Cheap Homes for Rent in Bloomington, IN from $550 (84 Rentals)

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Search the lowest-cost Homes available for rent right now in Bloomington.

property at 911 N Oolitic Dr
$900

Total Monthly Price

Base Rent$900

Total Monthly Price$900
3 Bedroom, 2 Bath Home for Rent
Available Now
Cost Per Sq.Ft.

911 N Oolitic Dr

BloomingtonIN47404

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

property at 606 E Sherwood Hills Dr
$1,100

Total Monthly Price

Base Rent$1,100

Total Monthly Price$1,100
2 Bedroom, 1.5 Bath Townhome for Rent
Available Now
Furnished

606 E Sherwood Hills Dr

BloomingtonIN47401

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

property at 1201 N Madison St
$1,300

Total Monthly Price

Base Rent$1,300

Total Monthly Price$1,300
3 Bedroom, 1 Bath Home for Rent
Available Now
Affordability

1201 N Madison St

BloomingtonIN47404
property at 425 N Roosevelt St
$1,395

Total Monthly Price

Base Rent$1,395

Total Monthly Price$1,395
3 Bedroom, 1 Bath Home for Rent
Available Now
Affordability

425 N Roosevelt St

BloomingtonIN47408

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

property at 1752 W Countryside Ln
$1,500

Total Monthly Price

Base Rent$1,500

Total Monthly Price$1,500
2 Bedroom, 2.5 Bath Townhome for Rent
Available Now
Cost Per Sq.Ft.

1752 W Countryside Ln

BloomingtonIN47403
property at 3200 E John Hinkle Pl
$1,500

Total Monthly Price

Base Rent$1,500

Total Monthly Price$1,500
3 Bedroom, 2 Bath Condo for Rent
Available Now
Affordability

3200 E John Hinkle Pl, Unit D

3200 E John Hinkle Pl
BloomingtonIN47408

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

Bloomington, IN Local Guide

Cheapest Neighborhoods for Homes in Bloomington, IN

Pricing Updated: 09/18/2026

Current rental homes in the Bloomington, IN area range in price from $780 to $14,000 with an overall median price of $3,165. Here is today’s list neighborhoods with the lowest median pricing for Bloomington Homes for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Downtown Bloomington IN$3,165$78083

Cheapest Available Bloomington Homes for Rent

 

The cheapest available rental home in Bloomington, IN is a 1 Bed home found at 526 E Graham Pl priced from $550. 526 E Graham Pl has the second lowest priced home, which is a 1 Bed rental home currently listed from $850. Here is today’s list of the most affordable Bloomington homes for rent:

Home ListingModel NameBed/BathPriced From
526 E Graham Pl526 E Graham Pl1BR, 1BA$550
526 E Graham Pl526 E Graham Pl1BR, 1BA$850
911 N Oolitic Dr911 N Oolitic Dr3BR, 2BA$900

Best Value Homes for Rent in Bloomington, IN

As of September 18, 2026 the best value rental home in the Bloomington area is the $1.25 price per square foot 207 E 2nd St Model at 207 E 2nd St in the Downtown Bloomington IN neighborhood starting from $4,000. The second greatest value Bloomington rental home is the 1925 E Viva Dr Model at 1925 E Viva Dr in the Downtown Bloomington IN neighborhood starting at $2,200 with a $0.80 price per square foot. Here is today’s list of the best values for Bloomington homes based on price per square foot:

Home ListingModel NameBed/BathPrice Per Sq.Ft.
207 E 2nd St207 E 2nd St5BR, 5.5BA$1.25
1925 E Viva Dr1925 E Viva Dr4BR, 2BA$0.80
4504 W Michael Ln4504 W Michael Ln4BR, 3BA$1.14
4035 N Hinkle Rd4035 N Hinkle Rd4BR, 2BA$1.10
4995 E State Road 454995 E State Road 453BR, 2BA$1.22
721 E Wellington Ct721 E Wellington Ct3BR, 2BA$1.24
402 s. Village Ct., Unit 402 S Village Ct402 s. Village Ct.3BR, 2.5BA$1.27
1752 W Countryside Ln1752 W Countryside Ln2BR, 2.5BA$1.15
911 N Oolitic Dr911 N Oolitic Dr3BR, 2BA$0.73
606 E Sherwood Hills Dr606 E Sherwood Hills Dr2BR, 1.5BA$1.18

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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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.

Read Article

Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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Quick Rent Budget Calculator

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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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Bloomington, IN Rentals by Map

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Frequently Asked Questions about Bloomington

What type of rentals are currently available in Bloomington?

There are currently 448 Apartments for Rent in Bloomington, IN with pricing that ranges from $510 to $10,500. There are also 437 Single Family Homes for rent, Condos, and Townhome rentals currently available in Bloomington ranging from $550 to $14,000.

What is the current price range for Rental Homes in Bloomington?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Bloomington ranges from $550 to $14,000 with an average monthly rent of $3,038.

How much are larger Three and Four Bedroom Rentals in Bloomington?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Bloomington range from $660 to $10,500, while Three Bedroom Homes, Condos, and Townhomes for rent range from $900 to $6,000. Four Bedroom Single-Family rentals are also available starting from $1,800 and Four Bedroom Apartments start at $510.

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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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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How Commercial-to-Residential Property Conversions Help the Housing Crisis

Written by: Robin Stewart

Many housing markets throughout America share a common complaint: a lack of affordable rental properties.

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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.