Evansville is Indiana’s 3rd-largest city with an MSA population of 270,717, trailing only Indianapolis and Fort Wayne in size. Strategically located in the southwest corner of the state along the Ohio River, Evansville is within a 250-mile radius of major U.S. cities including Nashville, St. Louis, Indianapolis, Cincinnati, Louisville, and Chattanooga. The economy is supported by over 8,000 businesses across a variety of industries. Deaconness Health System is the MSA’s largest employer, and University of Southern Indiana is the MSA’s largest university. Other notable employers include Toyota (Gibson County, 25 miles north of Evansville), Berry Global (plastics), Koch Enterprises, and TJ Maxx (distribution center). The Promenade is a 215-acre mixed-use development, anchored by Costco, with several construction projects underway. The apartment market is composed of 108 properties and 17,567 units with a strong and stable occupancy of 94.4%.
Evansville Economy
Evansville is home to a variety of industries and key employers. The primary industries are:
Advanced Manufacturing – with 33,000 workers, Manufacturing is the largest industry within the Evansville MSA. Toyota, Berry Global, Koch Enterprises, Jasper Engines & Transmissions, and Sabic Innovative Plastics are some of the largest employers within Manufacturing.
Health & Life Sciences
Logistics & Transportation
Food & Beverage
Population Analysis
Evansville MSA Population
The Evansville MSA has a current population of 270,717. The majority of the population comes from Vanderburgh County (179,810) while Posey (25,040) and Warrick (65,867) account for the remaining 33% of the MSA population. Overall, the MSA has grown by 0.45% from 2020-23, and Warrick County has been the fastest-growing county within the MSA with 2.92% growth during that same time period.
Demographics
Total Population (MSA)
270,717
Population Growth (2020-23)
0.45%
Unemployment Rate (November 2024)
4.2%
#3
Best Cities for Remote Workers in U.S. (WSJ)
#3
Cities Adding the Most High-Income Households (SmartAsset)
#3
Largest Cities in Indiana (U.S. Census)
Multifamily Highlights
Apartment Market Overview:
108
Apartment Communities (50+ units)
17,567
Total Units (50+ units)
$976
Avg. Asking Rent
3.7%
Rent Growth (Previous 12 Months)
94.4%
Occupancy
12-Month Sales:
$152M
12-month Sales Volume ($)
1,501
12-month Sales (Units)
8
12-month Sales (# of transactions)
Evansville Multifamily Analysis
The Evansville MSA has 108 apartments of over 50+ units, for a total of 17,567 units. 268 units were delivered in the last 12 months (CoStar), with the majority of those deliveries coming from the 220-unit Promenade Flats project. Minimal inventory growth is expected over the next 12 months, and the existing vacancy of 5.6% is expected to compress slightly over the next several years. The Average Rent in Evansville is $976 with a 12-Month rent growth of 3.7% (CoStar). Based on an analysis of over 30 multifamily properties in Evansville, Average Expenses are $4,860 per unit (TKC’s Expense Averager Tool).
Economic Development
Over the past several months, Evansville has experienced significant economic development and community enhancements, marked by key infrastructure projects, business recognition, and strategic initiatives.
Infrastructure and Development Projects:
I-69 Ohio River Crossing: In September 2024, the Indiana Department of Transportation (INDOT) broke ground on the I-69 Ohio River Crossing project, a $202 million endeavor to complete the critical connection between Indiana and Kentucky. This project is anticipated to stimulate Evansville’s economy by improving connectivity with Indianapolis and attracting new talent and businesses.
Ohio Township Park: Groundbreaking occurred on a 20-acre, $15 million park and green space in Warrick County. The Ohio Township Park will feature amenities such as a playground, splash pad, fitness stations, trails, sports courts, event lawns, and a lake. These facilities are expected to begin opening in late spring, enhancing recreational opportunities for residents.
The Vault on Main: In May 2024, construction began on “The Vault on Main,” a $60 million project in downtown Evansville. Scheduled for completion in approximately two years, this development aims to revitalize the area and contribute to the city’s economic growth.
Business and Economic Growth:
High-Income Household Growth: Evansville ranked third nationally in high-income household growth, reflecting the city’s rising economic prosperity.
Top Employers Recognition: Eleven Evansville businesses were listed among the 2024 “Best Places to Work in Indiana,” highlighting the city’s strong employment landscape and commitment to workplace excellence.
Metronet Expansion: Evansville-based Metronet initiated a $35 million project to build a new fiber-optic network in Broken Arrow, offering up to 5-gigabit speeds for residential customers and 10-gigabit speeds for businesses. This expansion underscores the company’s growth and the region’s technological advancement.
Strategic Initiatives:
READI 2.0 Funding: The Evansville region secured $45 million in Regional Economic Acceleration and Development Initiative (READI) 2.0 funds as part of a statewide $500 million initiative aimed at boosting economic development.
Ohio River Vision and Strategic Plan: Officials unveiled a comprehensive 620-page plan designed by Sasaki to redesign the riverfront in Mt. Vernon, Newburgh, and Evansville. This strategic plan aims to enhance the riverfront’s appeal and functionality, contributing to regional development.
Educational Achievements:
Blue Ribbon Schools: Two Evansville-area schools were among 16 in Indiana to receive the prestigious “Blue Ribbon” designation from the U.S. Department of Education, recognizing their exemplary performance and commitment to closing achievement gaps.
Collectively, these developments underscore Evansville’s dynamic growth and its commitment to enhancing the quality of life for its residents through strategic investments in infrastructure, economic development, and education.
Originally from Pennsylvania, Brian moved south to pursue a degree in Business Administration at Northwest Florida State College. With 26 years of experience in the commercial real estate industry, he has been a dedicated Broker with TKC since 2017. Brian loves the dynamic nature of his role, working both within the TKC office and in the field across Kentucky, Indiana, and Ohio.
Brandon Wilson
KY | IN
Brandon Wilson
KY | IN
Email: bwilson@thekirklandco.com
Phone: (502) 837-4100
Brandon is originally from Owensboro, KY and attended the University of Kentucky with a major in Marketing. He has been a Broker with The Kirkland Company since 2012 and loves the art and tact involved in putting a deal together.
Noah Mudd, CCIM
Indiana
Noah Mudd, CCIM
Indiana
Email: nmudd@thekirklandco.com
Phone: (317) 794-3000
Noah is from Shelbyville, TN and attended Trevecca Nazarene University where he majored in Exercise Science. He loves the variety in his day-to-day and the feeling of helping investors improve their businesses.
Matt Cogen
Indiana
Matt Cogen
Indiana
Email: mcogen@thekirklandco.com
Phone: (317) 667-0989
Matt is originally from Franklin, TN and attended Belmont University in Nashville where he studied Business Management. He loves the opportunities he gets to help clients achieve their goals and improve communities.
Sources & Comments
1. The Evansville, IN Metropolitan Statistical Area consists of 3 counties, according to Office of Management and Budget: (1) Posey (2) Vanderburgh (3) Warrick
2. Primary Sources: (1) https://fred.stlouisfed.org/ (2) CoStar (3) MSCI Real Capital Analytics (4) www.bls.gov (5) https://www.evansvilleregion.com
3. Sales Comps are from 01/2024 – 01/2025
4. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy
