1

Studio Apartment for Rent in Peru, IN

Section Image
  • /10

    $650 Per Month

    • Studio
    • 1 Bath
    • Condo for Rent

    103 E 2nd St Unit 2, Peru, IN 46970

    1 bed 1 bath unit available and ready to move in! Tenant will pay $250 toward utilities monthly. Rent is $650/mo. Deposit is also $650. If you are interested in this space, please visit our Facebook page to fill out an application at Premier Property Management.

    103 E 2nd St Unit 2, Peru, IN 46970

Why Live in Peru

Peru, Indiana, located along the Wabash River in north central Indiana, is a small city with a population of around 11,000 residents. The local economy is diverse, supported by industries such as the Duke Hospital System and Smithfield Packaged Meats. Peru is notable for its rich circus and musical history, being the tribal headquarters for the Miami Nation and home to the world’s only remaining manufacturer of steam calliopes. The city celebrates its circus heritage with the International Circus Hall of Fame and the annual Peru Amateur Circus Festival, which features performances, carnival rides, and a parade. Outdoor enthusiasts can enjoy the Peru Riverwalk Park with its walking trail, skate park, and pickleball courts, as well as the nearby Frances Slocum State Forest, which offers hiking, hunting, and equestrian trails. Downtown Peru is vibrant, with popular dining spots like Aroma Coffee Shop, Gabriel’s Pancake House, and Legend’s Cocktail Lounge. Housing in Peru is affordable, with styles ranging from Colonial Revivals to bungalows, and prices generally between $100,000 and $300,000. The Peru Community Schools system is well-regarded, providing solid educational opportunities for students. While the city does face some natural risks such as tornadoes and flooding, the construction of the Mississinewa Dam has helped mitigate flood risks. Peru is conveniently located near state highways 24 and 31, providing access to Fort Wayne and Indianapolis, with the closest airport being Fort Wayne International, 55 miles away.

Frequently Asked Questions

How much does it cost to rent a home in Peru, IN?
The median rent for a home in Peru, IN is $800 per month, though prices vary by neighborhood, size, and property type. As of September 2026, condos tend to be the most affordable option while single-family homes are currently more expensive.
How much do you need to make to afford rent in Peru, IN?
To comfortably afford the median rent in Peru, IN, a household needs to earn roughly $32,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $800 per month in Peru, IN, renters typically need to show $2,400 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Peru, IN?
In Peru, IN, the price-to-rent ratio is 15.1, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.

Rental Home Trends

Number of Homes for Rent
1
Median Rent
$800
Median Single Family Home Rent
$950
Median Condo Rent
$650
How to Rent a Home