Cheap Apartments for Rent in Indianapolis, IN from $300 (869 Rentals)

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

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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Navigating the Rental Market: Tips for First-Time Renters

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Check Out Indianapolis’s Best Affordable Neighborhoods

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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: 06/15/2025

Current apartment rentals in the Indianapolis, IN area range in price from $325 to $12,320 with an overall median price of $2,596. The three Indianapolis neighborhoods with the lowest median rent pricing are Maywood at $700, Emerson Heights at $325, and North Perry at $354. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Maywood$700$7001
Emerson Heights$1,240$32553
North Perry$1,384$35479
Delaware Trail$1,459$829160
North Willow$1,459$785145
Edgewood$1,464$390120
Garden City$1,480$65014
Stout Field$1,482$550159
Shelborne Green$1,485$79853
Eagledale$1,485$550167

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a 2 Beds unit found at Harpers Crossing in the Avon Creek Estates neighborhood priced from $529. The Stratford in the Cheswick Place neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $610. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Harpers Crossing2 bdr2BR,1BA$529
The StratfordStudioStudio,1BA$610
ParkwayStudioStudio,1BA$625
Glenstone StudiosStudioStudio,1BA$649
East Village at Avondale Meadows ApartmentsA11BR,1BA$693
Meridian TowersStudio ApartmentStudio,1BA$695
Country Club ApartmentsStudioStudio,1BA$699
Oxmoor Indy1BR/1.0BA1BR,1BA$699
Courts Apartments2 Bedroom 1 Bathroom Apartment2BR,1BA$700
The Aerie on 11th Street6260 East 11th Street - Apt 3072BR,1BA$700

Best Value Apartments for Rent in Indianapolis, IN

As of June 15, 2025 the best value apartment in the Indianapolis area is the $0.89 price per square foot 2 Bedroom Townhome Model at SOUTHPORT AT BUCK CREEK in the in the Thompson-Edgewood neighborhood starting from $1,239. The second greatest value Indianapolis apartment is the Palladium Model at Copper Chase at Stones Crossing starting at $1,390 with a $1.01 price per square foot in the Barton Lakes 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.
SOUTHPORT AT BUCK CREEK2 Bedroom Townhome2BR,1.5BA$0.89
Copper Chase at Stones CrossingPalladium2BR,2BA$1.01
Glen Ridge Manor Townhomes and FlatsGlen Ridge 2 Bedroom Townhome2BR,1BA$0.82
The Star2 Beds, 1 Baths2BR,1BA$0.76
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$0.91
Hopeside I2.2-50%2BR,2BA$0.81
Harpers Crossing2 bdr2BR,1BA$0.60
The Aerie on 11th Street6260 East 11th Street - Apt 3052BR,1BA$0.82
205 - MERIDIAN PLAZA APARTMENTS1B LG1BR,1BA$1.02
Oxmoor Indy1BR/1.0BA1BR,1BA$1.00

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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:

Pet Friendly Lifestyle
Indianapolis, IN

Ranked #1

Among cities in Indiana for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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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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Getting Around Indianapolis, IN

Walk Score®

50 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

53 / 100

Bikeable

Some bike infrastructure

Transit Score®

29 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

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 $700.

What is the price of a cheap apartment in Indianapolis?

The cheapest apartment in Indianapolis is East Village at Avondale Meadows Apartments which is listed at $693, while the average apartment in Indianapolis costs $2,596.

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 2,424 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 $284 which is $2,312 cheaper than the average rent for all rentals in Indianapolis.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.