Cheap Homes for Rent in South Franklin Neighborhood of Indianapolis, IN from $1,400 (13 Rentals)

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Cheap Homes in the South Franklin area of Indianapolis.

property at 5860 Newhall Dr

5860 Newhall Dr

IndianapolisIN46239

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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property at 5549 Wild Horse Dr

5549 Wild Horse Dr

IndianapolisIN46239

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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South Franklin - One of the Best Affordable Neighborhoods in Indianapolis

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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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 Overlook at Valley Ridge Apartments priced from $1,087. Emerson Village has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,094. Here are the most affordable South Franklin apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Overlook at Valley Ridge ApartmentsA - Mohawk1BR,1BA$1,087
Emerson VillageThe Redwood - Premium1BR,1BA$1,094
Keeneland Crest ApartmentsCamden2BR,1BA$1,119
ARLO ApartmentsKnox1BR,1BA$1,340
Latitudes ApartmentsThe Capricorn 2 BR 1 BA2BR,1BA$1,357

Best Value Apartments for Rent in South Franklin, IN

As of May 06, 2025 the best value apartment in the South Franklin area is the $1.19 price per square foot Windsor Model at Lakes of Windsor in the in the Southeast Indianapolis neighborhood starting from $1,670. 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.
Lakes of WindsorWindsor3BR,2BA$1.19
Coventry Park Village2 Bedroom 2.5 Bath Townhome2BR,2.5BA$1.44
Redwood IndianapolisBreezewood2BR,2BA$1.37
Latitudes ApartmentsThe Capricorn 2 BR 1 BA2BR,1BA$1.30
Keeneland Crest ApartmentsCamden2BR,1BA$1.36
Arlington Farms1 Bed, 1 Bath1BR,1BA$1.70
Alder Woods LLCAlder2BR,1BA$1.87
Emerson VillageThe Redwood - Premium1BR,1BA$1.50
Overlook at Valley Ridge ApartmentsA - Mohawk1BR,1BA$1.50
ARLO ApartmentsFinnStudio ,1BA$2.14

Quick Rent Budget Calculator

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Frequently Asked Questions about South Franklin

What type of rentals are currently available in South Franklin?

There are currently 15 Apartments for Rent in South Franklin, IN with pricing that ranges from $984 to $4,309. There are also 36 Single Family Homes for rent, Condos, and Townhome rentals currently available in South Franklin ranging from $1,450 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 $1,450 to $3,000 with an average monthly rent of $2,170.

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 $1,340 to $4,309, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,700 to $2,600. Four Bedroom Single-Family rentals are also available starting from $2,300 and Four Bedroom Apartments start at $1,795.

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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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

decorative image for Navigating the Rental Market: Tips for First-Time Renters article

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.