Cheap Apartments for Rent in Indianapolis, IN from $300 (780 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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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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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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property at 1254 W 23rd St

$750 - $795

1 To 2 Bedroom Rentals

Available Now

1254 W 23rd St

IndianapolisIN46208

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

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 01/11/2026

Current apartment rentals in the Indianapolis, IN area range in price from $563 to $26,672 with an overall median price of $2,912. The three Indianapolis neighborhoods with the lowest median rent pricing are Grace Tuxedo Park at $695, Emerson Heights at $695, and United Northeast at $649. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Grace Tuxedo Park$1,072$69527
Emerson Heights$1,137$69520
United Northeast$1,219$64991
Canterbury Chatard$1,249$64959
Keystone-Monon$1,249$72967
Wallace Crossing$1,250$69527
Eastside$1,300$69573
Forest Manor$1,300$64977
Indy East$1,300$69528
Meadows$1,300$649187

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a Studio unit found at The Stratford in the Cheswick Place neighborhood priced from $620. Meridian Towers in the Martindale neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $629. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The StratfordStudioStudio,1BA$620
Meridian TowersStudio ApartmentStudio,1BA$629
Glenstone StudiosStudioStudio,1BA$649
Volrath**Free Month of Rent ** 128 E Palmer St - Studio1BR,1BA$649
The Meridian North and SouthA2S South1BR,1BA$699
Oxmoor Indy1BR/1.0BA1BR,1BA$699
OlivewoodStudioStudio,1BA$699
The Sheldrake ApartmentsStudio HybridStudio,1BA$700
INDY FLATSSherwood Std DStudio,1BA$705
Serenity Manor 55+ Independent Active LivingStudioStudio,1BA$715

Best Value Apartments for Rent in Indianapolis, IN

As of January 11, 2026 the best value apartment in the Indianapolis area is the $0.64 price per square foot 3809 N Pennsylvania St Model at 3809 N Pennsylvania St, Unit 1 in the in the Martindale neighborhood starting from $1,280. The second greatest value Indianapolis apartment is the 1134 N Dearborn St Model at 1134 N Dearborn St, Unit B starting at $1,400 with a $0.93 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.
3809 N Pennsylvania St, Unit 13809 N Pennsylvania St3BR,2BA$0.64
1134 N Dearborn St, Unit B1134 N Dearborn St3BR,1BA$0.93
2322 Guilford Ave, Unit A2322 Guilford Ave3BR,1BA$0.87
Glen Ridge Manor Townhomes and Flats (Indy Town)Glen Ridge 2 bedroom Flat2BR,1BA$0.72
Shadeland Terrace Townhomes w/Full Basements2 BR / 1.5 BA2BR,1.5BA$0.81
Brookhaven Apartments2 Bed 1 Bath2BR,1BA$0.91
The Star2 Bed2BR,1BA$0.76
Canal Gardens2.1 40%2BR,1BA$0.93
Hopeside I2.2-40%2BR,2BA$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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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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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:

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 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 $715.

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 $2,912.

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 10,043 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 $360 which is $2,552 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.

Articles, How-To's, and Tips

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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.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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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!