Cheap Homes for Rent in Indianapolis, IN from $600 (326 Rentals)

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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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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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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

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Indianapolis, IN Local Guide

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 05/05/2025

Current apartment rentals in the Indianapolis, IN area range in price from $600 to $9,900 with an overall median price of $2,630. The three Indianapolis neighborhoods with the lowest median rent pricing are 16 Tech at $800, Indiana Park at $905, and Park Meadow at $975. 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$845$8002
Indiana Park$905$9051
Park Meadow$985$9752
The Timbers Of Indianapolis$995$9951
Shelby Street-Epler Avenue$1,100$9753
Maywood$1,212$1,0251
East Gate$1,300$85042
Old Southside$1,349$1,3491
Warren Park$1,362$8507
Brookhaven$1,400$9959

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a Studio unit found at The Stratford in the Cheswick Place neighborhood priced from $610. Glenstone Studios in the Meridian-Kessler neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $649. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The StratfordStudioStudio,1BA$610
Glenstone StudiosStudioStudio,1BA$649
Stone Lake1X11BR,1BA$650
East Village at Avondale Meadows ApartmentsC13BR,2BA$662
Country Club ApartmentsStudioStudio,1BA$699
Meridian TowersStudio ApartmentStudio,1BA$699
The Aerie on 11th Street6260 East 11th Street - Apt 3072BR,1BA$700
Meadows ApartmentsStudio ApartmentStudio,1BA$703
Cambridge CommonsStudioStudio,1BA$709
Rosewood CommonsStudioStudio,1BA$725

Best Value Apartments for Rent in Indianapolis, IN

As of May 05, 2025 the best value apartment in the Indianapolis area is the $1.01 price per square foot Three Bedroom TH Model at Woodland Springs Apartment Homes in the in the Spring Mill neighborhood starting from $1,810. The second greatest value Indianapolis apartment is the 2 Bedroom Townhome Model at SOUTHPORT AT BUCK CREEK starting at $1,199 with a $0.86 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.
Woodland Springs Apartment HomesThree Bedroom TH3BR,2.5BA$1.01
SOUTHPORT AT BUCK CREEK2 Bedroom Townhome2BR,1.5BA$0.86
Sherman VillageTownhome3BR,1.5BA$1.00
Fields Apartments3 Bedroom 2 Bath Apartment3BR,2BA$0.97
Paragon ParkTwo Bedroom One Bath2BR,1BA$0.94
Glen Ridge Manor Townhomes and FlatsGlen Ridge 2 Bedroom Townhome2BR,1BA$0.89
60 - ADDISON APARTMENTS1st Floor Standard2BR,1BA$0.95
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$0.86
Hopeside I2.2-50%2BR,2BA$0.81
The Aerie on 11th Street6260 East 11th Street - Apt 3052BR,1BA$0.82

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Frequently Asked Questions about Indianapolis

What type of rentals are currently available in Indianapolis?

There are currently 1628 Apartments for Rent in Indianapolis, IN with pricing that ranges from $280 to $15,730. There are also 1379 Single Family Homes for rent, Condos, and Townhome rentals currently available in Indianapolis ranging from $600 to $9,900.

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 $600 to $9,900 with an average monthly rent of $2,386.

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 $1,000 to $8,454, while Three Bedroom Homes, Condos, and Townhomes for rent range from $900 to $6,200. Four Bedroom Single-Family rentals are also available starting from $1,250 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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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.

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Rise of Digital Nomads: Remote Work Tips for Apartment Renters

Written by: Brandie Parton

As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.

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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.