Market Highlights

Evansville is Indiana’s 3rd-largest city with an MSA population of 314,038. 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, and major industries include advanced manufacturing (33,000 jobs), health & life sciences, plastics, food & beverage, and logistics & transportation. 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 105 properties and 17,217 units with a strong occupancy of 94.4%. While multifamily development is minimal, CRG Residential recently broke ground on Promenade Flats, a future 220-unit property within The Promenade Master Development.

Multifamily Highlights

Major Employers

  1. Deaconess Health System

    10,500 jobs / 550 beds  | Learn More
  2. Toyota Motor Manufacturing (TMMI)

    7,500 jobs  | Learn More
  3. Evansville Vanderburgh School Corporation (EVSC)

    3,450 jobs  | Learn More
  4. Berry Global

    3,200 jobs  | Learn More
  5. Ascension St. Vincent

    3,000 jobs / 508 beds  | Learn More
  6. Koch Enterprises

    2,800 jobs  | Learn More
  7. Jasper Engines & Transmissions

    2,500 jobs  | Learn More
  8. TJ Maxx

    2,300 jobs  | Learn More
  9. University of Southern Indiana

    2,119 jobs / 9,178 enrollment  | Learn More
  10. OneMain Financial (HQ)

    1,250 jobs  | Learn More
  11. Sabic Innovative Plastics

    1,200 jobs  | Learn More
  12. Metronet Inc. (HQ)

    1,142 jobs  | Learn More
  13. Skanska

    1,076 jobs  | Learn More
  14. CenterPoint Energy

    1,011 jobs  | Learn More


Other Demand Drivers

  1. University of Evansville

    915 jobs; 717 enrollment  | Learn More
  2. Eastland Mall

    1,017,000 SF; JCPenney, Dillard's, Macy's  | Learn More
  3. The Promenade

    215 acres; Costco, Academy Sports & Outdoors, Marshalls  | Learn More
  4. Evansville Pavilion

    Target, TJ Maxx, HomeGoods, DSW  | Learn More
  5. Evansville Regional Airport

    Allegiant, American Airlines, Delta  | Learn More

Sources & Comments

1. 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) rcanalytics.com (4) www.bls.gov (5) www.evansvilleregion.com

3. Sales Comps are from 10/1/22 – 9/30/23

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