Cheap Apartments for Rent in Elwood, IN from $500 (50 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

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.

Read Article

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.

Read Article

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.

Read Article
close
View Me
2930 Albright
1 to 2 Bedroom Apartments

2930 Albright

2930 Albright RdKokomo, IN 46902
Corporate Housing
  • Utilities Included
close
View Me
Lincolnwood Apartments
1 to 4 Bedroom Apartments

Lincolnwood Apartments

2101 Mark LnKokomo, IN 46902
  • Utilities Included
  • Smoke Free

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.

Read Article
close
View Me
Tipton Terrace
1 to 3 Bedroom Apartments

Tipton Terrace

319 Terrace CtTipton, IN 46072
  • 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.

Read Article
Showing Results 1-50, Page 1 of 1

Elwood, IN Local Guide

Cheapest Available Elwood Apartments for Rent and Nearby

 

The cheapest available apartment rental in Elwood, IN is a 1 Bed unit found at The Towers at Southdale Affordable Senior priced from $250. First Flats has the second lowest priced unit, which is a 1 Bed apartment currently listed from $675. Here is today’s list of the most affordable Elwood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Towers at Southdale Affordable Senior1 Bed/ 1 Bath1BR,1BA$250
First Flats1bed/1bath Non-Renovated1BR,1BA$675
Green Town ApartmentsOne Bd rm1BR,1BA$675
Harter HouseRoseStudio,1BA$779
Longfellow Plaza Affordable Senior CommunityStudioStudio,1BA$790
Kingston Green Apartments1 BEDROOM G1BR,1BA$800
Hoosier Woods3X2 HOME3BR,2BA$803
Fox Acres Apartments1 Bed Room1BR,1BA$835
ApplecreekThe Washington1BR,1BA$865

Best Value Apartments for Rent in Elwood, IN and Nearby

As of May 30, 2026 the best value apartment in the Elwood area is the $0.92 price per square foot Townhouse Model at Sun Valley Townhomes in the starting from $1,300. The second greatest value Elwood apartment is the 2 Beds, 2 Baths Model at Tin Plate Apartments starting at $1,195 with a $1.07 price per square foot . Here is today’s list of the best values for Elwood apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Sun Valley TownhomesTownhouse3BR,2.5BA$0.92
Tin Plate Apartments2 Beds, 2 Baths2BR,2BA$1.07
Winding Brook Apartments3 Bedroom Town Home3BR,1.5BA$1.19
Grissom Estates ApartmentsTwo Bedroom2BR,1BA$1.04
Madison LakesOne Bedroom1BR,1BA$1.25
Fox Acres Apartments1 Bed Room1BR,1BA$1.11
Hoosier Woods1X1 60%1BR,1BA$1.20
Cedar Ridge TownhomesThe Pine1BR,1BA$1.29
The Towers at Southdale Affordable Senior1 Bed/ 1 Bath1BR,1BA$0.45
Green Town ApartmentsOne Bd rm1BR,1BA$1.23

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

Best Local Schools in
Elwood, IN

School data provided by Great Schools

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

Explore Elwood, IN Rentals by Map

Decorative image of map

See the most popular apartments and homes in Elwood, IN

View Map
Elwood, IN Apartments Map
View Map
Elwood, IN Rental Homes Map

Frequently Asked Questions about Cheap Elwood Apartments

What is the Cheapest Studio apartment in Elwood?

Currently the most affordable Cheap Studio Apartment in Elwood is at Harter House listed at $779.

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

The lowest price for a Cheap One Bedroom Elwood Apartment is $250 at The Towers at Southdale Affordable Senior.

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

Today's best deal for a Cheap Two Bedroom Apartment in Elwood is starting from $910 at Kingston Green Apartments.

What is the most affordable Elwood Three Bedroom Apartment?

The best deal on a cheap Elwood Three Bedroom Apartment rental is at Hoosier Woods and starts from $803.

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

decorative image for Neighborhood and Market Insights: How to Choose the Right Area to Rent article

Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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

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.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.