Cheap Homes for Rent in South Franklin Neighborhood of Indianapolis, IN from $1,400 (21 Rentals)

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

property at 5860 Newhall Dr

5860 Newhall Dr

IndianapolisIN46239

South Franklin

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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property at 6551 Jarvis Dr

6551 Jarvis Dr

IndianapolisIN46237
property at 7939 Crackling Ln

7939 Crackling Ln

IndianapolisIN46259
Showing Results 1-21, Page 1 of 1

South Franklin, Indianapolis, IN Local Guide

Cheapest Available South Franklin Apartments for Rent

 

The cheapest available apartment rental in the South Franklin area of Indianapolis, IN is a 1 Bed unit found at Emerson Village priced from $1,027. Overlook at Valley Ridge Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,102. Here are the most affordable South Franklin apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Emerson VillageThe Redwood - Premium1BR,1BA$1,027
Overlook at Valley Ridge ApartmentsA - Mohawk1BR,1BA$1,102
Keeneland Crest ApartmentsCamden2BR,1BA$1,119
Latitudes ApartmentsThe Navigator 1 BR 1 BA1BR,1BA$1,121
ARLO ApartmentsKnox1BR,1BA$1,340

Best Value Apartments for Rent in South Franklin, IN

As of April 12, 2025 the best value apartment in the South Franklin area is the $1.48 price per square foot Willowood Model at Redwood Indianapolis in the in the Southeast Indianapolis neighborhood starting from $2,048. The second greatest value South Franklin apartment is the 2 Bedroom 2.5 Bath Townhome Model at Coventry Park Village starting at $1,925 with a $1.44 price per square foot in the Southeast Indianapolis neighborhood. Here is today’s list of the best values for South Franklin apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Redwood IndianapolisWillowood2BR,2BA$1.48
Coventry Park Village2 Bedroom 2.5 Bath Townhome2BR,2.5BA$1.44
Keeneland Crest ApartmentsVictorian2BR,2BA$1.17
Lakes of WindsorChurchill2BR,2BA$1.36
Arlington Farms1 Bed, 1 Bath1BR,1BA$1.70
Emerson VillageThe Ruby - Premium2BR,1BA$1.61
Alder Woods LLCAlder2BR,1BA$1.87
Latitudes ApartmentsThe Navigator 1 BR 1 BA1BR,1BA$1.48
Overlook at Valley Ridge ApartmentsA - Mohawk1BR,1BA$1.52
ARLO ApartmentsFinnStudio ,1BA$2.14

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Frequently Asked Questions about South Franklin

What type of rentals are currently available in South Franklin?

There are currently 17 Apartments for Rent in South Franklin, IN with pricing that ranges from $902 to $3,998. There are also 41 Single Family Homes for rent, Condos, and Townhome rentals currently available in South Franklin ranging from $1,400 to $3,000.

What is the current price range for Rental Homes in South Franklin?

Today's rental pricing for Homes for Rent, Condos and Townhomes in South Franklin ranges from $1,400 to $3,000 with an average monthly rent of $2,131.

How much are larger Three and Four Bedroom Rentals in South Franklin?

For those who are looking for larger living arrangements, Three Bedroom Apartments in South Franklin range from $1,495 to $3,998, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,400 to $2,799. Four Bedroom Single-Family rentals are also available starting from $1,795 and Four Bedroom Apartments start at $2,040.

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.