Full Text
Residential Rental Assessments ALLEN COUNTY ASSESSOR’S OFFICE: LAURA BOLTZ WAYNE TOWNSHIP ASSESSOR’S OFFICE: TAMMY SMITH & CARALIE PUCKETT ---PAGE BREAK--- Allen County Residential Rental Property Assessments 2025 IC 6-1.1-4-39 • The gross rent multiplier method is the preferred method of valuing: real property that has at least one and not more than four rental units…” Gross Rent Multiplier (GRM) • GRM = Sales Price / Rent Sales Validation • As part of the validation process, both buyers and sellers may be contacted, either by phone and/or in writing. MLS listing information is reviewed. In many cases, field reviews may also be conducted for interior issues. Rent Verification • Owners are requested to provided either a copy of the written lease, current up to eighteen months and/or Schedule E/Form 8825. ---PAGE BREAK--- Short Term Rentals – ie AirBNB, VRBO, etc The Indiana code defines a rental property as “…accommodations for thirty (30) days or more….” under IC 6-1.1-4-39 and the gross rent multiplier is the preferred method for valuation. Because a short-term rental is typically rented for under thirty days, the GRM is not the appropriate method for valuation. Properties advertised or reported as short-term rentals are currently assessed using the cost approach and trended with the neighborhood. The income approach and capitalization could be considered if sufficient data is available. ---PAGE BREAK--- Rental Sales Data 2016 -2025 ---PAGE BREAK--- Rental Counts per Year The shift in lower rental counts is continuing, with fewer low-to-mid price properties and more high- end properties. This trend began in 2019 and is continuing through 2025. Wayne & Adams rental counts reduced by 10.62% & 10.69% respectively since 2024. St Joseph, Perry, & Aboite increased 12.54%, 18.98% & 7.48% respectively since 2024. *data pulled from InCama yearly valuation – rentals must be verified in writing by owner. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 WAYNE TOWNSHIP 6587 5888 6078 6304 6247 6085 5928 5633 5299 4736 WASHINGTON TOWNSHIP 744 777 796 786 758 687 603 602 610 620 ST. JOSEPH TOWNSHIP 1223 1107 1131 1109 1081 1031 1013 [PHONE REDACTED] PERRY TOWNSHIP 288 282 268 283 299 322 303 328 332 395 ADAMS TOWNSHIP 983 826 885 877 860 789 672 648 636 568 ABOITE TOWNSHIP 295 313 323 333 300 307 315 353 361 388 0 2000 4000 6000 8000 10000 12000 Parcel count Rental Counts by Twsp 2016-2025 ---PAGE BREAK--- Allen County Residential Rentals In 2015, foreclosures, tax sales, and court-ordered sales were 20.2% of all rental sales. In 2024, the number of sales by these methods remains low, at of all sales. The annual number of confirmed rental sales has increased in 2024 by over 100%, more consistent with 2015 and 2016. In 2015, 1,005 sales were noted as being intended for rental use. 2023 was the lowest year with only 383 sales but 2024 sales returned with 991 sales. **data is pulled from sales disclosure verification (2010-2024) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Valid Investment Sales 50 50 18 1 2 2 142 88 128 498 Valid Sales 231 271 343 243 219 142 52 193 6 187 Valid For GRM Use 106 82 7 73 40 19 162 118 125 121 After Foreclosure 73 76 42 22 20 3 1 3 3 Invalid Sales 415 391 371 242 514 193 220 169 115 179 Auditor Tax Sale 30 15 5 13 2 1 Court Ordered /Judgement 16 14 3 6 2 1 8 1 2 Foreclosure Sales 84 75 24 19 9 3 5 3 0 200 400 [PHONE REDACTED] 1200 Rental Purchase Method Trends - 2015 through 2024 ---PAGE BREAK--- 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 County $52.85 $60.76 $67.07 $76.56 $62.52 $100.29 $102.67 $128.74 $115.70 $138.27 Wayne $26.75 $29.02 $40.09 $52.24 $39.30 $51.10 $57.90 $69.17 $76.31 $87.40 $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 $140.00 $160.00 Price per Square Foot Per Square Foot Average Acquisition Cost 2015-2024 Allen County Residential Rentals Within Wayne Township, sale price per square foot has increased from $26.75 to $87.40, an over 226.73% increase, between 2015-2024. 2023-2024 saw an increase of 14.53%. The remaining Townships have seen increases as well, $52.85 to $138.27 per square foot, an increase of 161.63% in ten years. However, 2023-2024 saw an increase of 19.51%, more in line with 2022 numbers.. *data pulled from InCama yearly valuation ---PAGE BREAK--- Top 5’s – Highest Rental Sales – County/Wayne Twsp Sale Price $475,900 Sale Price $388,000 Sale Price $350,000 Sale Price $334,000 Sale Price $325,000 Sale Date 8/30/2024 Sale Date 4/15/2024 Sale Date 11/15/2024 Sale Date 11/25/2024 Sale Date 10/23/2024 Address 13786 Montoro Ct Address 14908 Knobcone Ct Address 12963 Mendocino Cv Address 3375 Kylo Ct Address 10814 Fenton Cv Nbhd 572302-057 Nbhd 389101-038 Nbhd 572417-058 Nbhd 583007-058 Nbhd 481701-048 Year Built 2023 Year Built 2006 Year Built 2017 Year Built 2024 Year Built 2019 Grade B+2 Grade C+1 Grade C Grade C+2 Grade C+1 Sq Feet 1850 Sq Feet 3144 Sq Feet 2126 Sq Feet 2110 Sq Feet 1777 Sale Price $269,000 Sale Price $248,000 Sale Price $230,000 Sale Price $220,000 Sale Price $216,000 Sale Date 9/24/2024 Sale Date 7/8/2024 Sale Date 10/9/2024 Sale Date 4/19/2024 Sale Date 8/19/2024 Address 1332 W Washington Blvd Address 1037 Lake Ave Address 4714 Taylor Rd Address 4225 Arrow Dr Address 1515 Reckeweg Rd Nbhd 271808-074 Nbhd 171701-074 Nbhd 471628-074 Nbhd 471701-074 Nbhd 471628-074 Year Built 1954 Year Built 1900 Year Built 1972 Year Built 1960 Year Built 1945 Grade C+1 Grade C Grade C-1 Grade D+2 Grade C+1 Sq Feet 3088 Sq Feet 2310 Sq Feet 2709 Sq Feet 1524 Sq Feet 1261 ---PAGE BREAK--- Top 5’s – Lowest Rental Sales – County/Wayne Twsp Sale Price $68,000 Sale Price $72,000 Sale Price $76,000 Sale Price $80,000 Sale Price $92,500 Sale Date 2/6/2024 Sale Date 4/12/2024 Sale Date 3/5/2024 Sale Date 1/19/2024 Sale Date 1/12/2024 Address 2930 White Oak Ave Address 4606 Werling Dr Address 3703 Parkhill Ave Address 2126 Myers Dr Address 1710 Stanley Ave Nbhd 727401-072 Nbhd 694201-070 Nbhd 733703-073 Nbhd 582001-058 Nbhd 727601-072 Year Built 1967 Year Built 1954 Year Built 1949 Year Built 2024 Year Built 1952 Grade D+1 Grade D+2 Grade D+1 Grade D Grade D+1 Sq Feet 936 Sq Feet 1248 Sq Feet 1119 Sq Feet 999 Sq Feet 928 Sale Price $60,000 Sale Price $64,500 Sale Price $67,000 Sale Price $70,000 Sale Price $70,000 Sale Date 12/16/2024 Sale Date 5/3/2024 Sale Date 1/8/2024 Sale Date 8/6/2024 Sale Date 1/8/2024 Address 3029 Plaza Dr Address 1615 W 4th St Address 1404 Dubois St Address 4133 Holton Ave Address 1328 Dubois St Nbhd 371406-074 Nbhd 271418-074 Nbhd 172207-074 Nbhd 371723-074 Nbhd 172207-074 Year Built 1934 Year Built 1967 Year Built 1945 Year Built 1955 Year Built 1961 Grade D+2 Grade D Grade D Grade D Grade D+1 Sq Feet 1152 Sq Feet 691 Sq Feet 1247 Sq Feet 936 Sq Feet 1064 ---PAGE BREAK--- Rental Values per Year With the increase in sales price per square foot, the overall assessed value has increased as well. Wayne Township has seen assessed values increase 3.32% for 2025. The remaining townships will see an increase in total assessed values of 16.78%. These increases include new higher value rental properties for 2025. *data pulled from InCama yearly valuation – rentals must be verified in writing by owner. 2019 2020 2021 2022 2023 2024 Wayne 255,338,400 288,379,600 300,395,200 299,786,400 329,841,000 399,635,800 County 298,541,900 311,626,700 314,948,200 307,558,300 378,892,400 454,477,200 0 100,000,000 200,000,000 300,000,000 400,000,000 500,000,000 600,000,000 700,000,000 800,000,000 900,000,000 Assessed Value Total Assessed Values ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- Average number of Years Within Allen County, most parcels used as rentals are assessed using the income approach for an average of 5-6 years. In 2025, 11.66% of parcels have been assessed as residential rentals continuously since 2012. Of the 814 rentals assessed as “new” for 2025, 245 (30.1%) have been assessed as rentals sometime in the prior ten years. *data pulled from InCama yearly valuation – rentals must be verified in writing by owner. Aboite Twsp Adams Twsp Perry Twsp Rural Twsp St Joe Twsp Washington Twsp Wayne Twsp Total 6 7 5 7 7 7 7 0 1 2 3 4 5 6 7 8 Average Number of Years Ave Lifespan in Years by Township 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Total 1780 1631 1655 1873 1771 1248 1301 1326 1229 1070 1151 885 1194 2391 0 500 1000 1500 2000 2500 3000 Parcel Count Rental Lifespan in Years - 2012 - 2025 (#of parcels) ---PAGE BREAK--- Allen County Residential Rentals Owners of residential properties without a homestead exemption were split into three groups: Within Allen County, Within Indiana, and Out of State. Ownership of non-homestead residential properties is predominantly under individuals with 55.89% ownership. 83% of these individual owners reside within Allen County. LLC’s are the second most common ownership at 33.41% on non- homestead parcels. 62% of the LLC principals are registered in and have Allen County mailing addresses. **data is pulled InCama and ownership and principals verified through INBiz Business Search. 0 2000 4000 6000 8000 10000 12000 14000 16000 Corp Inc Individual LLC LLP Ltd Trust Corp Inc Individual LLC LLP Ltd Trust Allen County 47 799 11185 4986 23 85 633 In State 3 209 996 950 0 2 66 Out of State 4 157 1277 2109 56 7 421 Ownership Type - In County, In Indiana, Out of State ---PAGE BREAK--- Gross rent data 2016-2025 ---PAGE BREAK--- Allen County Average Rent In 2012, with the amendment to IC 6-1.1-4-39, taxpayers were requested to submit either a copy of the current lease or a copy of the most recent applicable schedule (Schedule E or Form 8825) to provide formal verification that the parcel is being used as a rental property. The lease/tax schedules provide verification of actual market rents. This information is requested in writing: • Each year a parcel comes under re-assessment (once every four years) . • Each sale not indicated for Homestead deduction. • Each time a parcel is appealed if over eighteen months since most current lease has elapsed. • Each time there is a change in rent amount (voluntary). ---PAGE BREAK--- Allen County Average Rent Rents have increased each year. From 2016 thru 2025, the increases have been an average 4.36% per year. Wayne Township is seeing the highest rate of increase in 2025, at 9.52%. Washington Twsp has seen the next highest with an annual increase of 7.99%. Aboite Twsp, after the high in 2023, has the lowest increase in 2025 – 2.04%. **data provided by owners through written verification – lease and/or Federal filings. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ABOITE TOWNSHIP $1,235 $1,239 $1,248 $1,272 $1,328 $1,323 $1,394 $1,553 $1,670 $1,704 ADAMS TOWNSHIP $711 $732 $735 $744 $763 $790 $808 $833 $958 $1,026 PERRY TOWNSHIP $1,025 $1,034 $1,074 $1,147 $1,213 $1,218 $1,390 $1,467 $1,528 $1,580 ST. JOSEPH TOWNSHIP $891 $916 $930 $951 $972 $1,015 $1,084 $1,141 $1,192 $1,229 WASHINGTON TOWNSHIP $824 $830 $840 $848 $900 $935 $975 $1,032 $1,176 $1,270 WAYNE TOWNSHIP $673 $672 $675 $691 $719 $741 $773 $826 $914 $1,001 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 Rent Average Rent 2016-2025 ---PAGE BREAK--- Top 6 Highest Advertised Rentals: 3/13/25 Zillow.com ---PAGE BREAK--- Top 6 Lowest Advertised Rentals: 3/13/25 Zillow.com ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- Gross Rent Multipliers 2010-2025 ---PAGE BREAK--- Allen County GRM’s Each year, verified rental sales and rents are used to determine the annual GRMs used for applying the income approach to all verified residential rental properties. As sales prices are beginning to even out and rents have increased, the GRMs have had a reduced rate of increase. When necessary, new GRMs have been added to ensure fair and accurate assessments. 16p17 17p18 18p19 19p20 20p21 21p22 22p23 23p24 24p25 25p26 31.12 33.12 34 36.59 29.79 29.79 32.04 33.33 34.33 41.42 42.00 44.00 44.00 46.59 35.14 35.14 36.14 38.14 39.14 47.86 45.16 47.75 41.46 41.46 42.22 42.68 43.68 48.76 53.04 55.63 44.46 45.24 47.27 47.83 48.83 54.40 54.80 56.80 58.30 60.89 52.94 53.28 54.77 55.77 56.77 60.00 61.18 63.18 64.83 67.42 65.90 66.46 68.46 69.91 72.50 66.39 66.72 67.46 67.96 67.96 71.80 72.86 74.86 77.95 82.55 77.94 78.36 80.36 83.97 86.20 79.04 79.20 80.00 81.00 82.00 84.07 85.74 87.74 89.37 92.86 90.34 91.08 92.96 93.46 94.46 97.09 100.00 102.00 105.84 110.22 102.72 102.96 102.96 103.23 104.23 108.19 109.59 111.59 114.54 116.60 117.83 118.40 120.40 123.80 119.75 117.63 120.00 120.00 120.50 121.50 127.46 128.25 130.25 133.20 132.28 131.30 131.76 131.76 132.26 133.26 133.26 138.63 140.63 144.03 136.75 51.67 49.67 0 20 40 60 80 100 120 [PHONE REDACTED] 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gross Rent Multiplier Gross Rent Multipliers 2016-2025 b e f h j k l n o ---PAGE BREAK--- Conclusion ---PAGE BREAK--- Current Market Observations: For 2025, the real estate market has remained strong. Investors, looking to purchase rentals, now are competing with buyers looking for a home to live in. Higher Sales Prices = Higher Assessments Along with sale prices, rents have increase an average 4.36% since last year and 46.20% since 2016. ---PAGE BREAK--- Rental Regulation news in Indiana Fishers, Indiana is considering a cap of 10% for single family rentals in residential neighborhoods. Single family rentals would have registration and permitting requirements. Rental Permit Cap would limit available permits to be issued to less than 10% per subdivision. This would not apply to short-term rentals which may not be restricted per State Statue at this time. ---PAGE BREAK--- Rental Regulation news in Indiana (cont.) Indianapolis now has Landlord and Short-Term Rental Registries. Long-term rentals are registered with the Department of Business and Neighborhood Services (DBNS). Currently 13,685 parcels are registered as rental properties. There is a one-time registration fee of Short-term rentals are also registered with DBNS. There are 380 parcels registered as of 3/1/2025. Permits are issued annually with a fee of $150 for the first year. ---PAGE BREAK--- Allen County – Homestead/Non- Homestead % in neighborhoods A review of Allen County Assessment Neighborhoods (with 25 or more parcels with structures) was conducted to determine the percentage of non- homestead parcels when compared to parcels with homesteads. 708 out of 1,158 neighborhoods (61.14%) have below 10% non-homestead parcels. 264 have either fewer than 25 residential parcels or 0 rentals. 169 neighborhoods (14.59%) have between 20% to 50% of residential parcels without a homestead exemption. 68 neighborhoods (5.87%) have more than 50% of residential parcels without a homestead exemption. 2 neighborhoods, Villas at Copper Creek (constructed 2023 with 27 parcels) and Lakes at Heather Ridge (constructed 2022 with 49 parcels), have no homestead parcels and are owned by two separate LLC’s, one based in Allen County and the other based in Scottsdale AZ. ---PAGE BREAK--- Allen County – Homestead/Non- Homestead % in neighborhoods - Graph 0 50 100 150 200 250 300 350 400 450 500 0.01 - 10.00% 10.01 - 20.00% 20.01 - 30.00% 30.01 - 40.00 % 40.01 - 50.00% 50.01% + null Neighborhood Count 0.01 - 10.00% 10.01 - 20.00% 20.01 - 30.00% 30.01 - 40.00 % 40.01 - 50.00% 50.01% + null Total 444 213 91 51 27 68 264 % of Parcels with Structures and no Homestead Exemption by Neighborhood ---PAGE BREAK--- Allen County – % of Non-Homestead residential parcels in neighborhoods - Map ---PAGE BREAK--- Wayne Twsp – % of Non-Homestead residential parcels in neighborhoods - Map ---PAGE BREAK--- Resources for Owners/Investors: Our offices may be contacted at any time for questions regarding the use of the Income Approach. Internet website: www.allencounty.in.gov General Information Comparable Online Multiple Property Search Public Access Tax Information Online Property Record Card Search Appeal Information Appeal Forms Appeal dates and Appeal Tracker PTABOA Information Rental Information Online Forms Rental Calculators GRM information Contact Information