without Full Renovations
Tenants don't necessarily need a gut-renovated kitchen with high-end finishes, but they will notice visible updates like newer appliances, fresh countertops, updated cabinet hardware, and decent lighting. Mid-range upgrades can still make a significant difference in attracting tenants.
Naturally, you need to highlight these features in your rental listing. Photos of a clean, bright kitchen perform noticeably better in online listings, which matters given how many renters filter out properties based on photos alone before ever requesting a tour.
Pet-Friendly Policies
Indianapolis has a high rate of pet ownership, and pet-friendly units routinely rent faster than comparable pet-restricted units. If not for renting fast, you can at least expect more demand in the rental market. Of course, you need to calculate the risks first.
There’s a reason why many rental properties do not allow pets. They can accelerate wear and tear, cause property damage, and disrupt the environment of your rental property. This can be fixed by setting down rules, like breed restrictions, quiet hours, and pet fees. Having a thorough screening process is also an advisable proactive measure.
Smart Home Features
Smart locks, video doorbells, and programmable thermostats have become huge selling points in the rental market, considering how advanced technology has become in recent years. Potential renters want the convenience and security smart features offer and are willing to pay a premium for it.
The best part is that these upgrades are not necessarily expensive. Features like smart locks require lower upfront costs but can still meaningfully improve the quality of life for your renters. If you have several rental units, this can be a feasible option if you don’t want high upfront costs to gain an edge in the rental market.
FAQs
What's the single most important upgrade for attracting tenants faster in Indianapolis?
- In-unit laundry consistently ranks as one of the top factors. It has become such a standard expectation that its absence can push tenants toward a competing listing, even if your unit is otherwise comparable.
Is it worth allowing pets in my rental property?
- Given Indianapolis's high rate of pet ownership, pet-friendly units generally see faster turnover and a larger pool of applicants. The tradeoff is added wear and potential damage, which can be managed with pet deposits, breed or weight guidelines, and clear lease language.
Do I need to fully renovate my kitchen to attract tenants?
- No. A full gut renovation usually isn't necessary. Visible, mid-range updates, like newer appliances, updated hardware, and fresh countertops, tend to offer a better return on investment than a complete remodel.
Are smart home features really worth adding?
- Yes, particularly because they're relatively low-cost compared to structural upgrades. Smart locks and thermostats are inexpensive to install but are increasingly expected by renters who prioritize convenience and security.
Take Every Advantage You Can Have
Indianapolis’s rental market is very competitive, and having these features is only one part of attracting tenants. If you don’t market your property effectively, you might not be able to see returns on your investment.
That’s where Wellsway Management can help you. With our years of experience in the industry and our resources, we can make sure that your rental listing has high-quality photos, optimized descriptions, competitive rental rates, and increased visibility.
Feel free to reach out to us, and we can help you find the right tenants fast!
More Resources:
Where to Buy Next in Greater Indianapolis: A Suburb-by-Suburb Investment Breakdown
