Cheap Apartments for Rent in Carmel, IN from $500 (139 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
property at 209 Faulkner Ct

$1,900

Total Monthly Price

Total Monthly Price

Base Rent
$1,900
Total Monthly Price
$1,900

2 Bedroom, 2 Bath Condo for Rent

Available Now

209 Faulkner Ct, Unit 205, Unit 205

209 Faulkner Ct
CarmelIN46032

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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Indy's Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Find your dream job and perfect neighborhood in Indy. Discover major companies and the best places to live for young professionals and families, from historic districts to quiet, upscale communities.

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Carmel, IN Local Guide

Cheapest Neighborhoods for Apartments in Carmel, IN

Pricing Updated: 05/07/2026

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$2,130$1,078171

Cheapest Available Carmel Apartments for Rent

 

The cheapest available apartment rental in Carmel, IN is a Studio unit found at King's Reserve College Park 55+ Active Living in the Spring Arbor neighborhood priced from $699. The Hub at Nora in the Nora neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $729. Here is today’s list of the most affordable Carmel apartments for rent:

Apartment ListingModel NameBed/BathPriced From
King's Reserve College Park 55+ Active LivingStudio KingStudio,1BA$699
The Hub at NoraStudio Suite with Patio/Balcony - The SparkStudio,1BA$729
Reflections ApartmentsReplicaStudio,1BA$799
Carlton ApartmentsVilla1BR,1BA$810
Turtle Creek - IndianapolisStudio ShellStudio,1BA$859
River Road ApartmentsHideaway1BR,1BA$890
College Courts1 Bed/1 Bath Up (A)1BR,1BA$894
Avia Lofts at Founders RoadStudioStudio,1BA$979
Woodbridge Castleton1 Bedroom Apartment1BR,1BA$999
TGM Autumn WoodsA11BR,1BA$999

Best Value Apartments for Rent in Carmel, IN

As of May 07, 2026 the best value apartment in the Carmel area is the $1.18 price per square foot 7176B1 Model at Pinnacle on Meridian in the in the Nora neighborhood starting from $2,599. The second greatest value Carmel apartment is the Trenton Model at Casey Corner Townhomes starting at $2,300 with a $1.35 price per square foot in the Countryside/Richter`s Corner 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.
Pinnacle on Meridian7176B12BR,2BA$1.18
Casey Corner TownhomesTrenton3BR,2.5BA$1.35
Woodland Springs Apartment HomesTwo Bedroom TH2BR,2.5BA$1.12
Governor Square2 bedroom 2 bathroom Renovated -Marshall2BR,2BA$1.39
Ivy Knoll Apartments2Bd/2Ba Dn W/D2BR,2BA$1.17
Woods of BrittonHickory2BR,1BA$1.33
Metropolitan FishersWillowbrook2BR,2BA$1.25
The Elliott at College Park Apartment HomesTwo Bedroom 1.5 Bath2BR,1.5BA$1.33
The Grove on Harcourt1x1,5 Large Classic1BR,1.5BA$1.13
Scandia ApartmentsTivoli1BR,1BA$1.36

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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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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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!

Explore Carmel, IN Rentals by Map

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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 King's Reserve College Park 55+ Active Living listed at $699.

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

The lowest price for a Cheap One Bedroom Carmel Apartment is $810 at Carlton Apartments.

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 $1,009 at The Hub at Nora.

What is the most affordable Carmel Three Bedroom Apartment?

The best deal on a cheap Carmel Three Bedroom Apartment rental is at Turtle Creek - Indianapolis and starts from $1,598.

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

Written by: Wendy Melton

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

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.