Cheap Apartments for Rent in Elwood, IN from $600 (53 Rentals)

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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.

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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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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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2930 Albright
1 to 2 Bedroom Apartments

2930 Albright

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

Lincolnwood Apartments

2101 Mark LnKokomo, IN 46902
  • Utilities Included
  • Smoke Free
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Harter House
Studio to 1 Bedroom Apartments

Harter House

600 Main StAnderson, IN 46016
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Hoosier Woods
1 to 4 Bedroom Apartments

Hoosier Woods

3833 Hoosier Woods CtAnderson, IN 46013
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Tipton Terrace
1 to 3 Bedroom Apartments

Tipton Terrace

319 Terrace CtTipton, IN 46072
  • Utilities Included

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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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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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 in the Anderson neighborhood priced from $250. Courtyard Village Apartments in the Anderson neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $600. 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
Courtyard Village Apartments1x11BR,1BA$600
Green Town ApartmentsOne Bd rm1BR,1BA$700
Longfellow Plaza Affordable Senior CommunityStudioStudio,1BA$790
Kingston Green Apartments1 BEDROOM G1BR,1BA$800
Fox Acres Apartments1 Bed Room1BR,1BA$835
Winding Brook Apartments1 Bedroom - 1st Floor1BR,1BA$845
Cedar Ridge TownhomesThe Hickory1BR,1BA$869
Hoosier Woods2X2 50%2BR,2BA$872
Harter HouseSofia1BR,1BA$895

Best Value Apartments for Rent in Elwood, IN and Nearby

As of July 15, 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 in the Anderson neighborhood starting from $1,300. The second greatest value Elwood apartment is the 3x1.5 R-Prem Model at Villages on Madison Apartments starting at $1,390 with a $1.06 price per square foot in the Anderson neighborhood. 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
Villages on Madison Apartments3x1.5 R-Prem3BR,1.5BA$1.06
Courtyard Village Apartments2x1.52BR,1.5BA$1.21
Tin Plate Apartments2 Beds, 2 Baths2BR,2BA$1.22
Grissom Estates ApartmentsTwo Bedroom2BR,1BA$1.04
Hoosier Woods2X2 60%2BR,2BA$1.08
Timbernest Town Homes2 Bed, 1.5 Ba Partially Renovated2BR,1.5BA$1.25
Madison LakesOne Bedroom1BR,1BA$1.25
Fox Acres Apartments1 Bed Room1BR,1BA$1.11
The Towers at Southdale Affordable Senior1 Bed/ 1 Bath1BR,1BA$0.45

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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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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Elwood, IN

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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 Longfellow Plaza Affordable Senior Community listed at $790.

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 $872 at Hoosier Woods.

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 $1,008.

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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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.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.