Cheap Apartments for Rent in Elwood, IN from $600 (58 Rentals)

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

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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Four Winds Apartments
$1,075 - $1,220
Total Monthly Price

Total Monthly Price

Base Rent
$1,075 - $1,220
Total Monthly Price
$1,075 - $1,220
1 to 3 Bedroom Apartments Available Now

Four Winds Apartments

2601 Morning Star LnAnderson, IN 46011
Corporate Housing
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  • Customer Reviewed
  • 3D Tour

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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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
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Harter House
Studio to 1 Bedroom Apartments

Harter House

600 Main StAnderson, IN 46016

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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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. Green Town Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $700. 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
Green Town ApartmentsOne Bd rm1BR,1BA$700
Longfellow Plaza Affordable Senior CommunityStudioStudio,1BA$790
First Flats1bd/1bath Partially Renovated1BR,1BA$800
Kingston Green Apartments1 BEDROOM G1BR,1BA$800
Fox Acres Apartments1 Bed Room1BR,1BA$835
Winding Brook Apartments1 Bedroom - 2nd Floor1BR,1BA$845
1212 Meridian Flats1x11BR,1BA$850

Best Value Apartments for Rent in Elwood, IN and Nearby

As of August 30, 2026 the best value apartment in the Elwood area is the $1.11 price per square foot 3 Bed 1.5 Bath Model at Four Winds Apartments in the in the Anderson neighborhood starting from $1,220. The second greatest value Elwood apartment is the 2x1 Model at 1212 Meridian Flats starting at $1,170 with a $1.21 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.
Four Winds Apartments3 Bed 1.5 Bath3BR,1.5BA$1.11
1212 Meridian Flats2x12BR,1BA$1.21
Grissom Estates ApartmentsTwo Bedroom2BR,1BA$1.04
Hoosier Woods2X2 60%2BR,2BA$1.04
Timbernest Town Homes2 Bed, 1.5 Ba Partially Renovated2BR,1.5BA$1.24
1522 Main St, Unit 11522 Main St1BR,1BA$0.94
Madison LakesOne Bedroom1BR,1BA$1.25
Fox Acres Apartments1 Bed Room1BR,1BA$1.11
902 S Anderson St, Unit 2902 S Anderson St2BR,1.5BA$1.27
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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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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

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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 $890 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 $1,109.

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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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.

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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.