Cheap Homes for Rent in Downtown Indianapolis Neighborhood of Indianapolis, IN from $600 (30 Rentals)

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

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.

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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.

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property at 340 Prospect St

340 Prospect St

IndianapolisIN46225

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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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 2 Beds unit found at Union at 16th priced from $820. 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 ListingModel NameBed/BathPriced From
Union at 16th2 Bed 2 Bath2BR,2BA$820
The Seminole1br1BR,1BA$833
El Dorado1 Bedroom 1 Bath1BR,1BA$859
The Sheldrake Apartments1 Bedroom With Den1BR,1BA$875
Priscilla on PennsylvaniaStudioStudio,1BA$875
Circle City ApartmentsWinterhouse Studio 389Studio,1BA$910
Christian Place Apartments251BR,1BA$950
Line LoftsThe Inspiration 60% HOME2BR,1BA$962
Van DykeVan Dyke Studio 463Studio,1BA$970
Lockefield GardensStandard One Bedroom (SR3)1BR,1BA$991

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of May 11, 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 ListingModel NameBed/BathPrice Per Sq.Ft.
Shoemaker Buildingloft2BR,2BA$1.08
The Block1 Bedroom 1 Bath1BR,1BA$1.06
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
707 NorthThe Lockerbie 60%2BR,2BA$1.41
Proctor Place2 Bedroom2BR,1BA$1.17
RaleighRaleigh 1BTH 8861BR,2BA$1.42
The Sheldrake Apartments1 Bedroom With Den1BR,1BA$1.17
The Seminole1br1BR,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.

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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 $9,630. 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 $2,432.

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.

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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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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.

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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.

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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.