Updated 2026 · Based on median market data for Evansville, IN
The median monthly rent in Evansville, IN is $950, translating to $11,400 in annual gross rental income per unit. The rent-to-price ratio is 0.61% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Evansville spend approximately 26% of the local median household income ($44,200) on rent. This is within the healthy 25-30% range, indicating rent is affordable relative to local incomes. There may be room for moderate rent increases, especially for updated or well-located units.
The vacancy rate in Evansville is 6.5%. This is a healthy vacancy rate that indicates balanced supply and demand. You should be able to find quality tenants without extended vacancies, though expect normal turnover periods of 2-4 weeks between tenants. Population growth of 0.2% annually provides stable demand.
Evansville's GRM (price divided by annual rent) is 13.6x. A GRM between 12-16x is moderate and typical of balanced markets. Deals can work but you need to keep expenses controlled. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $950/mo, a single-family rental in Evansville generates approximately $11,400 in gross annual income. After accounting for 6.5% vacancy ($741 lost), property taxes of $1,271, insurance (~$620), and maintenance (~$620), the estimated NOI is $8,148 per year, or $679/mo.