Indiana is where the past meets the present, and the great outdoors is right at your fingertips. Get to know the rich cultural heritage of this Midwestern gem by visiting incredible museums like the Eiteljorg Museum of American Indians and Western Art, or check out the top universities like Purdue University and Indiana University. Indiana is a hub of economic activity, with its thriving manufacturing, agriculture, and transportation industries.

The state also offers plenty of opportunities for those seeking adventure and excitement. From exploring the beautiful state parks to fishing in its many lakes and rivers, Indiana is a nature-lovers paradise from the Hoosier National Forest to the Ohio River. And for sports fans, check out the Indianapolis Colts (NFL) and Indiana Pacers (NBA) or catch a game at universities like Purdue or Indiana. In addition, discover famous attractions like the Indianapolis Motor Speedway, home of the world-famous Indianapolis 500 race, the Children's Museum of Indianapolis, and the historic town of Brown County.

With its strong economy, quality education, and lively atmosphere, Indiana is the perfect place to live.

Rental Market Trends

Elwood, IN

As of July 2025, Elwood's rental market is competitive, with strong renter demand causing quick leasing times for well-priced units. Elwood's average rent is 19.0% ($240) lower than the Indiana average of $1,263 and 42.4% ($752) lower than the U.S. average of $1,775.

Average Rent

$1,023

Monthly ChangeMonth Over Month Change

8% ($76)

Yearly ChangeYear Over Year Change

9.4% ($88)

Avg. Days on MarketAverage Days on Market

Unit Type	Average Rent	Monthly ChangeMonth Over Month Change	Yearly ChangeYear Over Year Change
1 Bed	$922	12.7% ($104)	9.4% ($79)
2 Beds	$1,060	8.2% ($80)	5.9% ($59)
3 Beds	$1,719	35.5% ($450)	31.2% ($409)

Nearby Cities	Average Rent	Avg. Rent vs. ElwoodAverage Rent vs. Elwood	Avg. Days on MarketAverage Days on Market
Tipton	$960	6.2% ($63)	35 days
Anderson	$1,016	0.7% ($7)	38 days
Yorktown	$1,812	77.1% ($789)	66 days
Noblesville	$1,546	51.1% ($523)	46 days
Gas City	$751	26.6% ($272)	33 days

Rental market trends are calculated using listing data from RentalSource.

Frequently Asked Questions

Elwood Rental Market FAQs

Explore rental prices, market trends, and availability in Elwood, IN.

What is the average rent in Elwood, IN?

The average rent in Elwood, IN is $1,023 per month.

What is the rental price range for apartments in Elwood, IN?

Apartments in Elwood typically rent for between $645 and $2,235 per month, with an average of $1,023 per month.

What is the average rent for different bedroom sizes in Elwood, IN?

In Elwood, the average rent for a 1-bedroom apartment is $922 per month, for a 2-bedroom apartment, $1,060 per month, and a 3-bedroom apartment is $1,719 per month.

How do rent prices in Elwood, IN compare with the national average?

The average rent in Elwood is 42.4% ($752) lower than the national average of $1,775 per month.

How have rent prices in Elwood, IN changed recently?

The average rent in Elwood has increased by 8.0% ($76) in the last month and increased by 9.4% ($88) over the past year.

How competitive is the rental market in Elwood, IN?

The rental market in Elwood, IN, is currently competitive, with strong renter demand causing quick leasing times for well-priced units.

How long do rentals stay on the market in Elwood, IN?

In Elwood, IN, the average rental stays on the market for approximately 33 days. While most properties are rented within this timeframe, factors like seasonality, demand, and property type can affect how quickly a rental leases.

How many rental properties are available in Elwood, IN?

There are currently 26 rental properties available in Elwood, IN.

Can I afford to rent an apartment in Elwood, IN?

Based on the current averages, a household would need an annual income of $42,400 to comfortably afford a 2-bedroom apartment in Elwood.