
Cheap Homes for Rent in Downtown Indianapolis Neighborhood of Indianapolis, IN from $600 (30 Rentals)
Search the lowest-cost Homes available for rent right now in the Downtown Indianapolis area of Indianapolis.


1111 Medford Ave

4 E Washington St

615 N Tibbs Ave

601 N Tibbs Ave

960 N Concord St

1329 E Market St
Smart Renter's Guide: Calculating Affordable Rent & Housing Costs
Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

1058 N Traub Ave

1230 N Belmont Ave

37 West St Clair Street

2060 N Delaware St

3301 W 11th St

336 Prospect St

146 E 19th St
Navigating the Rental Market: Tips for First-Time Renters
Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

2007 Westview Dr

340 Prospect St

1134 Blaine Ave

1803 Westview Dr

2029 N College Ave

2237 Yandes St

926 Elm St
Know Your Rights - How Discrimination Laws Impact Landlords and Tenants
Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

125 E 17th St

234 E 9th St

1026 Dawson St

1634 N Goodlet Ave

1135 S Richland St

920 Dawson St

906 E Morris St, Unit 906E. Morris St.
Downtown Indianapolis - One of the Best Affordable Neighborhoods in Indianapolis
Named as one of the Best Affordable Neighborhoods to rent in Indianapolis by our Local Expert Wendy Melton. See how it ranks!

2113 Medford Ave

1408 Broadway St
Downtown Indianapolis, Indianapolis, IN Local Guide

How much does it cost to rent a home in Downtown Indianapolis?
Bedroom | Average Rent | Cheapest Rent | Highest Rent |
---|---|---|---|
Downtown Indianapolis 2 Bedroom Homes for Rent | $2,339 | $845 | $4,700 |
Downtown Indianapolis 3 Bedroom Homes for Rent | $2,306 | $1,199 | $6,200 |
Downtown Indianapolis 4 Bedroom Homes for Rent | $2,600 | $2,200 | $3,000 |
Downtown Indianapolis 5 Bedroom Homes for Rent | $2,695 | $2,695 | $2,695 |
Browse Homes for Rent in this Neighborhood
There are currently 30 rentals with your search options within a 2 mile radius of the Downtown Indianapolis Neighborhood of Indianapolis, IN.
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Downtown Indianapolis, Indianapolis, IN Local Guide
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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 Union at 16th priced from $684. The Seminole has the second lowest priced unit, which is a 1 Bed apartment currently listed from $833. Here are the most affordable Downtown Indianapolis apartments for rent in Indianapolis, IN:
Apartment Listing | Model Name | Bed/Bath | Priced From |
---|---|---|---|
Union at 16th | 1 Bed 1 Bath | 1BR,1BA | $684 |
The Seminole | 1br | 1BR,1BA | $833 |
El Dorado | 1 Bedroom 1 Bath | 1BR,1BA | $859 |
Priscilla on Pennsylvania | Studio | Studio,1BA | $875 |
The Sheldrake Apartments | 1 Bedroom With Den | 1BR,1BA | $875 |
Circle City Apartments | Winterhouse Studio 389 | Studio,1BA | $910 |
Christian Place Apartments | 25 | 1BR,1BA | $950 |
Van Dyke | Van Dyke Studio 463 | Studio,1BA | $970 |
Lockefield Gardens | Standard One Bedroom (SR3) | 1BR,1BA | $991 |
River West Flats | Studio | Studio,1BA | $999 |
Best Value Apartments for Rent in Downtown Indianapolis, IN
As of May 10, 2025 the best value apartment in the Downtown Indianapolis area is the $1.08 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,950. The second greatest value Downtown Indianapolis apartment is the 1 Bedroom 1 Bath Model at The Block starting at $1,539 with a $1.06 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
---|---|---|---|
Shoemaker Building | loft | 2BR,2BA | $1.08 |
The Block | 1 Bedroom 1 Bath | 1BR,1BA | $1.06 |
Gardens of Canal Court | Two Bedroom Two Bath (1,184 - 1,194 Square Feet) | 2BR,2BA | $1.29 |
Plaza at Central Greens | Three Bedroom | 3BR,2BA | $1.29 |
Union at 16th | 3 Bed 2 Bath | 3BR,2BA | $1.34 |
707 North | The Lockerbie 60% | 2BR,2BA | $1.41 |
Proctor Place | 2 Bedroom | 2BR,1BA | $1.17 |
Raleigh | Raleigh 1BTH 886 | 1BR,2BA | $1.42 |
The Sheldrake Apartments | 1 Bedroom With Den | 1BR,1BA | $1.17 |
The Seminole | 1br | 1BR,1BA | $1.13 |
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.
Frequently Asked Questions about Downtown Indianapolis
What type of rentals are currently available in Downtown Indianapolis?
There are currently 359 Apartments for Rent in Downtown Indianapolis, IN with pricing that ranges from $335 to $9,703. There are also 106 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Indianapolis ranging from $650 to $6,200.
What is the current price range for Rental Homes in Downtown Indianapolis?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Indianapolis ranges from $650 to $6,200 with an average monthly rent of $2,448.
How much are larger Three and Four Bedroom Rentals in Downtown Indianapolis?
For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown Indianapolis range from $1,200 to $8,833, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,199 to $6,200. Four Bedroom Single-Family rentals are also available starting from $2,200 and Four Bedroom Apartments start at $700.
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.

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.

Know Your Budget: Calculating What You Can Realistically Afford When Renting
Written by: Lauren Harrington
Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

The Freedom of Short-Term Leases: Exploring the Advantages for Renters
Written by: Bobbi Jackson
If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

Navigating the Rental Market: Tips for First-Time Renters
Written by: Sandy Baker
Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.