Cheap Homes for Rent in Downtown Indianapolis Neighborhood of Indianapolis, IN from $600 (31 Rentals)

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

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.

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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!

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property at 312 E 13th St

312 E 13th St

IndianapolisIN46202
Showing Results 1-31, Page 1 of 1

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. Kennedy Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $559. 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
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
The Sheldrake Apartments2 Bedroom2BR,1BA$900

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of April 24, 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
Maxwell ApartmentsLondon2BR,2BA$1.22
Plaza at Central GreensThree Bedroom3BR,2BA$1.29
707 NorthThe Lockerbie 60%2BR,2BA$1.31
Proctor Place2 Bedroom2BR,1BA$1.10
The Sheldrake Apartments2 Bedroom2BR,1BA$1.08
Dunbar Court1 bedroom1BR,1BA$1.14
1733 N. Meridian1BR1BR,1BA$1.04
The Seminole1br1BR,1BA$1.13

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Frequently Asked Questions about Downtown Indianapolis

What type of rentals are currently available in Downtown Indianapolis?

There are currently 358 Apartments for Rent in Downtown Indianapolis, IN with pricing that ranges from $390 to $9,991. There are also 109 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 $2,522.

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 $930 to $6,461, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,195 to $6,200. Four Bedroom Single-Family rentals are also available starting from $2,600 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.

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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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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.

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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.