Cheap Apartments for Rent in the Shadow Lakes Neighborhood of Carmel, IN from $700 (54 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

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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Twin Lakes Apartments
1 to 3 Bedroom Apartments

Twin Lakes Apartments

616 Ransburg Dr SCarmel, IN 46032
  • Utilities Included

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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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

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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property at 511 Zephyr Way

$2,145

Total Monthly Price

Total Monthly Price

Base Rent
$2,145
Total Monthly Price
$2,145

3 Bedroom, 2 Bath Rentals

Available Now

511 Zephyr Way

WestfieldIN46074
property at 551 Grabill Dr

$2,195

Total Monthly Price

Total Monthly Price

Base Rent
$2,195
Total Monthly Price
$2,195

3 Bedroom, 3 Bath Rentals

Available Now

551 Grabill Dr

WestfieldIN46074
property at 81 W Quail Wood Ln

$2,195

Total Monthly Price

Total Monthly Price

Base Rent
$2,195
Total Monthly Price
$2,195

3 Bedroom, 2 Bath Rentals

Available Now

81 W Quail Wood Ln

WestfieldIN46074
property at 4217 Douro Trl

$2,300

Total Monthly Price

Total Monthly Price

Base Rent
$2,300
Total Monthly Price
$2,300

3 Bedroom, 2 Bath Townhome for Rent

Available Now

4217 Douro Trl

WestfieldIN46062

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 1-50, Page 1 of 2

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 $1,199. Carmel Woods has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,210. Here are the most affordable Shadow Lakes apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Main Street on the MononS1 Maple1BR,1BA$1,199
Carmel WoodsThe Cypress1BR,1BA$1,210
Pebble Brook VillagePebble Beach1BR,1BA$1,214
GramercyVerde (1.10A)1BR,1BA$1,260
Carmel Landing Apartment Homes1-Garden1BR,1BA$1,266
Lakes of CarmelOne Bedroom1BR,1BA$1,296
Providence at Old Meridian1B1B Beacon Hill - Renovated1BR,1BA$1,318
The Village on Spring MillVerdi - 1 bed 1 bath - Renovated1BR,1BA$1,342
Highpointe on MeridianD2 Lincoln - 2.22BR,2BA$1,347

Best Value Apartments for Rent in Shadow Lakes, IN

As of June 09, 2026 the best value apartment in the Shadow Lakes area is the $1.62 price per square foot Sydney Model at Overture at Proscenium Apartments in the in the Beacon Point neighborhood starting from $2,099. The second greatest value Shadow Lakes apartment is the The Presidential 3 BR 2 BA Model at Alexandria of Carmel Apartments starting at $1,904 with a $1.56 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.
Overture at Proscenium ApartmentsSydney2BR,2BA$1.62
Alexandria of Carmel ApartmentsThe Presidential 3 BR 2 BA3BR,2BA$1.56
Cottages at Sanders Glen7177B12BR,1BA$1.54
Penn CircleB1G - Garage Included2BR,2BA$1.64
Carmel WoodsThe Willows2BR,2BA$1.54
Mezz 42Staccato (7175A2 1x1 - 890 sqft)1BR,1BA$1.66
Highpointe on MeridianD1 Hunter - 2.22BR,2BA$1.52
The Village on Spring MillPurcell - 1 bed 1 bath - Renovated1BR,1BA$1.64
124 Maple St, Unit 124124 Maple St2BR,1BA$1.59
GramercyVerde (1.10A)1BR,1BA$1.66

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 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 $1,199 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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A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Indianapolis

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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

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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

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Articles, How-To's, and Tips

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.

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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

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