Cheap Apartments for Rent in the Shadow Lakes Neighborhood of Carmel, IN from $700 (36 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Shadow Lakes area of 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
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Midtown Flats
Studio to 3 Bedroom Apartments

Midtown Flats

591 Monon BlvdCarmel, 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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Showing Results 1-36, 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 Studio unit found at MAIN STREET priced from $1,113. Pebble Brook Village has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,115. Here are the most affordable Shadow Lakes apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
MAIN STREETThe MapleStudio,1BA$1,113
Pebble Brook VillagePebble Beach1BR,1BA$1,115
Providence at Old Meridian1B1B Rush Street -Renovated1BR,1BA$1,146
Carmel WoodsThe Cypress1BR,1BA$1,190
GramercyVerde (1.10 A)1BR,1BA$1,210
Alexandria of Carmel ApartmentsThe Independence 1 BR 1 BA1BR,1BA$1,213
Flats at Spring Mill StationThe Aberdeen1BR,1BA$1,224
BridgewaterThe Beeson1BR,1BA$1,235
Carmel Landing Apartment Homes1-Garden1BR,1BA$1,273
The Village on Spring MillVerdi - 1 bed 1 bath - Renovated1BR,1BA$1,282

Best Value Apartments for Rent in Shadow Lakes, IN

As of November 01, 2025 the best value apartment in the Shadow Lakes area is the $1.43 price per square foot Two Bedroom Model at Lakes of Carmel in the in the Beacon Point neighborhood starting from $1,607. The second greatest value Shadow Lakes apartment is the 7177A1 Model at Cottages at Sanders Glen starting at $1,575 with a $1.66 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.
Lakes of CarmelTwo Bedroom2BR,2BA$1.43
Cottages at Sanders Glen7177A11BR,1BA$1.66
Carmel WoodsThe Willows2BR,2BA$1.54
Flats at Spring Mill StationThe Harriet1BR,1BA$1.55
OLD TOWN ON THE MONONFoster1BR,1BA$1.62
The Village on Spring MillVerdi - 1 bed 1 bath - Renovated1BR,1BA$1.56
BridgewaterThe Beeson1BR,1BA$1.63
GramercyVerde (1.10 A)1BR,1BA$1.59
Alexandria of Carmel ApartmentsThe Independence 1 BR 1 BA1BR,1BA$1.72
Pebble Brook VillagePebble Beach1BR,1BA$1.65

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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Quick Rent Budget Calculator

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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

3.5
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 listed at $1,113.

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

The lowest price for a Cheap One Bedroom Shadow Lakes Apartment is $1,115 at Pebble Brook Village.

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 $1,267 at Bridgewater.

What is the most affordable Shadow Lakes Three Bedroom Apartment?

The best deal on a cheap Shadow Lakes Three Bedroom Apartment rental is at Gramercy and starts from $1,585.

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.