Cheap Homes for Rent in Carmel, IN from $400 (48 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

Search the lowest-cost Homes 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.

Read Article

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.

Read Article
property at 9205 Warwick Rd

9205 Warwick Rd

IndianapolisIN46240

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.

Read Article
property at 210 W Sycamore St

210 W Sycamore St

ZionsvilleIN46077

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.

Read Article

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.

Read Article
property at 65 E Cedar St

65 E Cedar St

ZionsvilleIN46077
Showing Results 1-48, Page 1 of 1

Carmel, IN Local Guide

Cheapest Neighborhoods for Apartments in Carmel, IN

Pricing Updated: 09/19/2025

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$2,111$1,133266

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. King's Reserve College Park 55+ Active Living in the Spring Arbor neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $799. 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 - 467 Sq FtStudio,1BA$749
King's Reserve College Park 55+ Active LivingStudio KingStudio,1BA$799
Carlton ApartmentsVilla1BR,1BA$800
Reflections ApartmentsReplicaStudio,1BA$869
Turtle CreekStudioStudio,1BA$876
River Road ApartmentsVilla1BR,1BA$880
Slate Run Lofts and ApartmentsStudio-AptsStudio,1BA$950
College Courts1 Bed/1 Bath Up (B)1BR,1BA$959
The Towers at Crooked Creek Senior Housing1BD1BR,1BA$1,008
Avia Lofts at Founders RoadStudioStudio,1BA$1,019

Best Value Apartments for Rent in Carmel, IN

As of September 19, 2025 the best value apartment in the Carmel area is the $0.95 price per square foot 7176B1 Model at Pinnacle on Meridian in the in the Nora neighborhood starting from $2,099. The second greatest value Carmel apartment is the 2 bed 2.5 bath Townh Renovated - Ralston Model at Governor Square starting at $1,870 with a $1.16 price per square foot in the Spring Mill 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$0.95
Governor Square2 bed 2.5 bath Townh Renovated - Ralston2BR,2.5BA$1.16
Lakeshore Reserve Off 86th Apartments and TownhomesThree Bedroom 2.5 Bath Townhome3BR,2.5BA$1.31
Lakes of CarmelTwo Bedroom Study2BR,2BA$1.31
Ivy Knoll Apartments2Bd/2Ba Dn W/D2BR,2BA$1.23
North Willow2 Bed/1 Ba w/FP-Up2BR,1BA$1.30
Sunblest Apartments2MB-Mudsock2BR,2BA$1.30
Scandia ApartmentsHalmstead1BR,1.5BA$1.13
The Elliott at College Park Apartment HomesTwo Bedroom 1.5 Bath2BR,1.5BA$1.31
The Grove on Harcourt1 Bed 1.5 Bath Large Apartment - Reno1BR,1.5BA$1.25

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.

decorative image of people with a giant lease agreement

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

decorative image of woman handing cat to small boy

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

Decorative image of map

See the most popular apartments and homes in Carmel, IN

View Map
Carmel, IN Apartments Map
View Map
Carmel, IN Rental Homes Map

Frequently Asked Questions about Carmel

What type of rentals are currently available in Carmel?

There are currently 165 Apartments for Rent in Carmel, IN with pricing that ranges from $705 to $11,089. There are also 172 Single Family Homes for rent, Condos, and Townhome rentals currently available in Carmel ranging from $400 to $10,000.

What is the current price range for Rental Homes in Carmel?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Carmel ranges from $400 to $10,000 with an average monthly rent of $2,848.

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.

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Indianapolis article

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.

decorative image for How to Negotiate Your Apartment Lease and Save Money article

How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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

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.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.