Cheap Apartments for Rent in the Shadow Lakes Neighborhood of Carmel, IN from $700 (49 Rentals)

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

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property at 12754 Crescent Dr

$2,400

Total Monthly Price

Total Monthly Price

Base Rent
$2,400
Total Monthly Price
$2,400

3 Bedroom, 2.5 Bath Home for Rent

Available Now

12754 Crescent Dr

CarmelIN46032
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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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property at 511 Zephyr Way

$2,125

Total Monthly Price

Total Monthly Price

Base Rent
$2,125
Total Monthly Price
$2,125

3 Bedroom, 2 Bath Rentals

Available Now

511 Zephyr Way

WestfieldIN46074

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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Showing Results 1-49, 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 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 Shadow Lakes apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Carmel WoodsThe Cypress1BR,1BA$1,010
Main Street on the MononA2 Walnut1BR,1BA$1,144
Pebble Brook VillagePebble Beach1BR,1BA$1,203
Highpointe on MeridianU1 Bear - 1.11BR,1BA$1,215
GramercyVerde (1.10A)1BR,1BA$1,255
BridgewaterThe Beeson1BR,1BA$1,313
Harmony Apartment HomesConcerto A 1.1.51BR,1BA$1,331
The Village on Spring MillVerdi - 1 bed 1 bath - Renovated1BR,1BA$1,352
The Union at Grand JunctionMidlandStudio,1BA$1,366
Midtown Flats1 Bedroom, 1 BathroomStudio,1BA$1,420

Best Value Apartments for Rent in Shadow Lakes, IN

As of July 24, 2026 the best value apartment in the Shadow Lakes area is the $1.76 price per square foot Mission Hill Model at Carmel Center in the in the Beacon Point neighborhood starting from $2,095. The second greatest value Shadow Lakes apartment is the 2-Townhome Model at Carmel Landing Apartment Homes starting at $1,664 with a $1.64 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.
Carmel CenterMission Hill2BR,2BA$1.76
Carmel Landing Apartment Homes2-Townhome2BR,1.5BA$1.64
Mezz 42Coda - (7175A3 1x1 - 950 sqft)1BR,1BA$1.63
Carmel WoodsThe Willows2BR,2BA$1.40
Harmony Apartment HomesFermata 1.1 with den1BR,1BA$1.66
Park Lane Apartments7183B1 2x1.5 (876 sqft)2BR,1.5BA$1.71
Flats at Spring Mill StationThe Harriet1BR,1BA$1.76
The Village on Spring MillPurcell - 1 bed 1 bath - Renovated1BR,1BA$1.64
BridgewaterThe Beeson1BR,1BA$1.73
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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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 a cheap apartment in Shadow Lakes?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Shadow Lakes is under $1,420.

What is the price of a cheap apartment in Shadow Lakes?

The cheapest apartment in Shadow Lakes is Carmel Woods which is listed at $1,010, while the average apartment in Shadow Lakes costs $5,942.

What types of apartments are the cheapest in Shadow Lakes?

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 Shadow Lakes 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 Shadow Lakes?

Cheap apartments in Shadow Lakes have an average cost of $191 which is $5,751 cheaper than the average rent for all rentals in Shadow Lakes.

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.

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