Sell Your Commercial Property In Evansville, IN

Who rents in Evansville

Evansville has 24,108 renter households, or 45.4% of its 53,095 occupied homes, in ACS 2020-2024 table B25003. Vanderburgh County's renter share is lower at 35.0%, per the county tenure table. Evansville holds 88.1% of the county's renter households, so the county rental market is mostly an Evansville market. Evansville's 116,116 residents are 64.5% of the county's 180,117.

Health care anchors rental demand. Vanderburgh County had 20,163 private health care and social assistance jobs in March 2026, per the BLS Quarterly Census of Employment and Wages. The Indiana Department of Health hospital directory lists 571 staffed beds at Deaconess Hospital and 450 at Ascension St Vincent Evansville.

Manufacturing and education add depth. The same BLS data counts 11,942 private manufacturing jobs in Vanderburgh County in March 2026. The University of Southern Indiana reported 9,399 students in fall 2025, including 1,367 first-time freshmen.

Owners on the East Side and West Side rent to this workforce. Newburgh and Henderson, KY lie beyond the city limits, so they sit outside these Evansville figures.

Rents and affordability

Median gross rent in Evansville is $975 a month, per ACS 2020-2024 table B25064. Vanderburgh County's median is $985. Evansville's median household income is $53,387, so a median rent takes about 21.9% of a median income.

Rent burden runs high for a low-rent city. In table B25070, 45.2% of Evansville renter households, about 10,892, pay 30% or more of income for rent. Another 22.3%, or 5,379 households, pay 50% or more. Rental vacancy is 5.9% in Evansville and 6.6% in Vanderburgh County, per ACS table DP04.

Under HUD's FY2027 fair market rents for the Evansville, IN MSA, a two-bedroom is $1,127. That is 15.6% above the $975 citywide median, which blends all unit sizes. Owners who plan to sell commercial real estate in Evansville, IN should expect buyers to compare rent rolls with this table.

Source: HUD FY2027 FMR documentation, effective October 1, 2026. These are area-wide program benchmarks, not asking rents for any one building.

The apartment stock

Evansville has 12,972 homes in buildings of five or more units, 21.9% of its 59,180 housing units, per ACS table B25024. The mix is 4,852 units in 5-9 unit buildings, 3,490 in 10-19, 2,113 in 20-49 and 2,517 in buildings of 50 or more.

Evansville holds 89.5% of the 14,493 such units in Vanderburgh County. Small buildings matter too: 2-4 unit buildings add 5,944 units, and detached houses are 64.1% of the stock.

The median year built is 1961, older than the county's 1970. In table B25034, 72.7% of Evansville homes predate 1980, and only 499, or 0.8%, date from 2020 or later. Buyers will price roofs, boilers, wiring and plumbing in a stock this old.

Property taxes in Vanderburgh County

If you sell commercial property in Evansville, IN, expect the buyer to underwrite a 2% cap, not the posted rate. Indiana's DLGF circuit breaker fact sheet (November 2025) caps residential property at 2% of gross assessed value. It defines residential property to include a building with two or more dwelling units.

DLGF's 2026 certified tax rates by district list four Evansville city districts. Rates run from 3.4242 per $100 of assessed value in Knight Township to 3.5448 in Pigeon Township. Center Township is 3.4338 and Perry Township is 3.4248. Each rate is gross, before the cap credit.

Take a $2,000,000 assessed value in the Pigeon Township district. At 3.5448 per $100, the uncapped tax is $70,896. The 2% cap limits the bill to $40,000, a credit of $30,896. Every Evansville district sits well above the 2.0 cap, so the cap usually sets the bill.

Assessors must value apartments with more than four rental units at the lowest of the cost, sales comparison and income approaches, under IC 6-1.1-4-39(a). Owners can appeal on Form 130. DLGF's appeal procedure sheet sets a June 15 deadline when the notice is mailed before May 1.

Landlord rules

Indiana bars local rent control. IC 32-31-1-20(b) says a unit of local government may not regulate rental rates for privately owned real property unless the general assembly authorizes it. Evansville and Vanderburgh County therefore cannot cap rents.

Landlords must deliver an itemized deposit notice within 45 days after the rental agreement ends, under IC 32-31-3-12. That chapter sets no maximum deposit. Nonpayment allows termination on at least 10 days' notice under IC 32-31-1-6. A tenancy at will ends on one month's written notice under IC 32-31-1-1.

Evansville runs a rental registry. Evansville Municipal Code Chapter 8.40 requires owners to register with the Evansville-Vanderburgh Building Commission and renew each year from March 11 to May 10. The fee is $5 per parcel, capped at $100 per owner.

A new owner has 30 days after buying to register. A buyer who plans to sell multifamily property in Evansville later inherits the same step. State law, in IC 36-1-20-5, caps annual registration fees at $5.

What this means if you own a building here

Three numbers frame a sale. Rental vacancy is 5.9%. The median rent of $975 compares with a $1,127 HUD two-bedroom level. The cap holds tax to $40,000 on each $2,000,000 of assessed value, against $70,896 uncapped in Pigeon Township.

Evansville offers buyers a 45.4% renter share and steady hospital, factory and university demand. Deaconess and Ascension St Vincent list 1,021 staffed beds combined. Buyers will weigh that against a 1961 median build year and rent burdens above 45%. Owners who sell commercial property in Evansville, IN with capital records in hand give buyers fewer reasons to discount.

Skyline Capital Investments buys 5+ unit buildings. If you want to sell your apartment building in Evansville, our seller page explains how we underwrite. Run your own numbers first with our cap rate calculator. Note that 5,944 Evansville units sit in 2-4 unit buildings, which fall outside our 5+ unit focus.