Cheap Apartments for Rent in Indianapolis, IN from $300 (663 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

Check Out Indianapolis’s Best Affordable Neighborhoods

Learn about Indianapolis and the best places to live with original content written by our Local Expert Wendy Melton

Read Article
property at 8 N Butler Ave

8 N Butler Ave

IndianapolisIN46219
Showing Results 1-50, Page 1 of 14

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: 04/12/2025

Current apartment rentals in the Indianapolis, IN area range in price from $595 to $12,000 with an overall median price of $2,591. The three Indianapolis neighborhoods with the lowest median rent pricing are Irish Hill at $700, 16 Tech at $800, and Old Southside at $825. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Irish Hill$700$7001
16 Tech$847$8003
Old Southside$1,112$8252
Maywood$1,212$1,0251
Irvington$1,337$85014
Shelby Street-Epler Avenue$1,350$9753
Warren Park$1,482$8507
Rumford Eastway Manor$1,495$1,0953
Keystone-Monon$1,499$90011
Northeastwood$1,525$1,15012

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a Studio unit found at Illinois Street Senior Apartments in the Near North Indianapolis neighborhood priced from $462. Harpers Crossing in the Avon Creek Estates neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $465. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Illinois Street Senior ApartmentsStudio 3 30%Studio,1BA$462
Harpers Crossing2 bdr2BR,1BA$465
The StratfordStudioStudio,1BA$610
East Village at Avondale Meadows ApartmentsA11BR,1BA$635
Glenstone StudiosStudioStudio,1BA$649
Rosewood CommonsStudioStudio,1BA$675
Country Club ApartmentsStudioStudio,1BA$699
Oxmoor Indy1BR/1.0BA1BR,1BA$699
Stone Lake1X11BR,1BA$700
Cambridge CommonsStudioStudio,1BA$709

Best Value Apartments for Rent in Indianapolis, IN

As of April 13, 2025 the best value apartment in the Indianapolis area is the $0.73 price per square foot 2608 Madison Ave Model at 2608 Madison Ave, Unit Madison in the in the Concord neighborhood starting from $1,600. The second greatest value Indianapolis apartment is the Townhome Model at Sherman Village starting at $1,300 with a $1.00 price per square foot in the Carson Heights 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.
2608 Madison Ave, Unit Madison2608 Madison Ave3BR,2BA$0.73
Sherman VillageTownhome3BR,1.5BA$1.00
Glen Ridge Manor Townhomes and FlatsGlen Ridge 2 Bedroom Townhome2BR,1BA$0.89
Strawbridge GreenStrawbridge2BR,1BA$1.05
60 - ADDISON APARTMENTS1st Floor Standard + W/D Hookups2BR,1BA$0.95
Riverside Apartments2 Bedroom 1.5 Bath Townhouse2BR,1.5BA$0.99
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$0.86
Courts Apartments2 Bedroom 1 Bathroom Apartment2BR,1BA$1.02
1733 N. Meridian1BR1BR,1BA$1.04
Oxmoor Indy1BR/1.0BA1BR,1BA$1.00

Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

decorative image of people with a giant lease agreement

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

decorative image of woman handing cat to small boy

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

Explore Indianapolis, IN Rentals by Map

Decorative image of map

See the most popular apartments and homes in Indianapolis, IN

View MapIndianapolis, IN Apartments MapView MapIndianapolis, IN Rental Homes Map

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 Illinois Street Senior Apartments listed at $462.

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 $869.

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.

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Indianapolis article

A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Indianapolis

Written by: Wendy Melton

Indianapolis is not only the state capital of Indiana, it’s also a shining example of what Midwestern living is all about. I’m Wendy, your ApartmentHomeLiving.

decorative image for Understanding Amenity Fees: Know Where You Might Be Able to Save Money article

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.

decorative image for Renting Smart: Lease Basics Every Renter Needs article

Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

decorative image for Battling the Butts: Your Guide to the Reality of Smoke-Free Renting article

Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.