Cheap Apartments for Rent in the The Canal Neighborhood of Indianapolis, IN from $600 (47 Rentals)

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Search the lowest-cost Apartments available for rent right now in the The Canal area of Indianapolis.

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The Canal, Indianapolis, IN Local Guide

Cheapest Available The Canal Apartments for Rent

 

The cheapest available apartment rental in the The Canal area of Indianapolis, IN is a 1 Bed unit found at Volrath priced from $649. Senate Manor has the second lowest priced unit, which is a Studio apartment currently listed from $930. Here are the most affordable The Canal apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Volrath**Free Month of Rent ** 128 E Palmer St - Studio1BR,1BA$649
Senate ManorS.1 CStudio,1BA$930
Lockefield GardensStandard One Bedroom (SR3)1BR,1BA$991
The Riverside Apartment Homes2 Bedroom 1 Bath Apartment - Classic2BR,1BA$999
Gathyr ApartmentsBellStudio,1BA$999
522 Fletcher Ave1BR/1.5BA1BR,1BA$1,025
The Assumption on Blaine1 Bed 1 Bath1BR,1BA$1,030
Lockerbie FlatsStudioStudio,1BA$1,095
Wesley PlacePeckStudio,1BA$1,099
Madison LoftsThe Loft 1x1-L1BR,1BA$1,099

Best Value Apartments for Rent in The Canal, IN

As of December 15, 2025 the best value apartment in the The Canal area is the $1.39 price per square foot 3 Bedroom 2 Bath Model at The Block in the in the Riley neighborhood starting from $2,459. The second greatest value The Canal apartment is the B1 Model at 946 MLK starting at $1,800 with a $1.19 price per square foot in the Near North Indianapolis neighborhood. Here is today’s list of the best values for The Canal apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Block3 Bedroom 2 Bath3BR,2BA$1.39
946 MLKB13BR,2BA$1.19
The Assumption on Blaine2 Bed 2 Bath2BR,2BA$1.35
Townhomes at Fall Creek PlaceF2BR,1BA$1.61
Gardens of Canal CourtOne Bedroom One Bath (992 Square Feet)1BR,1BA$1.37
The Riverside Apartment Homes2x1 - Renovated2BR,1BA$1.49
522 Fletcher Ave1BR/1.5BA1BR,1.5BA$1.40
Lockerbie FlatsStudioStudio ,1BA$1.62
Vivio on TenthPer Bedroom - 2x2 B5 728sf2BR,2BA$1.35
Volrath0BR/1.0BAStudio ,1BA$1.29

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Your Guide to Picking the Perfect Indianapolis Neighborhood for Student Renters

Learn About the Best Neighborhoods to Rent Near College Campuses in Indianapolis, IN | Find Charlotte Indianapolis Student Housing at ApartmentHomeLiving.com

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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.

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Pet Friendly Lifestyle
The Canal, Indianapolis, IN

Ranked #12

Among cities in Indiana for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Getting Around the The Canal Neighborhood in Indianapolis, IN

Walk Score®

78 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

93 / 100

Biker's Paradise

Daily errands can be accomplished on a bike

Transit Score®

57 / 100

Good Transit

Many nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap The Canal Apartments

What is a cheap apartment in The Canal?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in The Canal is under $1,099.

What is the price of a cheap apartment in The Canal?

The cheapest apartment in The Canal is Volrath which is listed at $649, while the average apartment in The Canal costs $2,560.

What types of apartments are the cheapest in The Canal?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 109 regular apartments in The Canal that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in The Canal?

Cheap apartments in The Canal have an average cost of $370 which is $2,190 cheaper than the average rent for all rentals in The Canal.

Expert Rental Resources

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.

Articles, How-To's, and Tips

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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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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!