Cheap Apartments for Rent in Indianapolis, IN from $300 (885 Rentals)

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

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 3609 Balsam Ave

$658 - $750

Studio To 1 Bedroom Rentals

Available Now

3609 Balsam Ave

IndianapolisIN46205

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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M Club Apartments
Rent Specials
$711 - $2,065
Total Monthly Price

Total Monthly Price

Base Rent
$711 - $2,065
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

M Club Apartments

7007 Courthouse DrIndianapolis, IN 46226
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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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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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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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Indianapolis, IN Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 04/18/2026

Current apartment rentals in the Indianapolis, IN area range in price from $200 to $14,821 with an overall median price of $2,659. The three Indianapolis neighborhoods with the lowest median rent pricing are Emerson Heights at $649, Forest Manor at $545, and United Northeast at $545. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Emerson Heights$1,047$64921
Forest Manor$1,125$54593
United Northeast$1,125$545118
Devon$1,180$545148
West Newton$1,200$1,0003
Fairgrounds$1,229$545229
Meadows$1,270$545178
Near Eastside$1,299$64968
Indy East$1,300$79929
Willow Springs$1,300$77530

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a Studio unit found at 632MLK in the Near North Indianapolis neighborhood priced from $200. Postbrook East Apartments in the Southeast Indianapolis neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $485. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
632MLKWaiting ListStudio,1BA$200
Postbrook East Apartments2bd F2BR,1BA$485
The Villages at Mill Crossing2TH3050H2BR,1BA$545
East Village at Avondale Meadows ApartmentsB32BR,2BA$569
The StratfordStudioStudio,1BA$620
Meridian TowersStudio ApartmentStudio,1BA$629
Hopeside I2.2-30%-H2BR,2BA$633
Glenstone StudiosStudioStudio,1BA$649
Volrath**Free Month of Rent ** 128 E Palmer St - Studio1BR,1BA$649
INDY FLATSSherwood Std DStudio,1BA$655

Best Value Apartments for Rent in Indianapolis, IN

As of April 18, 2026 the best value apartment in the Indianapolis area is the $0.97 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,750. The second greatest value Indianapolis apartment is the Three Bedroom Townhome (T3) Model at Darby Court starting at $1,482 with a $0.96 price per square foot in the Speedway Wellhead 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.
Shoemaker Buildingloft2BR,2BA$0.97
Darby CourtThree Bedroom Townhome (T3)3BR,2.5BA$0.96
1121 N Dearborn St, Unit 1121 N Dearborn1121 N Dearborn St2BR,1.5BA$0.81
605 N Rural St, Unit 605605 N Rural St3BR,1.5BA$0.90
Brookhaven Apartments2 Bed 1 Bath2BR,1BA$0.91
The Star2 Bed2BR,1BA$0.76
Indy Town ApartmentsFrederick Square 2 bedroom2BR,1BA$0.91
Canal Gardens2.1 40%2BR,1BA$0.93
Hopeside I2.2-40%-H2BR,2BA$0.96
The Davlan2-12BR,1BA$0.95

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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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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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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  • Local Vibes
  • Restaurants
  • Location
  • Traffic
  • Public Transportation
  • Outdoor Access
  • Cost of Living
  • Safety

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 $655.

What is the price of a cheap apartment in Indianapolis?

The cheapest apartment in Indianapolis is Volrath which is listed at $649, while the average apartment in Indianapolis costs $2,659.

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 10,175 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 $422 which is $2,237 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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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.

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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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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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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.

Articles, How-To's, and Tips

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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.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.