Cheap Apartments for Rent in Indianapolis, IN from $543 (982 Rentals)

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

Indy's Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Find your dream job and perfect neighborhood in Indy. Discover major companies and the best places to live for young professionals and families, from historic districts to quiet, upscale communities.

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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 3165 Station St

$699

Studio To 3 Bedroom Rentals

Available Now

3165 Station St

IndianapolisIN46218

Find Your Indy Home: A Guide to Indianapolis Apartment Rentals and Neighborhoods

Discover the heart of the Midwest! Learn about popular Indianapolis neighborhoods to rent like Speedway and Eagledale, plus top universities and can't-miss places to eat.

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Check Out Indianapolis’s Best Affordable Neighborhoods

Learn about Indianapolis and the best places to live with original content written by our Local Expert Wendy Melton

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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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Indianapolis, IN Local Guide

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 09/01/2026

Current apartment rentals in the Indianapolis, IN area range in price from $543 to $14,253 with an overall median price of $1,392. The three Indianapolis neighborhoods with the lowest median rent pricing are Fox Hill Estates at $1,000, New Augusta at $1,006, and Eastside at $1,009. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Fox Hill Estates$1,000$679100
New Augusta$1,006$679132
Eastside$1,009$57091
Garfield Park South$1,012$74921
Georgetown Crossing$1,015$750119
Forest Manor$1,029$599168
Thirty-Eighth & Shadeland$1,029$649192
United Northeast$1,029$599172
Faith Knoll$1,030$679186
Windsor Village$1,030$570101

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a 1 Bed unit found at Central @ 29 in the Martindale neighborhood priced from $543. D&T Nest in the Southeast Indianapolis neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $570. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Central @ 291 Bedroom - A1BR,1BA$543
D&T Nest0 Bedroom 1 Bath - 78708Studio,1BA$570
Volrath1BR/1.0BA1BR,1BA$599
Meridian TowersStudio ApartmentStudio,1BA$629
Glenstone StudiosStudioStudio,1BA$649
Franklin StudiosStudioStudio,1BA$649
Serenity Manor 55+ Active AdultStudioStudio,1BA$659
Dunbar CourtStudioStudio,1BA$675
INDY FLATSSherwood Std DStudio,1BA$675
Oxmoor Indy1BR/1.0BA1BR,1BA$699

Best Value Apartments for Rent in Indianapolis, IN

As of September 01, 2026 the best value apartment in the Indianapolis area is the $0.63 price per square foot 2 Bed Townhouse w/ Basement - 4441 Model at Nola Court Apartments in the in the Keystone-Monon neighborhood starting from $1,000. The second greatest value Indianapolis apartment is the 1134 N Dearborn St Model at 1134 N Dearborn St, Unit B starting at $1,350 with a $0.90 price per square foot in the Martindale neighborhood. Here is today’s list of the best values for Indianapolis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Nola Court Apartments2 Bed Townhouse w/ Basement - 44412BR,1BA$0.63
1134 N Dearborn St, Unit B1134 N Dearborn St3BR,1BA$0.90
1801 S Meridian St, Unit 18011801 S Meridian St3BR,1.5BA$0.89
Chapel Hill ApartmentsThe Denali1BR,1.5BA$0.94
605 N Rural St, Unit 605605 N Rural St3BR,1.5BA$0.90
Mariners Village Apartments2 Bedroom 1 Bathroom2BR,1BA$0.84
Glen Ridge Manor Townhomes and Flats (Indy Town)Glen Ridge 2 Bedroom Townhome2BR,1BA$0.86
The Star2 Bed2BR,1BA$0.76
Meridian Plaza2B2BR,1BA$0.93
Fountain Lake VillasThe Laurel1BR,1BA$0.92

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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Your Guide to Picking the Perfect Indianapolis Neighborhood for Student Renters

Learn About the Best Neighborhoods to Rent Near College Campuses in Indianapolis, IN | Find Charlotte Indianapolis Student Housing at ApartmentHomeLiving.com

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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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Indianapolis Overview

Indiana’s capital, Indianapolis, is the state’s largest city and it ranks 13th in the country for size. It sits near the convergence of the White River and Fall Creek. Recently, Forbes ranked Indianapolis as having one of the best downtowns in the country because of its appealing appearance as well as amenities like movie theaters, museums, art galleries, parks, retail shops and entertainment. Indianapolis has experienced moderate growth in the last few years, and currently has a population of nearly 840,000 residents.

Why live in Indianapolis, IN?

In Indianapolis, if you are a sports fan, you are in luck. The city boasts many sports-related venues and activities. There is a lot to do if you love history, art, and the outdoors as well (in the warmer months, of course!). Here are some of the highlights the city has to offer:

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

Explore Indianapolis, IN Rentals by Map

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See the most popular apartments and homes in Indianapolis, IN

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Indianapolis, IN Area Reviews

  • Parks
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  • Cost of Living
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Wendy • 3+ years in Indianapolis

August 10, 2025

One of Indiana's most beautiful cities!

Frequently Asked Questions about Cheap Indianapolis Apartments

What is a cheap apartment in Indianapolis?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Indianapolis is under $699.

What is the price of a cheap apartment in Indianapolis?

The cheapest apartment in Indianapolis is Central @ 29 which is listed at $543, while the average apartment in Indianapolis costs $1,392.

What types of apartments are the cheapest in Indianapolis?

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 5,799 regular apartments in Indianapolis 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 Indianapolis?

Cheap apartments in Indianapolis have an average cost of $285 which is $1,107 cheaper than the average rent for all rentals in Indianapolis.

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.

Helpful Local Expert Guides

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Indys Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Written by: Wendy Melton

Indianapolis is truly the heart of the Midwest. No matter what career path you choose, opportunities for advancement are everywhere.

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Find Your Indy Home: A Guide to Indianapolis Apartment Rentals and Neighborhoods

Written by: Wendy Melton

My name is Wendy, and I've lived in Indiana for most of my life. Indianapolis is our state capital, and many people consider it the heart of the Midwest. People come from all around to explore everything Indianapolis has to offer.

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Your Guide to Picking the Perfect Indianapolis Neighborhood for Student Renters

Written by: Wendy Melton

Indianapolis is well-known for being one of the top college cities in the country. Local colleges and universities are ranked in the Top 10 when it comes to sports and academic excellence.

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A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Indianapolis

Written by: Wendy Melton

Indianapolis is not only the state capital of Indiana, it’s also a shining example of what Midwestern living is all about. I’m Wendy, your ApartmentHomeLiving.

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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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.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.