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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Midtown Flats
Studio to 3 Bedroom Apartments

Midtown Flats

591 Monon BlvdCarmel, IN 46032
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Penn Circle
1 to 2 Bedroom Apartments

Penn Circle

12415 N Pennsylvania StCarmel, IN 46032

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 1-36, 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 on the Monon priced from $1,134. Pebble Brook Village has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,188. Here are the most affordable Shadow Lakes apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Main Street on the MononMapleStudio,1BA$1,134
Pebble Brook VillagePine Valley1BR,1BA$1,188
Harmony Apartment HomesAlto A 1.11BR,1BA$1,225
Carmel Landing Apartment Homes1-Garden1BR,1BA$1,256
GramercyVerde (1.10A)1BR,1BA$1,260
BridgewaterThe Beeson1BR,1BA$1,278
Lakes of CarmelOne Bedroom1BR,1BA$1,296
The Union at Grand JunctionMidlandStudio,1BA$1,314
The Gallery ApartmentsDaVinci1BR,1BA$1,329
Flats at Spring Mill StationThe Aberdeen1BR,1BA$1,355

Best Value Apartments for Rent in Shadow Lakes, IN

As of March 11, 2026 the best value apartment in the Shadow Lakes area is the $1.72 price per square foot 7183C1 3x1.5 Townhome (1280 sqft) Model at Park Lane Apartments in the in the Beacon Point neighborhood starting from $2,199. The second greatest value Shadow Lakes apartment is the B6 Model at Penn Circle starting at $1,751 with a $1.50 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.
Park Lane Apartments7183C1 3x1.5 Townhome (1280 sqft)3BR,1.5BA$1.72
Penn CircleB62BR,2BA$1.50
Redwood Noblesville Webster DriveDriftwood2BR,2BA$1.62
Overture at Proscenium ApartmentsLondon2BR,2BA$1.71
BridgewaterThe Cumberland2BR,2BA$1.70
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$1.70
GramercyVerde (1.10A)1BR,1BA$1.66
Lakes of CarmelOne Bedroom1BR,1BA$1.73

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 $1,134.

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

The lowest price for a Cheap One Bedroom Shadow Lakes Apartment is $1,188 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 $1,298 at Carmel Landing Apartment Homes.

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 $1,575.

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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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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Your Guide to Picking the Perfect Indianapolis Neighborhood for Student Renters

Written by: Wendy Melton

Indianapolis is well-known for being one of the top college cities in the country. Local colleges and universities are ranked in the Top 10 when it comes to sports and academic excellence.

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Find Your Indy Home: A Guide to Indianapolis Apartment Rentals and Neighborhoods

Written by: Wendy Melton

My name is Wendy, and I've lived in Indiana for most of my life. Indianapolis is our state capital, and many people consider it the heart of the Midwest. People come from all around to explore everything Indianapolis has to offer.

Articles, How-To's, and Tips

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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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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

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

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.