Updated 2026 · Based on median market data for Fishers, IN
The median monthly rent in Fishers, IN is $1,490, translating to $17,880 in annual gross rental income per unit. The rent-to-price ratio is 0.52% — well below the 1% rule, making pure cash flow investing challenging at median prices and requiring investors to target below-median purchases or value-add strategies. For context, a 0.52% rent-to-price ratio means that for every $100,000 invested in property, you collect approximately $523/mo in gross rent. The gross rent multiplier of 15.9x means it takes 15.9 years of gross rent to equal the purchase price — a moderate ratio typical of balanced markets.
Renters in Fishers spend approximately 17% of the local median household income ($104,000) on rent. This is well below the 30% threshold, suggesting significant headroom for rent increases. The 30% affordability ceiling puts maximum supportable rent at approximately $2,600/mo — a full $1,110/mo above the current median of $1,490. This gap represents real upside for landlords who invest in property upgrades that justify premium rents.
The vacancy rate in Fishers is 4%. This is extremely tight — expect strong tenant demand, quick lease-ups, and leverage to set favorable lease terms. In markets this tight, landlords often see multiple applications per listing and can be highly selective on credit scores and income verification. You can also justify annual rent increases of 3-5% without significant pushback. Population growth of 2.2% annually is actively adding rental demand, creating a tailwind for landlords.
Fishers's GRM (price divided by annual rent) is 15.9x. A GRM between 12-16x is moderate and typical of balanced markets. Deals can work but you need to keep expenses controlled and buy at or below the median to achieve strong returns. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x. To beat Fishers's median GRM, target properties where you can achieve rents above $1,490 through renovations, better marketing, or targeting underserved tenant segments — or buy at a discount to the $285,000 median price. Every point lower on GRM translates to roughly 0.5-0.8% improvement in your cap rate.
At the median rent of $1,490/mo, a single-family rental in Fishers generates approximately $17,880 in gross annual income. After accounting for 4% vacancy ($715 lost), property taxes of $2,394, insurance (~$1,140), and maintenance (~$1,140), the estimated NOI is $12,491 per year, or $1,041/mo. Adding an 8% management fee ($1,430/yr) reduces investor cash flow further. Before debt service, you are looking at approximately $11,060/yr in landlord net income. Whether this is attractive depends on your total capital invested — at a $57,000 down payment, the unlevered yield on equity from NOI alone is 21.9%.
Rent growth in Fishers is driven by the interplay of population growth (2.2%), income growth, and housing supply constraints. With population expanding at 2.2% annually, demand for rental housing is growing faster than most markets can build, which supports above-average rent increases. Projected rent growth of approximately 4% annually would push the current $1,490/mo to $1,676 in 3 years and $1,813 in 5 years. The affordability headroom of $1,110/mo between current rents and the 30% income threshold provides substantial room for rent increases without pushing tenants into financial stress.
The median income of $104,000 supports a mixed tenant base of young professionals, small families, and long-term renters. In a smaller market of 104,000 residents, word-of-mouth and local listing platforms may be more effective than national sites for finding tenants.
As a mid-sized market, Fishers has property management options but less competition among PMs. Expect fees of 8-12% of collected rent. At $1,490/mo, budget $149/mo for management. Self-management makes sense if you are local, have fewer than 5 units, and the rent level justifies your time — at $1,490/mo, self-management of a small portfolio saves meaningful dollars but professional management becomes economical at 3-4 units.
Fishers vs Indiana state average and national average across key investment metrics. Fishers outperforms both benchmarks on cap rate.