Evansville, IN Rental Market Analysis
Updated March 2026 — Investment metrics, cap rates, rent data, and neighborhood analysis for rental property investors in Evansville, Indiana.
Evansville Rental Market Overview
Evansville is southern Indiana's economic hub with affordable properties and strong rental demand from healthcare, manufacturing, and University of Southern Indiana.
With a median home price of $170,000 and average monthly rents around $1,100, Evansville offers investors a rent-to-price ratio of 0.65%. At current market conditions, a typical rental property in Evansville generates an estimated cap rate of 7.8% and a cash-on-cash return of approximately 15.4% with 25% down financing at 6.5%.
Major Employers in Evansville
Rental demand in Evansville is supported by major employers including Deaconess Health, Berry Global, Toyota, University of Southern Indiana. These institutions provide the job base that drives consistent tenant demand for rental housing in Vanderburgh County.
Evansville ZIP Codes for Investors
Key ZIP codes in the Evansville metro area: 47701,47702,47708,47710,47711,47712,47713,47714,47715,47720. Each neighborhood carries different risk/return profiles — use becvio's property analysis tools to evaluate specific deals.
Analyze a Evansville Rental Property
Why Invest in Evansville, IN Rental Properties?
Evansville stands out for rental property investors because of its strong cap rates averaging 7.8%, combined with solid annual appreciation of 3.6%. The $170,000 median home price makes Evansville accessible for investors at various capital levels, while $1,100/month rents provide meaningful cash flow.
With a gross rent multiplier of 12.9x and estimated DSCR of 0.68 on conventional financing, Evansville rental properties may require careful underwriting to ensure positive cash flow. Investors using becvio can track these metrics in real-time across their entire portfolio.