Cheap Apartments for Rent in Carmel, IN from $500 (140 Rentals)

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Search the lowest-cost Apartments available for rent right now in Carmel.

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.

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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.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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Twin Lakes Apartments
1 to 3 Bedroom Apartments

Twin Lakes Apartments

616 Ransburg Dr SCarmel, IN 46032
  • Utilities Included
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Midtown Flats
Studio to 3 Bedroom Apartments

Midtown Flats

591 Monon BlvdCarmel, IN 46032
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Penn Circle
1 to 2 Bedroom Apartments

Penn Circle

12415 N Pennsylvania StCarmel, IN 46032

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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property at 12913 Tradd St

$1,750

Total Monthly Price

Total Monthly Price

Base Rent
$1,750
Total Monthly Price
$1,750

2 Bedroom, 2 Bath Condo for Rent

Available Now

12913 Tradd St, Unit 2A

12913 Tradd St
CarmelIN46032

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.

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Showing Results 1-50, Page 1 of 3

Carmel, IN Local Guide

Cheapest Neighborhoods for Apartments in Carmel, IN

Pricing Updated: 06/21/2026

Current apartment rentals in the Carmel, IN area range in price from to with an overall median price of . Here is today’s list neighborhoods with the lowest median pricing for Carmel Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Downtown Carmel$2,144$1,078175

Cheapest Available Carmel Apartments for Rent

 

The cheapest available apartment rental in Carmel, IN is a Studio unit found at Reflections Apartments in the Spring Arbor neighborhood priced from $649. Dogwood Glen in the Spring Arbor neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $720. Here is today’s list of the most affordable Carmel apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Reflections ApartmentsExpressionsStudio,1BA$649
Dogwood GlenStudio 1 BathStudio,1BA$720
Carlyle CourtStandard One Bedrom (SN1)1BR,1BA$802
The Hub at NoraStudio - The CoreStudio,1BA$849
Turtle Creek - IndianapolisS1 ShellStudio,1BA$859
River Road ApartmentsVilla1BR,1BA$880
Northwood on the TrailRedbud1BR,1BA$950
The Elliott at College Park Apartment HomesTwo Bedroom 1.5 Bath2BR,1BA$1,010
Woodbridge Castleton1 Bedroom Apartment1BR,1BA$1,017
The Grove on Harcourt1x1.5 Large Classic1BR,1BA$1,019

Best Value Apartments for Rent in Carmel, IN

As of June 21, 2026 the best value apartment in the Carmel area is the $1.35 price per square foot Trenton Model at Casey Corner Townhomes in the in the Countryside/Richter`s Corner neighborhood starting from $2,300. The second greatest value Carmel apartment is the Three Bedroom 2.5 Bath Townhome Model at Lakeshore Reserve Off 86th Apartments and Townhomes starting at $1,790 with a $1.33 price per square foot in the Spring Arbor neighborhood. Here is today’s list of the best values for Carmel apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Casey Corner TownhomesTrenton3BR,2.5BA$1.35
Lakeshore Reserve Off 86th Apartments and TownhomesThree Bedroom 2.5 Bath Townhome3BR,2.5BA$1.33
Woods of BrittonWalnut2BR,2BA$1.23
Governor Square2 bedroom 2 bathroom Renovated -Marshall2BR,2BA$1.33
The Grove on 79th2x2.5 Apartment - Classic2BR,2.5BA$1.02
Ivy Knoll Apartments2Bd/2Ba Dn W/D2BR,2BA$1.19
The Preserve on Allisonville TownhomesTwo Bedroom Townhome2BR,1.5BA$1.25
The Elliott at College Park Apartment HomesTwo Bedroom 1.5 Bath2BR,1.5BA$1.04
Northwood on the TrailSugar Maple2BR,1BA$1.32
The Grove on Harcourt1x1.5 Large Renovated1BR,1.5BA$1.30

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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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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Carmel, IN
Population: 93,510

Ranked #348

in US Census Population by City

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Best Local Schools in
Carmel, IN

School data provided by Great Schools

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

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Frequently Asked Questions about Cheap Carmel Apartments

What is the Cheapest Studio apartment in Carmel?

Currently the most affordable Cheap Studio Apartment in Carmel is at Reflections Apartments listed at $649.

How much is rent for a Cheap One Bedroom Carmel Apartment?

The lowest price for a Cheap One Bedroom Carmel Apartment is $802 at Carlyle Court.

What is the lowest price for a Cheap Two Bedroom Carmel Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Carmel is starting from $1,010 at The Elliott at College Park Apartment Homes.

What is the most affordable Carmel Three Bedroom Apartment?

The best deal on a cheap Carmel Three Bedroom Apartment rental is at Carmel Woods and starts from $1,458.

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.

Helpful Local Expert Guides

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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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Your Guide to Picking the Perfect Indianapolis Neighborhood for Student Renters

Written by: Wendy Melton

Indianapolis is well-known for being one of the top college cities in the country. Local colleges and universities are ranked in the Top 10 when it comes to sports and academic excellence.

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Find Your Indy Home: A Guide to Indianapolis Apartment Rentals and Neighborhoods

Written by: Wendy Melton

My name is Wendy, and I've lived in Indiana for most of my life. Indianapolis is our state capital, and many people consider it the heart of the Midwest. People come from all around to explore everything Indianapolis has to offer.

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Indys Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

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Indianapolis is truly the heart of the Midwest. No matter what career path you choose, opportunities for advancement are everywhere.

Articles, How-To's, and Tips

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

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Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.