Cheap Homes for Rent in Indianapolis, IN from $500 (387 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

Search the lowest-cost Homes available for rent right now in 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.

Read Article

Check Out Indianapolis’s Best Affordable Neighborhoods

Learn about Indianapolis and the best places to live with original content written by our Local Expert Wendy Melton

Read Article
property at 742 Loews Blvd

742 Loews Blvd

GreenwoodIN46142
Showing Results 1-50, Page 1 of 8

Indianapolis, IN Local Guide

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 04/24/2025

Current apartment rentals in the Indianapolis, IN area range in price from $280 to $15,980 with an overall median price of $2,599. The three Indianapolis neighborhoods with the lowest median rent pricing are Emerson Heights at $280, Grace Tuxedo Park at $550, and Garden City at $750. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Emerson Heights$1,010$28045
Grace Tuxedo Park$1,017$55043
Garden City$1,327$75018
Park 100$1,379$72643
Shelborne Green$1,384$72645
Edgewood$1,436$455103
North Perry$1,443$35496
Hawthorne$1,451$42583
Thompson-Edgewood$1,462$35497
Lawrence Harrison Park$1,469$36096

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a Studio unit found at Illinois Street Senior Apartments in the Near North Indianapolis neighborhood priced from $462. Harpers Crossing in the Avon Creek Estates neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $465. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Illinois Street Senior ApartmentsStudio 3 30%Studio,1BA$462
Harpers Crossing2 bdr2BR,1BA$465
Kennedy Apartments1 Bed 1 Bath1BR,1BA$559
The StratfordStudioStudio,1BA$610
Meridian TowersStudio ApartmentStudio,1BA$629
Glenstone StudiosStudioStudio,1BA$649
Fields Apartments1 Bedroom 1 Bath Apartment1BR,1BA$661
East Village at Avondale Meadows ApartmentsC13BR,2BA$662
Eagledale Senior Apartments1F 40% HOME1BR,1BA$686
Country Club ApartmentsStudioStudio,1BA$699

Best Value Apartments for Rent in Indianapolis, IN

As of April 24, 2025 the best value apartment in the Indianapolis area is the $0.73 price per square foot 2608 Madison Ave Model at 2608 Madison Ave, Unit Madison in the in the Concord neighborhood starting from $1,600. The second greatest value Indianapolis apartment is the 2 Bedroom Townhome Model at SOUTHPORT AT BUCK CREEK starting at $1,299 with a $0.93 price per square foot in the Thompson-Edgewood neighborhood. Here is today’s list of the best values for Indianapolis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
2608 Madison Ave, Unit Madison2608 Madison Ave3BR,2BA$0.73
SOUTHPORT AT BUCK CREEK2 Bedroom Townhome2BR,1.5BA$0.93
Fields Apartments3 Bedroom 2 Bath Apartment3BR,2BA$0.93
Glen Ridge Manor Townhomes and FlatsGlen Ridge 2 Bedroom Townhome2BR,1BA$0.88
Timber Point ApartmentsThe Bonelli2BR,2BA$0.98
60 - ADDISON APARTMENTS1st Floor Standard + W/D Hookups2BR,1BA$0.95
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$0.86
Harpers Crossing2 bdr2BR,1BA$0.53
Prairies Apartments2 Bedroom 1 Bath2BR,1BA$0.96
The Aerie on 11th Street6260 East 11th Street - Apt 3052BR,1BA$0.82

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.

decorative image of people with a giant lease agreement

Frequently Asked Questions about Indianapolis

What type of rentals are currently available in Indianapolis?

There are currently 1656 Apartments for Rent in Indianapolis, IN with pricing that ranges from $280 to $15,980. There are also 1421 Single Family Homes for rent, Condos, and Townhome rentals currently available in Indianapolis ranging from $595 to $12,000.

What is the current price range for Rental Homes in Indianapolis?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Indianapolis ranges from $595 to $12,000 with an average monthly rent of $2,305.

How much are larger Three and Four Bedroom Rentals in Indianapolis?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Indianapolis range from $972 to $6,168, while Three Bedroom Homes, Condos, and Townhomes for rent range from $700 to $6,200. Four Bedroom Single-Family rentals are also available starting from $1,200 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.

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.

decorative image for Know Your Rights - How Discrimination Laws Impact Landlords and Tenants article

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.

decorative image for Renting Smart: Lease Basics Every Renter Needs article

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.