Cheap Apartments for Rent in Indianapolis, IN from $300 (840 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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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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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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property at 3165 Station St

$749

Studio To 3 Bedroom Rentals

Available Now

3165 Station St

IndianapolisIN46218
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One Somerset
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$775
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$775
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2 Bedroom Apartments Available Now

One Somerset

3761 S State AveIndianapolis, IN 46227
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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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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: 07/17/2026

Current apartment rentals in the Indianapolis, IN area range in price from $295 to $12,500 with an overall median price of $3,051. The three Indianapolis neighborhoods with the lowest median rent pricing are North Meridian at $1,050, Irish Hill at $1,095, and Devonshire at $375. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
North Meridian$1,050$1,0501
Irish Hill$1,095$1,0951
Devonshire$1,300$3753
Thirty-Eighth & Franklin$1,350$1,14922
Eagledale$1,405$1,2253
Near Northwest Riverside$1,420$75044
Southport$1,422$3103
Near NW Riverside$1,425$37039
Northeastwood$1,432$1,15019
Towne and Terrace$1,432$1,15019

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a Studio unit found at D&T Nest in the Southeast Indianapolis neighborhood priced from $595. Meridian Towers in the Martindale neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $599. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
D&T Nest0 Bedroom 1 Bath - 56981Studio,1BA$595
Meridian TowersStudio ApartmentStudio,1BA$599
Serenity Manor 55+ Independent Active LivingStudioStudio,1BA$659
Franklin StudiosStudioStudio,1BA$665
Glenstone StudiosStudioStudio,1BA$665
Elmtree ParkStudio 1 BathStudio,1BA$695
Oxmoor Indy1BR/1.0BA1BR,1BA$699
Maple Creek VillageStudioStudio,1BA$700
INDY FLATSSherwood Std DStudio,1BA$705
The Sheldrake ApartmentsStudio HybridStudio,1BA$705

Best Value Apartments for Rent in Indianapolis, IN

As of July 18, 2026 the best value apartment in the Indianapolis area is the $0.75 price per square foot 246 N Beville Ave Model at 246 N Beville Ave, Unit 1 in the in the Indy East neighborhood starting from $1,500. The second greatest value Indianapolis apartment is the #4 Model at 945 Woodruff Place Middle Drive starting at $1,495 with a $0.98 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.
246 N Beville Ave, Unit 1246 N Beville Ave3BR,2BA$0.75
945 Woodruff Place Middle Drive#42BR,1.5BA$0.98
Chapel Hill ApartmentsThe Denali1BR,1.5BA$0.94
Brookhaven Apartments2 Bed 1 Bath2BR,1BA$0.89
7 Pointe ApartmentsGarnet2BR,2BA$0.99
The Star2 Bed2BR,1BA$0.76
60 - ADDISON APARTMENTSAddison Apts - Gorgeous 2 Bed/1 Bath Apt2BR,1BA$0.96
Mariners Village Apartments1 Bedroom 1 Bathroom1BR,1BA$0.91
Canal Gardens2.1 40%2BR,1BA$0.93
The Davlan2-12BR,1BA$0.95

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

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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 the Cheapest Studio apartment in Indianapolis?

Currently the most affordable Cheap Studio Apartment in Indianapolis is at D&T Nest listed at $595.

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

The lowest price for a Cheap One Bedroom Indianapolis Apartment is $699 at Oxmoor Indy.

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 $745 at Postbrook East Apartments.

What is the most affordable Indianapolis Three Bedroom Apartment?

The best deal on a cheap Indianapolis Three Bedroom Apartment rental is at Maison Gardens Apartments and starts from $870.

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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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.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.