%
CapRateCity
Free cap rate calculators for every US market
← All comparisons

Carmel vs Fishers for Rental Property Investing

Side-by-side comparison of Carmel, IN and Fishers, IN — cap rates, rent, prices, and investment metrics.

Fishers wins 6–1 across key metrics
Fishers leads on cash flow (3.59% vs 3.56% cap rate)
Metric
Carmel, IN
Fishers, IN
Est. Cap Rate
3.56%
3.59%
Median Home Price
$395,000
$370,000
Median Monthly Rent
$1,780
$1,680
1% Rule
0.45%
0.45%
GRM
18.5x
18.4x
Price / Income
3.5x
3.6x
Property Tax Rate
0.82%
0.84%
Vacancy Rate
4.2%
4%
Population Growth
1.8% / yr
2.2% / yr
Annual Appreciation
3%
3.1%
Population
105,000
104,000
Median Income
$112,000
$104,000

Carmel vs Fishers: Which Is Better for Investors?

Cash flow: Fishers has the edge with an estimated cap rate of 3.59% compared to Carmel's 3.56%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $395,000 in Carmel vs $370,000 in Fishers, while rents come in at $1,780/mo and $1,680/mo respectively.

Growth & appreciation: Fishers is growing faster at 2.2% annually vs Carmel's 1.8%. Fishers leads on home value appreciation at 3.1% per year. Strong population growth typically translates to sustained rental demand and long-term price support.

Costs & risk: Property taxes are 0.82% in Carmel vs 0.84% in Fishers. Vacancy rates of 4.2% and 4% are both healthy, suggesting strong tenant demand in both markets.

Bottom line: Fishers edges out Carmel on most key metrics. While cap rates are moderate at 3.59%, Fishers's overall profile is stronger. Use our free calculators to model specific deals in Carmel or Fishers.

Carmel, IN
3.56% cap rate · $395,000 median · $1,780/mo
Full analysis →
Fishers, IN
3.59% cap rate · $370,000 median · $1,680/mo
Full analysis →
The CapRateCity Report
Weekly market analysis: highest cap rate cities, emerging markets, and deal breakdowns. Free, no spam.