Cheap Apartments for Rent in Evansville, IN from $400 (136 Rentals)

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

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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property at 307 SE 2nd St

$750

1 Bedroom Rentals

Available Now

307 SE 2nd St

EvansvilleIN47713

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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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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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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Evansville, IN Local Guide

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Cheapest Neighborhoods for Apartments in Evansville, IN

Pricing Updated: 06/14/2026

Current apartment rentals in the Evansville, IN area range in price from $525 to $4,449 with an overall median price of $1,690. The three Evansville neighborhoods with the lowest median rent pricing are Dexter at $600, Eastview at $600, and Gum Bayard Park Chandler at $600. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Evansville Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Dexter$1,309$60074
Eastview$1,309$60055
Gum Bayard Park Chandler$1,309$60058
Kathleen Jeannette$1,309$60054
Lincoln-Bellemeade$1,309$63067
Lorraine Park$1,309$60053
Ross Center$1,309$60066
Lincoln Park$1,315$52545
Spring Park$1,315$52551
Jeannette$1,319$60063

Cheapest Available Evansville Apartments for Rent

 

The cheapest available apartment rental in Evansville, IN is a 1 Bed unit found at SPRING VALLEY FLATS in the Oakhill neighborhood priced from $599. Sontra Evansville Apartments in the Lincoln-Bellemeade neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $630. Here is today’s list of the most affordable Evansville apartments for rent:

Apartment ListingModel NameBed/BathPriced From
SPRING VALLEY FLATSThe Redbud1BR,1BA$599
Sontra Evansville Apartments0BR/1.0BAStudio,1BA$630
Embassy Apartments0.1Studio,1BA$660
Valoré at Hidden HillsThe Dogwood - One Bedroom Apartment Home1BR,1BA$675
Shannon GlennMcConnell2BR,1BA$710
Bradford Pointe ApartmentsINBFP 2x1 675sqft - Classic2BR,1BA$725
Shady Tree ApartmentsThe AshStudio,1BA$735
TERRA TRACEThe Dogwood1BR,1BA$749
WedgewoodTwo Bedroom2BR,1BA$750
Devonshire Gardens I & IIII 1 Bed 1 Bath B1BR,1BA$770

Best Value Apartments for Rent in Evansville, IN

As of June 15, 2026 the best value apartment in the Evansville area is the $1.15 price per square foot 3BR/2.0BA Model at Apartments@41 in the in the Business 41 neighborhood starting from $1,600. The second greatest value Evansville apartment is the 2bed2bath Model at 1210 Char Lee Dr starting at $1,400 with a $1.12 price per square foot in the Howell neighborhood. Here is today’s list of the best values for Evansville apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Apartments@413BR/2.0BA3BR,2BA$1.15
1210 Char Lee Dr2bed2bath2BR,2BA$1.12
North ParkKensington2BR,1.5BA$1.00
Eagle Village - Historical Access4BR/2BA - Furnished4BR,2BA$0.47
WedgewoodTwo Bedroom2BR,1.5BA$0.63
Indian WoodsThe Oak2BR,1BA$0.95
Colonial Manor Apartments2X12BR,1BA$1.15
Addison PlaceSt Charles2BR,1BA$1.15
Abbey Court ApartmentsCambridge1BR,1BA$1.15
Devonshire Gardens I & IIII 1 Bed 1 Bath B1BR,1BA$1.15

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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Evansville Overview

Evansville, Indiana is one of the most unique and culturally diverse cities on the map. Located along the Ohio River, this port town is a commercial and cultural hub, serving neighboring states for over 80 years. Boasting a population of just under 120,000 people, Evansville has everything a large city could offer, without losing that small town feel. Plenty of options in affordable Evansville apartments available to locals makes this a popular midwest destination.

Why live in Evansville, IN?

Whether you’re in the mood for jazz, rock, hip-hop, or news/talk, there is always something on the airwaves to please your ears. Courier & Press, part of the USA Today network, is the official newspaper and is always there to serve your local and national news needs.

Best Local Schools in
Evansville, IN

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

Explore Evansville, IN Rentals by Map

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Evansville, IN Area Reviews

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Frequently Asked Questions about Cheap Evansville Apartments

What is a cheap apartment in Evansville?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Evansville is under $770.

What is the price of a cheap apartment in Evansville?

The cheapest apartment in Evansville is SPRING VALLEY FLATS which is listed at $599, while the average apartment in Evansville costs $1,690.

What types of apartments are the cheapest in Evansville?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 281 regular apartments in Evansville that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Evansville?

Cheap apartments in Evansville have an average cost of $287 which is $1,403 cheaper than the average rent for all rentals in Evansville.

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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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.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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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.