Cheap Apartments for Rent in Covington, IN from $400 (46 Rentals)

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Search the lowest-cost Apartments available for rent right now in Covington.

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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2204 Alpha Dr
1 Bedroom Apartments

2204 Alpha Dr

2204 Alpha DrDanville, IL 61832

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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The Vintage
Studio Apartments

The Vintage

230 S Grant StWest Lafayette, IN 47906
Student Housing
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Washington Square
1 to 2 Bedroom Apartments

Washington Square

614 S Washington StCrawfordsville, IN 47933
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2803 S. Beck Lane
Studio to 1 Bedroom Apartments

2803 S. Beck Lane

2803-2807 Beck LnLafayette, IN 47909
  • Utilities Included

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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202 E Crockett
2 Bedroom Apartments

202 E Crockett

202 Crockett StCatlin, IL 61817

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 1-46, Page 1 of 1

Covington, IN Local Guide

Cheapest Available Covington Apartments for Rent and Nearby

 

The cheapest available apartment rental in Covington, IN is a 1 Bed unit found at Brookhaven priced from $717. Waterview Estates has the second lowest priced unit, which is a 1 Bed apartment currently listed from $730. Here is today’s list of the most affordable Covington apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Brookhaven1 Bed/ 1 Bath1BR,1BA$717
Waterview Estates1x1Waterview Estates1BR,1BA$730
The Verander1Br1BR,1BA$732
The Grove1BR1BR,1BA$783
Townway Place1 Beds, 1 Baths1BR,1BA$795
Cloverdale Heights1 BR/ 1 BA (includes $30 water sewer trash)1BR,1BA$890
Georgetown South1 Bedroom1BR,1BA$900
Townhomes on Main3x2-50%3BR,2BA$927
Devonshire Village1 Bed 1 Bath1BR,1BA$949
Vantage Pointe Apartments1x1 R1BR,1BA$955

Best Value Apartments for Rent in Covington, IN and Nearby

As of April 25, 2026 the best value apartment in the Covington area is the $1.30 price per square foot 3 BD/2 BA - POND VIEW Model at West Heights Townhomes - West Lafayette in the in the Discovery Park neighborhood starting from $2,195. The second greatest value Covington apartment is the 3x2-80% Model at Townhomes on Main starting at $1,205 with a $0.81 price per square foot . Here is today’s list of the best values for Covington apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
West Heights Townhomes - West Lafayette3 BD/2 BA - POND VIEW3BR,2.5BA$1.30
Townhomes on Main3x2-80%3BR,2BA$0.81
Candlelight EstatesLeasing NOW - 2026 Brand new 3bd/2bth homes3BR,2BA$1.06
Devonshire Village2 Bed 2 Bath Private Entry2BR,2BA$1.21
Southern Winds Apartments2 Bed/2 Bath Vaulted2BR,2BA$1.20
Cypress SquareB12BR,1BA$1.33
Georgetown South2 Bedroom2BR,1BA$1.31
The Grove2BR2BR,1BA$1.30
Waterview Estates1x1Waterview Estates1BR,1BA$1.09
Townway Place1 Beds, 1 Baths1BR,1BA$1.33

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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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Best Local Schools in
Covington, IN

School data provided by Great Schools

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Covington, IN Rentals by Map

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See the most popular apartments and homes in Covington, IN

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Frequently Asked Questions about Cheap Covington Apartments

What is the Cheapest Studio apartment in Covington?

Currently the most affordable Cheap Studio Apartment in Covington is at The Verander listed at $842.

How much is rent for a Cheap One Bedroom Covington Apartment?

The lowest price for a Cheap One Bedroom Covington Apartment is $717 at Brookhaven.

What is the lowest price for a Cheap Two Bedroom Covington Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Covington is starting from $830 at Waterview Estates.

What is the most affordable Covington Three Bedroom Apartment?

The best deal on a cheap Covington Three Bedroom Apartment rental is at Townhomes on Main and starts from $927.

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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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

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.