Cheap Homes for Rent in Elwood, IN from $500 (21 Rentals)

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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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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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Showing Results 1-21, 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

Best Value Apartments for Rent in Elwood, IN and Nearby

As of June 01, 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.

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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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Frequently Asked Questions about Elwood

What type of rentals are currently available in Elwood?

There are currently 57 Apartments for Rent in Elwood, IN with pricing that ranges from $250 to $930,980. There are also 33 Single Family Homes for rent, Condos, and Townhome rentals currently available in Elwood ranging from $525 to $1,900.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in Elwood ranges from $525 to $1,900 with an average monthly rent of $985.

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

For those who are looking for larger living arrangements, Three Bedroom Apartments in Elwood range from $803 to $3,249, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,000 to $1,900. Four Bedroom Single-Family rentals are also available starting from $1,295 and Four Bedroom Apartments start at $1,373.

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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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.

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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.

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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.

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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.