Cheap Apartments for Rent in Covington, IN from $400 (55 Rentals)

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

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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The Ridge 2
$950
Total Monthly Price

Total Monthly Price

Base Rent
$950
Total Monthly Price
$950
2 Bedroom Apartments Available Now

The Ridge 2

1421-1423 Sunset Ridge DrLafayette, IN 47905
Student Housing
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  • Utilities Included
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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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2204 Alpha Dr
1 Bedroom Apartments

2204 Alpha Dr

2204 Alpha DrDanville, IL 61832
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The Vintage
Studio Apartments

The Vintage

230 S Grant StWest Lafayette, IN 47906
Student Housing

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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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

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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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 Southfork Apartments in the Discovery Park neighborhood priced from $499. Wabash Shore Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $699. Here is today’s list of the most affordable Covington apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Southfork Apartments1BR/1.0BA1BR,1BA$499
Wabash Shore Apartments1BR/1.0BA1BR,1BA$699
Brookhaven1 Bed/ 1 Bath1BR,1BA$717
Waterview Estates1x1Waterview Estates1BR,1BA$730
The Verander1Br1BR,1BA$732
McCormick Manor2 Bedroom 2 Bath *per Bed Price2BR,2BA$745
Townway Place1 Beds, 1 Baths1BR,1BA$800
The Grove1BR1BR,1BA$816
Cloverdale Heights1 BR/ 1 BA (includes $30 water sewer trash)1BR,1BA$890
Georgetown South1 Bedroom1BR,1BA$900

Best Value Apartments for Rent in Covington, IN and Nearby

As of July 25, 2026 the best value apartment in the Covington area is the $0.81 price per square foot 3x2-80% Model at Townhomes on Main in the starting from $1,205. The second greatest value Covington apartment is the 4BR - D1 Model at EVER West Lafayette starting at $1,469 with a $1.19 price per square foot in the Discovery Park neighborhood. 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.
Townhomes on Main3x2-80%3BR,2BA$0.81
EVER West Lafayette4BR - D14BR,4BA$1.19
VERVE West Lafayette4BD/4BA - D24BR,4BA$1.20
McCormick Manor2 Bedroom 2 Bath *per Bed Price2BR,2BA$0.66
Devonshire Village2 Bed 2 Bath Sm Apt2BR,2BA$1.09
Provenance2x2 B2BR,2BA$1.25
The Ridge 22 Bed / 1 Bath2BR,1BA$0.96
Shadeland Estates(Clayton) Shadeland Estates New Homes 3bd/2bth ...3BR,2BA$1.22
Waterview Estates1x1Waterview Estates1BR,1BA$1.09
2712BR/1.0BA2BR,1BA$1.07

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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Best Local Schools in
Covington, IN

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

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Frequently Asked Questions about Cheap Covington Apartments

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

The lowest price for a Cheap One Bedroom Covington Apartment is $499 at Southfork Apartments.

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 $800 at Brookhaven.

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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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.