Cheap Apartments for Rent in Evansville, IN from $400 (165 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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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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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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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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Evansville, IN Local Guide

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Cheapest Neighborhoods for Apartments in Evansville, IN

Pricing Updated: 04/30/2026

Current apartment rentals in the Evansville, IN area range in price from $500 to $4,449 with an overall median price of $1,663. The three Evansville neighborhoods with the lowest median rent pricing are Presidents at $500, Rosedale South at $500, and University South at $500. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Evansville Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Presidents$1,209$50043
Rosedale South$1,209$50059
University South$1,209$50054
ACT$1,224$50027
Lincoln-Bellemeade$1,240$50056
Gum Bayard Park Chandler$1,245$50073
Lorraine Park$1,245$50061
Diamond Stringtown$1,249$64042
Ross Center$1,250$57561
Kathleen Jeannette$1,255$57552

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. Anchor Court in the Howell neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $625. Here is today’s list of the most affordable Evansville apartments for rent:

Apartment ListingModel NameBed/BathPriced From
SPRING VALLEY FLATSThe Redbud1BR,1BA$599
Anchor Court1BR/1.0BA1BR,1BA$625
Sontra Evansville Apartments0BR/1.0BAStudio,1BA$630
Valoré at Hidden HillsThe Dogwood - One Bedroom Apartment Home1BR,1BA$675
Crescent Court Apartments1BR/1.0BA1BR,1BA$675
Embassy Apartments0.1Studio,1BA$685
Heathmoore - Evansville1 Bed 1 Bath1BR,1BA$700
Shannon GlennMcConnell2BR,1BA$710
Village GreenCypress1BR,1BA$730
Shady Tree ApartmentsThe Elm1BR,1BA$745

Best Value Apartments for Rent in Evansville, IN

As of April 30, 2026 the best value apartment in the Evansville area is the $0.47 price per square foot 4BR/2BA - Furnished Model at Eagle Village - Historical Access in the in the Evansville West Side neighborhood starting from $565. The second greatest value Evansville apartment is the 2BR/1.0BA Model at Ross Center Village starting at $975 with a $0.85 price per square foot in the Lincoln-Bellemeade 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.
Eagle Village - Historical Access4BR/2BA - Furnished4BR,2BA$0.47
Ross Center Village2BR/1.0BA2BR,1BA$0.85
Hornbrook Estates ApartmentsTwo Bedroom One Bathroom2BR,1BA$0.93
Indian WoodsThe Oak2BR,1BA$1.05
North ParkBerkshire2BR,1.5BA$1.12
Mission Viejo VillasB- Barcelona1BR,1BA$1.16
Shannon GlennMcConnell2BR,1BA$0.89
Abbey Court ApartmentsCambridge1BR,1BA$1.13
Pavilion Lakes ApartmentsThe Michigan1BR,1BA$1.18
Addison PlaceWindsor1BR,1BA$1.17

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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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.

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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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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 $745.

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 $1,663.

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 357 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 $232 which is $1,431 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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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.

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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.