Cheap Apartments for Rent in the Downtown Carmel Neighborhood of Carmel, IN from $900 (37 Rentals)

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

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.

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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.

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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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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

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 1-37, 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 Carmel Woods priced from $1,010. Main Street on the Monon has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,144. Here are the most affordable Downtown Carmel apartments for rent in Carmel, IN:

Apartment ListingModel NameBed/BathPriced From
Carmel WoodsThe Cypress1BR,1BA$1,010
Main Street on the MononA2 Walnut1BR,1BA$1,144
Highpointe on MeridianU1 Bear - 1.11BR,1BA$1,215
Muse CarmelWalkerStudio,1BA$1,245
GramercyVerde (1.10A)1BR,1BA$1,255
Governor SquareDurbin - Renovated1BR,1BA$1,345
Midtown Flats1 Bedroom, 1 BathroomStudio,1BA$1,420
Old Town On The MononA1 Foster1BR,1BA$1,449
Alexandria of Carmel ApartmentsThe Diplomat 1 BR 1 BA1BR,1BA$1,472

Best Value Apartments for Rent in Downtown Carmel, IN

As of July 24, 2026 the best value apartment in the Downtown Carmel area is the $1.91 price per square foot C1 Carnegie Townhome Model at Old Town On The Monon in the in the Beacon Point neighborhood starting from $3,715. The second greatest value Downtown Carmel apartment is the Coda - (7175A3 1x1 - 950 sqft) Model at Mezz 42 starting at $1,549 with a $1.63 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 MononC1 Carnegie Townhome3BR,2.5BA$1.91
Mezz 42Coda - (7175A3 1x1 - 950 sqft)1BR,1BA$1.63
Carmel WoodsThe Willows2BR,2BA$1.40
L’Etoile Apartments1BR/1.0BA1BR,1BA$1.92
Governor SquareDurbin - Renovated1BR,1BA$1.49
Park Lane Apartments7183B1 2x1.5 (876 sqft)2BR,1.5BA$1.71
Carmel CenterNewton1BR,1BA$1.84
Penn CircleA51BR,1BA$1.91
17 Woodland Dr, Unit Upstair Rental17 Woodland Dr5BR,1BA$1.20
GramercyVerde (1.10A)1BR,1BA$1.65

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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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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Pet Friendly Lifestyle
Downtown Carmel, Carmel, IN

Ranked #8

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 $1,472.

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

The cheapest apartment in Downtown Carmel is Carmel Woods which is listed at $1,010, while the average apartment in Downtown Carmel costs $2,667.

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 1 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 $227 which is $2,440 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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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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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.

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

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.