Last updated
Average Rent in Mile Square & Rent Trends
Rent prices and market trends across 3 apartment communities in Mile Square, Indianapolis, IN. Updated daily.
Market Average
$2,519/mo
▲ +4.7% from last month
Lowest Available
$1,403/mo
cheapest unit on market
Communities
3
tracked daily
Units Listed
15
available now
Mile Square vs Indianapolis, IN Average
Mile Square is more expensive the Indianapolis, IN average by $411/mo (19%). The citywide average is $2,108/mo across all neighborhoods.
Is Rent Going Up or Down in Mile Square?
As of June 2026, the average rent in Mile Square is $2,519 per month across 3 apartment communities and 15 available units. Rents have increased $101 (4.7%) over the past month.
The most affordable option is The Plaza at Library Square starting at $1,403/mo. By unit type, a 2-bedroom averages $2,519/mo.
Prices range from $1,403 to $3,300 per month. The most common price point is the $2,600 range, where 4 units are currently listed.
Mile Square Rent Price History
Rent Price Distribution
Rent by Bedroom Type in Mile Square
Rent Prices by Apartment in Mile Square
| Property | Starting at | Average | Units | Rating |
|---|---|---|---|---|
| The Plaza at Library Square | $1,403/mo | $1,403/mo | 1 | 3.8 |
| The Residences at CityWay | $1,875/mo | $2,297/mo | 8 | 4.3 |
| 360 Market Square | $2,765/mo | $3,001/mo | 6 | 4.4 |
Google Search Trends for Mile Square Apartments
Search interest for apartments in this area over the past 12 months.
Search Interest Over Time
Frequently Asked Questions About Rent in Mile Square
What is the average rent in Mile Square?
Is rent going up or down in Mile Square?
What is the cheapest apartment in Mile Square?
How many apartments are available in Mile Square?
What salary do I need to live comfortably in Mile Square?
Built on the 25 to 30 percent rent-to-income guideline used by most landlords and credit-scoring models.
Minimum to afford average rent
$101,000/year
Based on the 30 percent rule, using our tracked average rent of $2,519/mo.
Comfortable income
$121,000/year
Based on the 25 percent rule, leaving more room for savings, transport, and groceries.
To afford the cheapest tracked apartment ($1,403/mo), you need to earn at least $56,000/year.
Median household income in Mile Square is $62,995 , about 48% below the comfortable-living threshold.
Cost of living in Mile Square
Overall prices in Mile Square runs below the national average by about 5% (BEA Regional Price Parity index 94.7, where 100 equals the U.S. average). The breakdown below estimates monthly costs for a single adult, using national consumer-spending baselines from the Bureau of Labor Statistics scaled by Mile Square's regional price parities.
| Category | Monthly estimate |
|---|---|
| Rent (market average) | $2,519 |
| Utilities | $374 |
| Groceries | $512 |
| Transportation | $892 |
| Healthcare | $435 |
| Other goods and services | $696 |
| Estimated total | $5,428/mo |
Population
882,043
Median household income
$62,995
Census median rent
$1,112/mo
Rent as % of income
30.5%
Median age
34.1
Mean commute
24 min
Methodology
Rent data
Sourced directly from each tracked apartment community and refreshed every 24 hours. Every listed unit price on this page is real and listed today.
Cost of living
Estimates combine national consumer-spending baselines from the U.S. Bureau of Labor Statistics (Consumer Expenditure Survey) with the U.S. Bureau of Economic Analysis Regional Price Parities (MARPP dataset). Both are peer-reviewed federal data releases published annually.
Salary to live comfortably
Applies the standard 25 to 30 percent rent-to-income rule on top of the listed rent. This is the same affordability guideline used by most landlords and credit-scoring models.
Demographic figures
Median household income, population, median age, commute time, Census median rent, and rent as percentage of income come from the U.S. Census Bureau's American Community Survey 5-year estimates, the most recent complete release.
Cost of living and demographic figures were last published in 2023.
Explore Mile Square Apartments
Browse all 3 communities with daily-updated pricing and availability.