Cheap Apartments for Rent in the Five Points Neighborhood of Indianapolis, IN from $800 (10 Rentals)

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

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Franklin Cove
1 to 4 Bedroom Apartments

Franklin Cove

8505 Faywood DrIndianapolis, IN 46239
  • Utilities Included

Five Points

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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Five Points, Indianapolis, IN Local Guide

Cheapest Available Five Points Apartments for Rent

 

The cheapest available apartment rental in the Five Points area of Indianapolis, IN is a Studio unit found at Stonehenge priced from $799. Emerson Village has the second lowest priced unit, which is a 1 Bed apartment currently listed from $888. Here are the most affordable Five Points apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
StonehengeStudioStudio,1BA$799
Emerson VillageThe Cardinal - Premium1BR,1BA$888
Beech Meadow ApartmentsBirch1BR,1BA$1,006

Best Value Apartments for Rent in Five Points, IN

As of April 09, 2025 the best value apartment in the Five Points area is the $1.44 price per square foot 2 Bedroom 2.5 Bath Townhome Model at Coventry Park Village in the in the Southeast Indianapolis neighborhood starting from $1,925. The second greatest value Five Points apartment is the A1-LR Model at The 85Twenty starting at $1,265 with a $1.57 price per square foot in the Southeast Indianapolis neighborhood. Here is today’s list of the best values for Five Points apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Coventry Park Village2 Bedroom 2.5 Bath Townhome2BR,2.5BA$1.44
The 85TwentyA1-LR1BR,1BA$1.57
Emerson VillageThe Ruby - Premium2BR,1BA$1.61
Beech Meadow ApartmentsBirch1BR,1BA$1.34
Indy 7925A1R- 1x11BR,1BA$1.70
StonehengeStudioStudio ,1BA$2.77

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Pet Friendly Lifestyle
Five Points, Indianapolis, IN

Ranked #162

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

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Getting Around the Five Points Neighborhood in Indianapolis, IN

Walk Score®

19 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

36 / 100

Somewhat Bikeable

Minimal bike infrastructure

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Five Points Apartments

How much is rent for a Cheap One Bedroom Five Points Apartment?

The lowest price for a Cheap One Bedroom Five Points Apartment is $888 at Emerson Village.

What is the lowest price for a Cheap Two Bedroom Five Points Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Five Points is starting from $1,110 at Beech Meadow Apartments.

What is the most affordable Five Points Three Bedroom Apartment?

The best deal on a cheap Five Points Three Bedroom Apartment rental is at The 85Twenty and starts from $1,545.

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.

decorative image for Understanding Amenity Fees: Know Where You Might Be Able to Save Money article

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.