Cheap Homes for Rent in Covington, IN from $400 (30 Rentals)

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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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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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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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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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Covington, IN

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

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Frequently Asked Questions about Covington

What type of rentals are currently available in Covington?

There are currently 65 Apartments for Rent in Covington, IN with pricing that ranges from $486 to $2,903. There are also 33 Single Family Homes for rent, Condos, and Townhome rentals currently available in Covington ranging from $450 to $1,250.

What is the current price range for Rental Homes in Covington?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Covington ranges from $450 to $1,250 with an average monthly rent of $763.

How much are larger Three and Four Bedroom Rentals in Covington?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Covington range from $486 to $2,195, while Three Bedroom Homes, Condos, and Townhomes for rent range from $625 to $995. Four Bedroom Single-Family rentals are also available starting from $1,095 and Four Bedroom Apartments start at $499.

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.

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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.