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

Fort Wayne vs Indianapolis for Rental Property Investing

Side-by-side comparison of Fort Wayne, IN and Indianapolis, IN — cap rates, rent, prices, and investment metrics.

◉
Fort Wayne wins 4–3 across key metrics
Fort Wayne leads on cash flow (4.95% vs 4.49% cap rate) · Indianapolis leads on population growth
Metric
Fort Wayne, IN
Indianapolis, IN
Est. Cap Rate
4.95%
4.49%
Median Home Price
$185,000
$235,000
Median Monthly Rent
$1,080
$1,280
1% Rule
0.58%
0.54%
GRM
14.3x
15.3x
Price / Income
3.8x
4.4x
Property Tax Rate
0.85%
0.84%
Vacancy Rate
5.8%
6.2%
Population Growth
0.7% / yr
0.9% / yr
Annual Appreciation
2.5%
2.8%
Population
270,402
882,039
Median Income
$48,600
$52,900

Fort Wayne vs Indianapolis: Which Is Better for Investors?

Cash flow: Fort Wayne has the edge with an estimated cap rate of 4.95% compared to Indianapolis's 4.49%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $185,000 in Fort Wayne vs $235,000 in Indianapolis, while rents come in at $1,080/mo and $1,280/mo respectively.

Growth & appreciation: Indianapolis is growing faster at 0.9% annually vs Fort Wayne's 0.7%. Indianapolis leads on home value appreciation at 2.8% per year.

Costs & risk: Property taxes are 0.85% in Fort Wayne vs 0.84% in Indianapolis. Vacancy rates of 5.8% and 6.2% are mixed — Fort Wayne has the tighter rental market.

Bottom line: Fort Wayne edges out Indianapolis on most key metrics. While cap rates are moderate at 4.95%, Fort Wayne's overall profile is stronger. Use our free calculators to model specific deals in Fort Wayne or Indianapolis.

Fort Wayne, IN
4.95% cap rate · $185,000 median · $1,080/mo
Full analysis →
Indianapolis, IN
4.49% cap rate · $235,000 median · $1,280/mo
Full analysis →
The CapRateCity Report
Weekly market analysis: highest cap rate cities, emerging markets, and deal breakdowns. Free, no spam.