Cheap Apartments for Rent in the Downtown Carmel Neighborhood of Carmel, IN from $1,010 (35 Rentals)

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

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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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Carmel Center
1 to 3 Bedroom Apartments

Carmel Center

675 Beacon StCarmel, IN 46032

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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Showing Results 1-35, Page 1 of 1

Downtown Carmel, Carmel, IN Local Guide

Cheapest Available Downtown Carmel Apartments for Rent

 

The cheapest available apartment rental in the Downtown Carmel area of Carmel, IN is a 1 Bed unit found at Main Street on the Monon priced from $1,144. Highpointe on Meridian has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,215. Here are the most affordable Downtown Carmel apartments for rent in Carmel, IN:

Apartment ListingModel NameBed/BathPriced From
Main Street on the MononA2 Walnut1BR,1BA$1,144
Highpointe on MeridianU1 Bear - 1.11BR,1BA$1,215
GramercyVerde (1.10A)1BR,1BA$1,220
Governor SquareDurbin - Renovated1BR,1BA$1,289
Lakes of CarmelOne Bedroom1BR,1BA$1,319
Mezz 42Fermata - 7175S1 Studio (605 sqft) A2Studio,1BA$1,399
VER at Proscenium ApartmentsThe Richard1BR,1BA$1,399
Overture at Proscenium ApartmentsScotStudio,1BA$1,400
Alexandria of Carmel ApartmentsThe Independence 1 BR 1 BA1BR,1BA$1,406
Midtown Flats1 Bedroom, 1 BathroomStudio,1BA$1,420

Best Value Apartments for Rent in Downtown Carmel, IN

As of September 08, 2026 the best value apartment in the Downtown Carmel area is the $1.62 price per square foot B1 Kendall Model at Old Town On The Monon in the in the Beacon Point neighborhood starting from $2,024. The second greatest value Downtown Carmel apartment is the Rotterdam Model at The Olivia starting at $2,030 with a $1.92 price per square foot in the Beacon Point neighborhood. Here is today’s list of the best values for Downtown Carmel apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Old Town On The MononB1 Kendall2BR,2BA$1.62
The OliviaRotterdam2BR,2BA$1.92
Park Lane Apartments7183B2 2x1.5 Townhome (1056 sqft)2BR,1.5BA$1.66
L’Etoile Apartments1BR/1.0BA1BR,1BA$1.88
Governor SquareDurbin - Renovated1BR,1BA$1.43
Carmel WoodsThe Palms2BR,1BA$1.36
Overture at Proscenium ApartmentsScotStudio ,1BA$1.72
GramercyVerde (1.10A)1BR,1BA$1.61
Lakes of CarmelOne Bedroom1BR,1BA$1.76
Main Street on the MononA2 Walnut1BR,1BA$1.76

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.

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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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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
Downtown Carmel, Carmel, IN

Ranked #9

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Downtown Carmel, Carmel, IN

School data provided by Great Schools

Frequently Asked Questions about Cheap Downtown Carmel Apartments

What is a cheap apartment in Downtown Carmel?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Carmel is under $1,420.

What is the price of a cheap apartment in Downtown Carmel?

The cheapest apartment in Downtown Carmel is Main Street on the Monon which is listed at $1,144, while the average apartment in Downtown Carmel costs $1,765.

What types of apartments are the cheapest in Downtown Carmel?

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 4 regular apartments in Downtown Carmel 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 Downtown Carmel?

Cheap apartments in Downtown Carmel have an average cost of $302 which is $1,463 cheaper than the average rent for all rentals in Downtown Carmel.

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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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.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.