Cheap Apartments for Rent in Evansville, IN from $500 (186 Rentals)

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

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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property at 931 SE 8th St
$650 - $750
1 Bedroom Rentals
Available Now
Affordability

931 SE 8th St

EvansvilleIN47713
property at 309 E Virginia St
$725 - $825
1 Bedroom Rentals
Available Now
Affordability

309 E Virginia St

EvansvilleIN47711

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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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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Evansville, IN Local Guide

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Local Guide Expert

Cheapest Neighborhoods for Apartments in Evansville, IN

Pricing Updated: 09/13/2026

Current apartment rentals in the Evansville, IN area range in price from $124 to $4,449 with an overall median price of $1,317. The three Evansville neighborhoods with the lowest median rent pricing are Spring Park at $955, Ross Center at $985, and Kathleen Jeannette at $989. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Evansville Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Spring Park$955$60068
Ross Center$985$63097
Kathleen Jeannette$989$63094
Dexter$994$600100
Eastview$999$63098
Gum Bayard Park Chandler$999$630100
Jeannette$999$600109
Lorraine Park$999$63099
Lincoln Park$1,020$65065
Outer West$1,025$12479

Cheapest Available Evansville Apartments for Rent

 

The cheapest available apartment rental in Evansville, IN is a 1 Bed unit found at 1210 Char Lee Dr in the Howell neighborhood priced from $500. 2010 W Indiana St in the Howell neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $545. Here is today’s list of the most affordable Evansville apartments for rent:

Apartment ListingModel NameBed/BathPriced From
1210 Char Lee Dr1bed1bath1BR,1BA$500
2010 W Indiana St1BR/1.0BA1BR,1BA$545
SPRING VALLEY FLATSThe Redbud1BR,1BA$599
Anchor Court Apartments1BR/1.0BA1BR,1BA$625
Sontra Evansville Apartments0BR/1.0BAStudio,1BA$655
Embassy Apartments0.1Studio,1BA$660
Valoré at Hidden HillsThe Dogwood - One Bedroom Apartment Home1BR,1BA$675
Addison PlaceWindsor1BR,1BA$699
Heathmoore - Evansville1 Bed 1 Bath1BR,1BA$700
Shannon GlennMcConnell2BR,1BA$710

Best Value Apartments for Rent in Evansville, IN

As of September 13, 2026 the best value apartment in the Evansville area is the $1.07 price per square foot 3BR/2.0BA Model at Sunset Tower in the in the ACT neighborhood starting from $1,600. The second greatest value Evansville apartment is the 3BR/2.0BA Model at Apartments@41 starting at $1,500 with a $1.08 price per square foot in the Business 41 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.
Sunset Tower3BR/2.0BA3BR,2BA$1.07
Apartments@413BR/2.0BA3BR,2BA$1.08
WedgewoodTwo Bedroom2BR,1.5BA$0.63
Weinbach Manor ApartmentsModel2BR,2BA$1.04
Northbend Townhomes3 Bedroom Townhome3BR,1.5BA$1.12
Indian WoodsThe Oak2BR,1BA$1.00
Terra Trace Apartments2x1.5-9362BR,1.5BA$1.12
1210 Char Lee Dr1bed1bath1BR,1BA$0.67
Abbey Court ApartmentsCambridge1BR,1BA$1.01
Addison PlaceWindsor1BR,1BA$1.06

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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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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.

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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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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 $710.

What is the price of a cheap apartment in Evansville?

The cheapest apartment in Evansville is 1210 Char Lee Dr which is listed at $500, while the average apartment in Evansville costs $1,317.

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 251 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 $235 which is $1,082 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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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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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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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.