Cheap Homes for Rent in Indianapolis, IN from $500 (282 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.

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 15 N Riley Ave

15 N Riley Ave

IndianapolisIN46201
property at 316 W 29th St

316 W 29th St

IndianapolisIN46208
property at 8 N Butler Ave

8 N Butler Ave

IndianapolisIN46219
property at 840 N Rural St

840 N Rural St

IndianapolisIN46201
Showing Results 1-50, Page 1 of 6

Indianapolis, IN Local Guide

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 03/26/2025

Current apartment rentals in the Indianapolis, IN area range in price from $595 to $9,750 with an overall median price of $2,723. The three Indianapolis neighborhoods with the lowest median rent pricing are 16 Tech at $845, Old Southside at $825, and Park Meadow at $1,050. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
16 Tech$922$84524
Old Southside$1,012$82522
Park Meadow$1,050$1,05012
Bloomfield Lake Estates$1,050$1,05013
Speedway Wellhead$1,125$97522
Irvington$1,250$700165
Warren Park$1,300$920108
Marian Cold Springs$1,500$1,35024
Northeastwood$1,525$1,15092
Garden City$1,537$1,07554

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a 1 Bed unit found at 1531 N Downey Ave in the Southeast Indianapolis neighborhood priced from $285. 1252 Goldenrod Dr in the Southeast Indianapolis neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $325. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
1531 N Downey Ave1531 N Downey Ave1BR,1BA$285
1252 Goldenrod Dr1252 Goldenrod Dr1BR,1BA$325
3321 Eastwind Ct3321 Eastwind Ct1BR,1BA$325
1043 N Holmes Ave1043 N Holmes Ave1BR,1BA$390
8027 N Richardt Ave8027 N Richardt Ave1BR,1BA$400
5329 Hedgerow Dr5329 Hedgerow Dr1BR,1BA$411
8109 Johnstown Ct8109 Johnstown Ct1BR,1BA$425
3712 Oil Creek Dr3712 Oil Creek Dr1BR,1BA$425
701 W Hanna Ave701 W Hanna Ave1BR,1BA$425

Best Value Apartments for Rent in Indianapolis, IN

As of March 26, 2025 the best value apartment in the Indianapolis area is the $0.76 price per square foot 11319 Congaree Way Model at 11319 Congaree Way in the in the Southeast Indianapolis neighborhood starting from $2,230. The second greatest value Indianapolis apartment is the 6904 Eagle Crossing Blvd Model at 6904 Eagle Crossing Blvd starting at $2,445 with a $0.85 price per square foot in the Timberview 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.
11319 Congaree Way11319 Congaree Way4BR,2.5BA$0.76
6904 Eagle Crossing Blvd6904 Eagle Crossing Blvd3BR,2.5BA$0.85
8516 Adams Mills Pl8516 Adams Mills Pl3BR,2.5BA$0.74
7924 Valley Trace Ln7924 Valley Trace Ln4BR,2.5BA$0.74
11524 Brook Bay Ln11524 Brook Bay Ln3BR,2.5BA$0.79
2332 Alabama St2332 Alabama St3BR,3BA$0.82
1411 Mutz Dr1411 Mutz Dr3BR,1BA$0.79
314 Bernard Ave314 Bernard Ave3BR,1BA$0.85
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$0.86
Hopeside I2.2-50%2BR,2BA$0.81

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 1769 Apartments for Rent in Indianapolis, IN with pricing that ranges from $307 to $8,118. There are also 1112 Single Family Homes for rent, Condos, and Townhome rentals currently available in Indianapolis ranging from $595 to $9,750.

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 $9,750 with an average monthly rent of $2,162.

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 $899 to $8,118, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,000 to $6,200. Four Bedroom Single-Family rentals are also available starting from $1,250 and Four Bedroom Apartments start at $699.

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 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.

decorative image for Battling the Butts: Your Guide to the Reality of Smoke-Free Renting article

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.