Evansville–Tri-State Rental Market Report 2025: Rent Prices, Neighborhood Trends & Vacancy Rates.

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October 07,2025

Evansville–Newburgh–Henderson–Owensboro rental market continues to grow and evolve in 2025.

The Evansville–Newburgh–Henderson–Owensboro rental market continues to grow and evolve in 2025. Whether you're a renter searching for affordable housing or a landlord planning your pricing strategy, understanding local trends is essential. This Tri-State rental market report covers average rent prices, neighborhood demand shifts, and vacancy trends across the region, helping you make smart housing decisions this year.

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Snapshot of the Tri-State Rental Market 2025

Overall, the rental market in the Evansville region remains strong, with steady demand and moderate price growth. Here’s a quick overview of 2025 trends:

  • Average Rent: 1-bedroom units average $875–$950/month in Evansville; 2-bedrooms average $1,050–$1,200/month across the Tri-State.
  • Vacancy Rates: Vacancy has remained low, hovering between 4–6%, indicating a healthy, balanced market.
  • Neighborhood Demand: Suburban communities like Newburgh and Owensboro continue to see increased rental interest, especially among families.
  • Affordability: Henderson remains one of the most affordable areas, drawing commuters from Evansville.

Evansville Rental Trends

Evansville remains the region’s rental hub. Downtown has seen growing demand from young professionals who want walkable neighborhoods near work, nightlife, and entertainment. The East Side continues to attract families and long-term renters.

Key Highlights:

  • Downtown Evansville average 1BR rent: $925/month
  • East Side 2BR rent range: $1,050–$1,250/month
  • Vacancy remains below 5% in prime neighborhoods
  • New mixed-use developments are boosting supply, keeping prices competitive

Newburgh Market Insights

Newburgh is increasingly popular with families and commuters looking for suburban living without sacrificing proximity to Evansville. Its schools, quiet neighborhoods, and scenic riverfront make it a top choice.

Key Highlights:

  • 2BR units averaging $1,100–$1,250/month
  • Low vacancy rates, especially near Warrick County schools
  • New construction adding modern, amenity-rich apartments

Henderson & Owensboro Market Overview

Henderson offers excellent value with lower rent prices, attracting those who work in Evansville but prefer Kentucky pricing. Owensboro has grown into a well-balanced rental market with strong student and family demand.

Henderson Highlights:

  • Average 1BR rent: $750–$850/month
  • Ideal for commuters; easy US-41 access
  • Affordable housing continues to drive consistent demand

Owensboro Highlights:

  • Steady growth near colleges and new developments
  • Average 2BR rent: $950–$1,150/month
  • Newer communities offer modern amenities at reasonable prices

Forecast: What to Expect for Renters & Landlords in 2025

Looking ahead, the Tri-State rental market is expected to remain stable and competitive. Here’s what both renters and landlords can expect:

For Renters:

  • Begin your search early to secure the best neighborhoods and amenities.
  • Expect modest rent increases (2–4%) in high-demand areas like Downtown Evansville and Newburgh.
  • Henderson remains the top choice for budget-conscious renters.

For Landlords:

  • Pricing competitively will be key — renters are price-sensitive in 2025.
  • Listings with high-quality photos and amenities will stand out more than ever.
  • Consider listing on local platforms like Prime American Living to target local renters directly.

Your Local Rental Resource

The Evansville–Tri-State area remains a healthy, affordable, and attractive rental market. Whether you're searching for your next apartment or deciding how to price your property, staying informed on local trends gives you an edge.

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