Cheap Apartments for Rent in the Shadow Lakes Neighborhood of Carmel, IN from $700 (50 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Shadow Lakes area of 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

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Twin Lakes Apartments
1 to 3 Bedroom Apartments

Twin Lakes Apartments

616 Ransburg Dr SCarmel, IN 46032
  • Utilities Included

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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Penn Circle
1 to 2 Bedroom Apartments

Penn Circle

12415 N Pennsylvania StCarmel, IN 46032
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Midtown Flats
Studio to 3 Bedroom Apartments

Midtown Flats

591 Monon BlvdCarmel, 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

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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Showing Results 1-50, Page 1 of 1

Shadow Lakes, Carmel, IN Local Guide

Cheapest Available Shadow Lakes Apartments for Rent

 

The cheapest available apartment rental in the Shadow Lakes area of Indianapolis, 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 $1,154. Here are the most affordable Shadow Lakes apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Main Street on the MononWalnut 1.11BR,1BA$1,144
Highpointe on MeridianU1 Bear - 1.11BR,1BA$1,154
Carmel Landing Apartment Homes1-Garden1BR,1BA$1,207
Pebble Brook VillagePebble Beach1BR,1BA$1,275
Providence at Old Meridian1B1B Jackson Sqr - Renovated1BR,1BA$1,280
GramercyVerde (1.10A)1BR,1BA$1,285
Lakes of CarmelOne Bedroom1BR,1BA$1,296
Maple Knoll ApartmentsThe Boxelder1BR,1BA$1,338
Harmony Apartment HomesAria B 1.11BR,1BA$1,350
Flats at Spring Mill StationThe Aberdeen1BR,1BA$1,371

Best Value Apartments for Rent in Shadow Lakes, IN

As of April 25, 2026 the best value apartment in the Shadow Lakes area is the $1.64 price per square foot Capewood Model at Redwood Noblesville Webster Drive in the in the Beacon Point neighborhood starting from $2,664. The second greatest value Shadow Lakes apartment is the 70 Florence St Model at 70 Florence St, Unit 70 Florence St starting at $2,300 with a $1.69 price per square foot in the Beacon Point neighborhood. Here is today’s list of the best values for Shadow Lakes apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Redwood Noblesville Webster DriveCapewood2BR,2BA$1.64
70 Florence St, Unit 70 Florence St70 Florence St2BR,2.5BA$1.69
Penn CircleB1G - Garage Included2BR,2BA$1.62
BridgewaterThe Cumberland2BR,2BA$1.64
Cottages at Sanders Glen7177A11BR,1BA$1.58
Carmel WoodsThe Willows2BR,2BA$1.54
The Village on Spring MillVerdi - 1 bed 1 bath - Renovated1BR,1BA$1.74
Flats at Spring Mill StationThe Aberdeen1BR,1BA$1.72
GramercyVerde (1.10A)1BR,1BA$1.69
Lakes of CarmelOne Bedroom1BR,1BA$1.73

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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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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
Shadow Lakes, Carmel, IN

Ranked #2

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
Shadow Lakes, Carmel, IN

School data provided by Great Schools

Lifestyle Ratings

Our team of engineers and researchers works hard to bring you comprehensive Lifestyle Ratings of rentals in areas across the United States including Shadow Lakes, Carmel, and the greater Indianapolis area. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including filtering automatically for the best proximity to parks and outdoor amenities, luxury housing options, family-friendliness, raising pets, transit options, in addition to floorplans, availablity, and pricing. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Shadow Lakes Apartments

What is the Cheapest Studio apartment in Shadow Lakes?

Currently the most affordable Cheap Studio Apartment in Shadow Lakes is at Main Street on the Monon listed at $1,199.

How much is rent for a Cheap One Bedroom Shadow Lakes Apartment?

The lowest price for a Cheap One Bedroom Shadow Lakes Apartment is $1,144 at Main Street on the Monon.

What is the lowest price for a Cheap Two Bedroom Shadow Lakes Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Shadow Lakes is starting from $1,259 at Main Street on the Monon.

What is the most affordable Shadow Lakes Three Bedroom Apartment?

The best deal on a cheap Shadow Lakes Three Bedroom Apartment rental is at Carmel Woods and starts from $1,608.

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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Articles, How-To's, and Tips

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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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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.

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Renting your next home can feel thrilling and overwhelming at the same time.