Cheap Apartments for Rent in Indianapolis, IN from $300 (846 Rentals)

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

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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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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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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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: 11/24/2025

Current apartment rentals in the Indianapolis, IN area range in price from $315 to $8,975 with an overall median price of $2,672. The three Indianapolis neighborhoods with the lowest median rent pricing are Old Southside at $1,199, The Canal at $1,150, and Warren Park at $775. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Old Southside$1,199$1,1991
The Canal$1,300$1,1503
Warren Park$1,370$77522
Brookhaven$1,405$79516
Lawrence Harrison Park$1,450$79552
Northeastwood$1,450$99521
Towne and Terrace$1,450$99523
Atrium$1,487$95016
Marian Cold Springs$1,495$1,0006
Crown Hill$1,500$72589

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a 2 Beds unit found at Line Lofts in the Riley neighborhood priced from $563. Glenstone Studios in the Allisonville neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $649. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Line LoftsThe Inspiration 30%2BR,1BA$563
Glenstone StudiosStudioStudio,1BA$649
Volrath**Free Month of Rent ** 128 E Palmer St - Studio1BR,1BA$649
The StratfordStudioStudio,1BA$650
Meridian TowersStudio ApartmentStudio,1BA$669
5700 Madison Apartments & Edgewood on MadisonEdgewood - LoftStudio,1BA$670
Oxmoor Indy1BR/1.0BA1BR,1BA$699
Willowood EastStudioStudio,1BA$699
AnnhurstStudioStudio,1BA$699
INDY FLATSSherwood Std DStudio,1BA$705

Best Value Apartments for Rent in Indianapolis, IN

As of November 24, 2025 the best value apartment in the Indianapolis area is the $0.81 price per square foot 1204 N Dearborn St Model at 1204 N Dearborn St in the in the Martindale neighborhood starting from $2,100. The second greatest value Indianapolis apartment is the 3809 N Pennsylvania St Model at 3809 N Pennsylvania St, Unit 1 starting at $1,340 with a $0.67 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.
1204 N Dearborn St1204 N Dearborn St5BR,2BA$0.81
3809 N Pennsylvania St, Unit 13809 N Pennsylvania St3BR,2BA$0.67
811 N Dequincy St811 N Dequincy St3BR,1.5BA$0.85
Chapel Hill ApartmentsThe Denali1BR,1.5BA$0.92
Glen Ridge Manor Townhomes and Flats (Indy Town)Glen Ridge 2 bedroom Flat2BR,1BA$0.78
Brookhaven Apartments2 Bed 1 Bath2BR,1BA$0.89
The Star2 Bed2BR,1BA$0.76
205 - MERIDIAN PLAZA APARTMENTS*Meridian Plaza*2BR,1BA$0.92
Canal Gardens2.1 40%2BR,1BA$0.93
The Aerie on 11th Street2 Bedroom 1 Bath - 203492BR,1BA$0.87

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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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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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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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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Indianapolis, IN Apartments Map
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Indianapolis, IN Rental Homes Map

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.

Indianapolis, IN Area Reviews

  • Parks
  • Entertainment
  • 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 the Cheapest Studio apartment in Indianapolis?

Currently the most affordable Cheap Studio Apartment in Indianapolis is at Glenstone Studios listed at $649.

How much is rent for a Cheap One Bedroom Indianapolis Apartment?

The lowest price for a Cheap One Bedroom Indianapolis Apartment is $649 at Volrath.

What is the lowest price for a Cheap Two Bedroom Indianapolis Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Indianapolis is starting from $775 at The Aerie on 11th Street.

What is the most affordable Indianapolis Three Bedroom Apartment?

The best deal on a cheap Indianapolis Three Bedroom Apartment rental is at El Dorado Apartments and starts from $1,048.

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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.