Cheap Apartments for Rent in Covington, IN from $499 (64 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

Base Rent$950
Total Monthly Price$950
2 Bedroom Apartments Contact Us For Availability

The Ridge 2

1421-1423 Sunset Ridge DrLafayette, IN 47905
Student Housing
  • Verified
  • Utilities Included
  • 3D Tour

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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Townhomes on Main
3 Bedroom Apartments

Townhomes on Main

400 S Market StRockville, IN 47872
Senior Living
  • Utilities Included

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

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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The Vintage
Studio Apartments

The Vintage

230 S Grant StWest Lafayette, IN 47906
Student Housing
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The Grove
1 to 3 Bedroom Apartments

The Grove

1610 Edgewood DrDanville, IL 61832

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 2 Beds unit found at Sycamore Estates priced from $225. Southfork Apartments in the Discovery Park neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $499. Here is today’s list of the most affordable Covington apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Sycamore EstatesMobile Home Lot2BR,1BA$225
Southfork Apartments1BR/1.0BA1BR,1BA$499
Brook Haven ApartmentsStudioStudio,1BA$525
The VeranderStudioStudio,1BA$650
2712 bedroom/1 bath- rent by the room (female & ma...2BR,1BA$675
Wabash Shore Apartments2BR/1.0BA2BR,1BA$799
Townway Place1 Beds, 1 Baths1BR,1BA$800
Crestview ApartmentsCrestview II2BR,1BA$800
Hub State Street4x2 Corner4BR,2BA$889
Cloverdale Heights1 BR/ 1 BA (includes $30 water sewer trash)1BR,1BA$890

Best Value Apartments for Rent in Covington, IN and Nearby

As of September 08, 2026 the best value apartment in the Covington area is the $1.39 price per square foot Grand Model at Avalon Bluffs in the starting from $2,200. The second greatest value Covington apartment is the 2 Bed 2 Bath Sm Apt Model at Devonshire Village starting at $1,206 with a $1.09 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.
Avalon BluffsGrand3BR,2BA$1.39
Devonshire Village2 Bed 2 Bath Sm Apt2BR,2BA$1.09
Candlelight EstatesAvailable NOW 3bd/2bth (68')3BR,2BA$1.17
Twyckenham ApartmentsThree bedroom townhome3BR,1.5BA$1.37
Shadeland Estates(Adventure) Shadeland Estates New Homes 3bd/2bt...3BR,2BA$1.28
Sycamore EstatesMobile Home Rental3BR,1BA$0.67
Vantage Pointe Apartments2x1A R2BR,1BA$1.35
Georgetown South2 Bedroom2BR,1BA$1.31
2712BR/1.0BA2BR,1BA$1.07
Townway Place1 Beds, 1 Baths1BR,1BA$1.33

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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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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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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!

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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 Brook Haven Apartments listed at $525.

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 $225 at Sycamore Estates.

What is the most affordable Covington Three Bedroom Apartment?

The best deal on a cheap Covington Three Bedroom Apartment rental is at Sycamore Estates and starts from $600.

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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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.