Cheap Apartments for Rent in Indianapolis, IN from $300 (670 Rentals)

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Search the lowest-cost Apartments available for rent right now in Indianapolis.

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7818 Knue Rd
$3071 Bedroom, 1 Bath RentalsAvailable Now

7818 Knue Rd

Indianapolis, IN 46250
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3763 Baltimore Ave
$7001 Bedroom, 1 Bath RentalsAvailable Now

3763 Baltimore Ave

Indianapolis, IN 46218
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8 N Butler Ave
$7501 Bedroom, 1 Bath RentalsAvailable Now

8 N Butler Ave

Indianapolis, IN 46219
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Indianapolis, IN Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 02/24/2025

Current apartment rentals in the Indianapolis, IN area range in price from $307 to $11,334 with an overall median price of $1,929. The three Indianapolis neighborhoods with the lowest median rent pricing are Emerson Heights at $625, Garden City at $750, and Carson Heights at $474. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Emerson Heights$1,175$625481
Garden City$1,223$750107
Carson Heights$1,300$4741715
University Heights$1,300$4741715
North Perry$1,348$4251512
College Park$1,384$7142672
Park Valley Estates$1,395$713387
Augusta$1,409$4463336
Westside Indianapolis$1,410$6991121
Augusta New Augusta$1,415$4464005

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a 2 Beds unit found at Harpers Crossing in the Avon Creek Estates neighborhood priced from $465. Hopeside I in the Martindale neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $565. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Harpers Crossing2 bdr2BR,1BA$465
Hopeside I2.2-40%2BR,2BA$565
East Village at Avondale Meadows ApartmentsC13BR,2BA$601
The Retreat Northwest1 Bedroom 1 Bathroom 753 Sq. Ft.1BR,1BA$685
Glenstone StudiosStudioStudio,1BA$699
Pinnacle WestStudioStudio,1BA$699
Oxmoor Indy1BR/1.0BA1BR,1BA$699
Meridian TowersStudio ApartmentStudio,1BA$699
Stone Lake1X11BR,1BA$700
Fields Apartments1 Bedroom 1 Bath Apartment1BR,1BA$706

Best Value Apartments for Rent in Indianapolis, IN

As of February 24, 2025 the best value apartment in the Indianapolis area is the $0.87 price per square foot 1134 N Dearborn St Model at 1134 N Dearborn St, Unit B in the in the Martindale neighborhood starting from $1,300. The second greatest value Indianapolis apartment is the 4912 E New York St Model at 4912 E New York St, Unit 4912 starting at $1,300 with a $0.98 price per square foot in the Martindale neighborhood. Here is today’s list of the best values for Indianapolis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1134 N Dearborn St, Unit B1134 N Dearborn St3BR,1BA$0.87
4912 E New York St, Unit 49124912 E New York St3BR,1.5BA$0.98
Paragon ParkTwo Bedroom 1.5 Bath2BR,1.5BA$0.98
205 - MERIDIAN PLAZA APARTMENTS*Meridian Plaza*2BR,1BA$0.88
Timber Point ApartmentsThe Bonelli2BR,2BA$0.97
60 - ADDISON APARTMENTS1st Floor Standard + W/D Hookups2BR,1BA$0.90
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$0.86
Hopeside I2.2-50%2BR,2BA$0.81
50 - SAXONY COURT APARTMENTSSaxony 2 Bd Remodel2BR,1BA$1.00
Oxmoor Indy1BR/1.0BA1BR,1BA$1.00

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Indianapolis Overview

Indiana’s capital, Indianapolis, is the state’s largest city and it ranks 13th in the country for size. It sits near the convergence of the White River and Fall Creek. Recently, Forbes ranked Indianapolis as having one of the best downtowns in the country because of its appealing appearance as well as amenities like movie theaters, museums, art galleries, parks, retail shops and entertainment. Indianapolis has experienced moderate growth in the last few years, and currently has a population of nearly 840,000 residents.

Why live in Indianapolis, IN?

In Indianapolis, if you are a sports fan, you are in luck. The city boasts many sports-related venues and activities. There is a lot to do if you love history, art, and the outdoors as well (in the warmer months, of course!). Here are some of the highlights the city has to offer:

Pet Friendly Lifestyle
Indianapolis, IN

Ranked #1

Among cities in Indiana for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Indianapolis, IN Rentals by Map

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See the most popular apartments and homes in Indianapolis, IN

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Getting Around Indianapolis, IN

Walk Score®

50 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

53 / 100

Bikeable

Some bike infrastructure

Transit Score®

29 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Indianapolis Apartments

What is the Cheapest Studio apartment in Indianapolis?

Currently the most affordable Cheap Studio Apartment in Indianapolis is at Glenstone Studios listed at $699.

How much is rent for a Cheap One Bedroom Indianapolis Apartment?

The lowest price for a Cheap One Bedroom Indianapolis Apartment is $635 at East Village at Avondale Meadows Apartments.

What is the lowest price for a Cheap Two Bedroom Indianapolis Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Indianapolis is starting from $465 at Harpers Crossing.

What is the most affordable Indianapolis Three Bedroom Apartment?

The best deal on a cheap Indianapolis Three Bedroom Apartment rental is at East Village at Avondale Meadows Apartments and starts from $601.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

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Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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What to Know About Fees and Fines When Renting

Written by: Trey Huguley

When it comes to renting a new apartment or home there can be a number of fees that you will want to keep in mind going into the process.

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How Your Move-In Inspection Can Protect Your Security Deposit

Written by: Christine Leonard, Esq.

If you’re anything like most people, housing costs represent a huge chunk of your monthly budget. On top of that, moving can be both a stressful and expensive affair.

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Signing Your Apartment Lease: The Basics

Written by: Trey Huguley

When you're about to sign a lease for the first time, it can feel a bit overwhelming. You don’t want to miss any important details hidden in the fine print.