Home Rental Market Shows Dramatic Upswing in Supply & Demand

The vacation rental by owner market grew dramatically in Hamilton County during 2022, with the equivalent of more than 41,000 total demand nights sold. Demand nights are defined as the total number of nights booked.

This includes entire homes, private rooms, and shared room rentals – but all non-hotel properties – and booked through popular websites like VRBO and Airbnb.

“Entire Place” rentals (apartments or homes) grew at the fastest rate, with an increase of more than 63% in available supply, matched by the same growth in demand.

Westfield had the most available supply of vacation rental supply nights for the year, followed by Noblesville, then Fishers and finally Carmel.

In comparison, the county’s hotel room inventory grew 1.1% in 2022, and demand for all available hotel rooms in the county grew by 13.8%.  In total, 135,153 more hotel rooms were sold in 2022 than in 2021 compared to 14,002 more vacation rental rooms sold during the same period.