Cheap Apartments for Rent in Carmel, IN from $500 (100 Rentals)

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

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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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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Twin Lakes Apartments
1 to 3 Bedroom Apartments

Twin Lakes Apartments

616 Ransburg Dr SCarmel, IN 46032
  • Utilities Included
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Penn Circle
1 to 2 Bedroom Apartments

Penn Circle

12415 N Pennsylvania StCarmel, IN 46032

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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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Carmel, IN Local Guide

Cheapest Neighborhoods for Apartments in Carmel, IN

Pricing Updated: 10/26/2025

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$2,104$1,000214

Cheapest Available Carmel Apartments for Rent

 

The cheapest available apartment rental in Carmel, IN is a Studio unit found at The Hub at Nora in the Nora neighborhood priced from $749. Reflections Apartments in the Spring Arbor neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $844. Here is today’s list of the most affordable Carmel apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Hub at NoraStudio Suite with Patio/Balcony - The SparkStudio,1BA$749
Reflections ApartmentsReplicaStudio,1BA$844
Turtle CreekStudioStudio,1BA$859
The Retreat Northwest1 Bedroom 1 Bathroom 753 Sq. Ft.1BR,1BA$873
River Road ApartmentsVilla1BR,1BA$880
Slate Run Lofts and ApartmentsStudio-AptsStudio,1BA$880
Scandia ApartmentsDannenborg1BR,1BA$894
College Courts1 Bed/1 Bath Up (B)1BR,1BA$909
Riverbend ApartmentsMonte Carlo1BR,1BA$968
The Grove on Harcourt1 Bed 1.5 Bath Apartment1BR,1BA$979

Best Value Apartments for Rent in Carmel, IN

As of October 26, 2025 the best value apartment in the Carmel area is the $1.31 price per square foot Monon Model at Flats at Switch in the in the Roxbury neighborhood starting from $2,128. The second greatest value Carmel apartment is the 2Bd/2Ba Dn W/D Model at Ivy Knoll Apartments starting at $1,499 with a $1.25 price per square foot in the Roxbury 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.
Flats at SwitchMonon2BR,2BA$1.31
Ivy Knoll Apartments2Bd/2Ba Dn W/D2BR,2BA$1.25
North Willow2 Bed/1 Ba w/FP-Up2BR,1BA$1.30
The Manning Apartment Homes2 Bedroom 2 Bath2BR,2BA$1.28
The Grove on Harcourt1 Bed 1.5 Bath Large Apartment - Reno1BR,1.5BA$1.15
10903 N College Ave, Unit UNIT A10903 N College Ave1BR,1BA$1.28
Carlyle CourtTwo Bedroom One Bathroom (CN2)2BR,1BA$1.14
17 Woodland Dr, Unit Upstair Rental17 Woodland Dr5BR,1BA$1.27
Scandia ApartmentsTivoli1BR,1BA$1.28
The Retreat Northwest1 Bedroom 1 Bathroom 753 Sq. Ft.1BR,1BA$1.16

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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
Carmel, IN

Ranked #2

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

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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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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See the most popular apartments and homes in Carmel, IN

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Getting Around Carmel, IN

Walk Score®

58 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

70 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

1 / 100

Minimal Transit

It may be possible to get on a bus

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 Carmel Apartments

What is the Cheapest Studio apartment in Carmel?

Currently the most affordable Cheap Studio Apartment in Carmel is at The Hub at Nora listed at $749.

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

The lowest price for a Cheap One Bedroom Carmel Apartment is $873 at The Retreat Northwest.

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 $970 at The Retreat Northwest.

What is the most affordable Carmel Three Bedroom Apartment?

The best deal on a cheap Carmel Three Bedroom Apartment rental is at The Eclipse Apartment Homes and starts from $1,499.

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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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! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.