Cheap Apartments for Rent in the Shadow Lakes Neighborhood of Carmel, IN from $700 (40 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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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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Twin Lakes Apartments
1 to 3 Bedroom Apartments

Twin Lakes Apartments

616 Ransburg Dr SCarmel, IN 46032
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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 1-40, 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. Harmony Apartment Homes 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
MAIN STREETThe MapleStudio,1BA$1,113
Harmony Apartment HomesAccent 1.11BR,1BA$1,144
Pebble Brook VillagePebble Beach1BR,1BA$1,179
Carmel WoodsThe Cypress1BR,1BA$1,190
Carmel Landing Apartment Homes1-Garden1BR,1BA$1,225
GramercyVerde (1.10 A)1BR,1BA$1,240
The Gallery ApartmentsVan Gogh1BR,1BA$1,241
The Village on Spring MillChopin - 1 bed 1 bath1BR,1BA$1,245
Flats at Spring Mill StationThe Aberdeen1BR,1BA$1,261
Maple Knoll ApartmentsIvyleaf1BR,1BA$1,288

Best Value Apartments for Rent in Shadow Lakes, IN

As of December 18, 2025 the best value apartment in the Shadow Lakes area is the $1.68 price per square foot Carnegie Model at OLD TOWN ON THE MONON in the in the Beacon Point neighborhood starting from $3,271. The second greatest value Shadow Lakes apartment is the Driftwood Model at Redwood Noblesville Webster Drive starting at $1,915 with a $1.70 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.
OLD TOWN ON THE MONONCarnegie3BR,2.5BA$1.68
Redwood Noblesville Webster DriveDriftwood2BR,2BA$1.70
Lakes of CarmelTwo Bedroom2BR,2BA$1.43
Cottages at Sanders Glen7177A11BR,1BA$1.47
Carmel WoodsThe Willows2BR,2BA$1.54
Flats at Spring Mill StationThe Harriet1BR,1BA$1.59
The Village on Spring MillVerdi - 1 bed 1 bath - Renovated1BR,1BA$1.57
Overture at Proscenium ApartmentsScotStudio ,1BA$1.72
GramercyVerde (1.10 A)1BR,1BA$1.63
Harmony Apartment HomesAccent 1.11BR,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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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

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

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 $1,144 at Harmony Apartment Homes.

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 $1,299 at MAIN STREET.

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 $1,495.

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.

Articles, How-To's, and Tips

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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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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.

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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!