Cheap Apartments for Rent in Indianapolis, IN from $300 (654 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

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Check Out Indianapolis’s Best Affordable Neighborhoods

Learn about Indianapolis and the best places to live with original content written by our Local Expert Wendy Melton

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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: 07/30/2025

Current apartment rentals in the Indianapolis, IN area range in price from $550 to $11,670 with an overall median price of $2,259. The three Indianapolis neighborhoods with the lowest median rent pricing are Irvington at $700, Garfield Park South at $649, and Carson Heights 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
Irvington$1,110$70018
Garfield Park South$1,299$64918
Carson Heights$1,303$649114
University Heights$1,303$649115
Edgewood$1,307$740163
Park 100$1,307$726106
North Perry$1,332$64957
Thompson-Edgewood$1,332$740142
Keystone-Monon$1,350$73939
Shelby Street-Epler Avenue$1,357$649180

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a 1 Bed unit found at Harpers Crossing in the The Settlement - Designer neighborhood priced from $438. East Village at Avondale Meadows Apartments in the Martindale neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $579. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Harpers Crossing1 bdr1BR,1BA$438
East Village at Avondale Meadows ApartmentsB32BR,2BA$579
The StratfordStudioStudio,1BA$610
Meridian TowersStudio ApartmentStudio,1BA$629
Country Club ApartmentsStudioStudio,1BA$649
Glenstone StudiosStudioStudio,1BA$649
Parkway1 Bedroom1BR,1BA$699
The Aerie on 11th Street6260 East 11th Street - Apt 3022BR,1BA$700
Indy Town ApartmentsArlington Green 1 bedroom1BR,1BA$713
Serenity Manor 55+ Independent Senior LivingStudioStudio,1BA$715

Best Value Apartments for Rent in Indianapolis, IN

As of July 30, 2025 the best value apartment in the Indianapolis area is the $0.93 price per square foot 7176B1 Model at Pinnacle on Meridian in the in the Nora neighborhood starting from $2,049. The second greatest value Indianapolis apartment is the Two Bedroom One Bathroom Model at Mariners Village starting at $1,113 with a $0.93 price per square foot in the Timberview 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.
Pinnacle on Meridian7176B12BR,2BA$0.93
Mariners VillageTwo Bedroom One Bathroom2BR,1BA$0.93
Glen Ridge Manor Townhomes and FlatsGlen Ridge 2 Bedroom Townhome2BR,1BA$0.81
Estates at Crystal BayThree Bedroom 1.5 Bath Townhouse 1150 sq ft3BR,1.5BA$0.88
Scandia ApartmentsLandsting2BR,2BA$1.03
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$0.86
Hopeside I2.2-50%2BR,2BA$0.81
Villa Del Sol ApartmentsSpacious one bed one bathroom apartment1BR,1BA$1.04
The Aerie on 11th Street6240 East 11th Street - Apt 2022BR,1BA$0.82
The Star1 Bed1BR,1BA$0.91

Quick Rent Budget Calculator

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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:

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.

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 Harpers Crossing which is listed at $438, while the average apartment in Indianapolis costs $2,259.

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 3,459 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 $387 which is $1,872 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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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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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.