Cheap Apartments for Rent in the Downtown Indianapolis Neighborhood of Indianapolis, IN from $300 (111 Rentals)

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

Downtown Indianapolis

Named as one of the Best Affordable Neighborhoods to rent in Indianapolis by our Local Expert Wendy Melton. See how it ranks!

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Downtown Indianapolis, Indianapolis, IN Local Guide

Cheapest Available Downtown Indianapolis Apartments for Rent

 

The cheapest available apartment rental in the Downtown Indianapolis area of Indianapolis, IN is a Studio unit found at Illinois Street Senior Apartments priced from $462. 1010 Central has the second lowest priced unit, which is a 1 Bed apartment currently listed from $690. Here are the most affordable Downtown Indianapolis apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Illinois Street Senior ApartmentsStudio 3 30%Studio,1BA$462
1010 CentralLoft 40%1BR,1BA$690
St. Agnes Apartments*Studio- LoftStudio,1BA$740
1733 N. Meridian1BR1BR,1BA$780
Union at 16th2 Bed 2 Bath2BR,2BA$820
The Seminole1br1BR,1BA$833
Devonshire Apartments in Downtown Indianapolis1BR/1.0BA1BR,1BA$840
El Dorado1 Bedroom 1 Bath1BR,1BA$859
Proctor Place1 Bedroom1BR,1BA$860
Priscilla on PennsylvaniaStudioStudio,1BA$875

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of April 08, 2025 the best value apartment in the Downtown Indianapolis area is the $1.14 price per square foot 352 N Arsenal Ave Model at 352 N Arsenal Ave in the in the Riley neighborhood starting from $2,050. The second greatest value Downtown Indianapolis apartment is the 3 Bedroom 2 Bath Model at The Block starting at $2,199 with a $1.24 price per square foot in the Riley neighborhood. Here is today’s list of the best values for Downtown Indianapolis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
352 N Arsenal Ave352 N Arsenal Ave3BR,1.5BA$1.14
The Block3 Bedroom 2 Bath3BR,2BA$1.24
Gardens of Canal CourtTwo Bedroom Two Bath (1,184 - 1,194 Square Feet)2BR,2BA$1.29
Plaza at Central Greens, LPThree Bedroom3BR,2BA$1.29
Indy Colonial ApartmentsTwo Bedroom2BR,1BA$1.36
707 NorthThe Lockerbie 60%2BR,2BA$1.31
The Sheldrake Apartments2 Bedroom2BR,1BA$1.08
1733 N. Meridian1BR1BR,1BA$1.04
The Seminole1br1BR,1BA$1.13
Proctor Place1 Bedroom1BR,1BA$1.19

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Pet Friendly Lifestyle
Downtown Indianapolis, Indianapolis, IN

Ranked #1

Among neighborhoods in Indianapolis, IN for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you comprehensive Lifestyle Ratings of neighborhoods, cities and towns, and rental properties across Indiana and customized analysis for Central Indianapolis. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including our Star Ratings to compare for the best outdoor access, luxury amenities, family-friendliness, raising pets, transit options, and how walkable or bikeable each community and area is. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap Downtown Indianapolis Apartments

What is the Cheapest Studio apartment in Downtown Indianapolis?

Currently the most affordable Cheap Studio Apartment in Downtown Indianapolis is at Illinois Street Senior Apartments listed at $462.

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

The lowest price for a Cheap One Bedroom Downtown Indianapolis Apartment is $690 at 1010 Central.

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

Today's best deal for a Cheap Two Bedroom Apartment in Downtown Indianapolis is starting from $820 at Union at 16th.

What is the most affordable Downtown Indianapolis Three Bedroom Apartment?

The best deal on a cheap Downtown Indianapolis Three Bedroom Apartment rental is at El Dorado and starts from $1,200.

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.

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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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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.

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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.