Cheap Apartments for Rent in the Downtown Indianapolis Neighborhood of Indianapolis, IN from $300 (114 Rentals)

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

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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 1 Bed unit found at Kennedy Apartments priced from $559. Proctor Place has the second lowest priced unit, which is a 1 Bed apartment currently listed from $725. Here are the most affordable Downtown Indianapolis apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Kennedy Apartments1 Bed 1 Bath1BR,1BA$559
Proctor Place1 Bedroom1BR,1BA$725
1733 N. Meridian1BR1BR,1BA$780
Union at 16th2 Bed 2 Bath2BR,2BA$820
The Seminole1br1BR,1BA$833
El Dorado1 Bedroom 1 Bath1BR,1BA$859
Dunbar Court1 bedroom1BR,1BA$875
Priscilla on PennsylvaniaStudioStudio,1BA$875
Circle City ApartmentsWinterhouse Studio 389Studio,1BA$910
Line LoftsThe Inspiration 60% HOME2BR,1BA$962

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of April 28, 2025 the best value apartment in the Downtown Indianapolis area is the $1.24 price per square foot 3 Bedroom 2 Bath Model at The Block in the in the Riley neighborhood starting from $2,199. The second greatest value Downtown Indianapolis apartment is the Two Bedroom Two Bath (1,184 - 1,194 Square Feet) Model at Gardens of Canal Court starting at $1,543 with a $1.29 price per square foot in the Near North Indianapolis 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.
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 GreensThree Bedroom3BR,2BA$1.29
Union at 16th3 Bed 2 Bath3BR,2BA$1.34
Penn Street Tower ApartmentsSenate: Floors 10-122BR,1BA$1.37
Proctor Place2 Bedroom2BR,1BA$1.10
RaleighRaleigh 1BTH 8861BR,2BA$1.42
Dunbar Court1 bedroom1BR,1BA$1.14
1733 N. Meridian1BR1BR,1BA$1.04
The Seminole1br1BR,1BA$1.13

Quick Rent Budget Calculator

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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 a cheap apartment in Downtown Indianapolis?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Indianapolis is under $962.

What is the price of a cheap apartment in Downtown Indianapolis?

The cheapest apartment in Downtown Indianapolis is Kennedy Apartments which is listed at $559, while the average apartment in Downtown Indianapolis costs $2,069.

What types of apartments are the cheapest in Downtown Indianapolis?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 74 regular apartments in Downtown Indianapolis that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Downtown Indianapolis?

Cheap apartments in Downtown Indianapolis have an average cost of $363 which is $1,706 cheaper than the average rent for all rentals in Downtown Indianapolis.

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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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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Rise of Digital Nomads: Remote Work Tips for Apartment Renters

Written by: Brandie Parton

As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.

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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Written by: Christine Leonard, Esq.

Everyone needs a place to live and to call home. For decades, the federal government has established protections to ensure that individuals and families can find housing free from discriminatory barriers.