Cheap Apartments for Rent in Elwood, IN from $500 (51 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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Four Winds Apartments
$1,020 - $1,175
Total Monthly Price

Total Monthly Price

Base Rent
$1,020 - $1,175
Total Monthly Price
$1,020 - $1,175
1 to 3 Bedroom Apartments Available May 15

Four Winds Apartments

2601 Morning Star LnAnderson, IN 46011
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour
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2930 Albright
1 to 2 Bedroom Apartments

2930 Albright

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

Lincolnwood Apartments

2101 Mark LnKokomo, IN 46902
  • Utilities Included
  • Smoke Free
property at 21 W 8th St

$700

Studio Rentals

Available Now

21 W 8th St

AndersonIN46016
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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.

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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Showing Results 1-50, Page 1 of 2

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. Green Town Apartments 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
Green Town ApartmentsOne Bd rm1BR,1BA$675
First Flats1bed/1bath Non-Renovated1BR,1BA$750
Longfellow Plaza Affordable Senior CommunityStudioStudio,1BA$790
Kingston Green Apartments1 BEDROOM G1BR,1BA$800
Fox Acres Apartments1 Bed Room1BR,1BA$835
Harter HouseBlancheStudio,1BA$855
Cedar Ridge TownhomesThe Pine1BR,1BA$879
Sun Valley TownhomesTownhouse2BR,1BA$935

Best Value Apartments for Rent in Elwood, IN and Nearby

As of April 15, 2026 the best value apartment in the Elwood area is the $0.93 price per square foot First Floor Model at 1212 Meridian Flats in the starting from $1,575. The second greatest value Elwood apartment is the Townhouse Model at Sun Valley Townhomes starting at $1,300 with a $0.92 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.
1212 Meridian FlatsFirst Floor2BR,2BA$0.93
Sun Valley TownhomesTownhouse3BR,2.5BA$0.92
Madison LakesThree Bedroom3BR,1.5BA$1.08
Tin Plate Apartments2 Beds, 2 Baths2BR,2BA$1.12
Cumberland Pointe ApartmentsMarina-U2BR,2BA$1.18
Grissom Estates ApartmentsTwo Bedroom2BR,1BA$1.04
Hoosier Woods2X2 60%2BR,2BA$1.13
ApplecreekThe Golden2BR,1BA$1.16
Fox Acres Apartments1 Bed Room1BR,1BA$1.11
The Towers at Southdale Affordable Senior1 Bed/ 1 Bath1BR,1BA$0.45

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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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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Remember the 3 Rules of Real Estate:
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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 $850 at First Flats.

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

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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.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.