Cheap New Apartments for Rent in Indianapolis, IN from $300 (77 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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632MLK
Rent Specials
$1,050 - $2,550
Total Monthly Price

Total Monthly Price

Base Rent
$955 - $2,455
Required Monthly Fees
$95
Total Monthly Price
$1,050 - $2,550
Built in 2016Studio to 3 Bedroom Apartments Available Now

632MLK

632 Dr Martin Luther King Jr StIndianapolis, IN 46202
Furnished
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  • Customer Reviewed
  • 3D Tour
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The Delaware Apartments
Rent Specials
$1,175 - $1,750
Total Monthly Price

Total Monthly Price

Base Rent
$1,140 - $1,715
Required Monthly Fees
$35
Total Monthly Price
$1,175 - $1,750
Built in 2016Studio to 2 Bedroom Apartments Available Now

The Delaware Apartments

2205 N Delaware StIndianapolis, IN 46205
Furnished
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  • Customer Reviewed
  • 3D Tour

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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Residence on Penn
$1,199 - $1,599
Total Monthly Price

Total Monthly Price

Base Rent
$1,064 - $1,464
Required Monthly Fees
$135
Total Monthly Price
$1,199 - $1,599
Built in 2025Studio to 2 Bedroom Apartments Available Now

Residence on Penn

2801 S Pennsylvania StIndianapolis, IN 46225
Affordability
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2131 North
$1,215 - $1,585
Total Monthly Price

Total Monthly Price

Base Rent
$1,215 - $1,585
Total Monthly Price
$1,215 - $1,585
Built in 20171 to 2 Bedroom Apartments Available Now

2131 North

2131 N Meridian StIndianapolis, IN 46202
Pet Friendly
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  • Utilities Included
  • 3D Tour

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 Coil
Rent Specials
$1,295 - $3,295
Total Monthly Price

Total Monthly Price

Base Rent
$1,113 - $3,113
Required Monthly Fees
$182
Total Monthly Price
$1,295 - $3,295
Built in 2017Studio to 2 Bedroom Apartments Available Now

The Coil

6349 N College AveIndianapolis, IN 46220
Luxury
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  • Customer Reviewed
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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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Parkside At Tarkington
Built in 20221 to 2 Bedroom Apartments

Parkside At Tarkington

3901 N Meridian StIndianapolis, IN 46208
Senior Living
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The Reserve at White River
Built in 20221 to 2 Bedroom Apartments

The Reserve at White River

2774 Pixel RdIndianapolis, IN 46222
Senior Living
  • Utilities Included
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Monon Lofts
Built in 20171 to 2 Bedroom Apartments

Monon Lofts

1122 E 16th StIndianapolis, IN 46202
  • Utilities Included
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Slate Run Lofts
Built in 2019Studio to 2 Bedroom Apartments

Slate Run Lofts

9555 International DrIndianapolis, IN 46268
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Grid
Built in 2020Studio to 2 Bedroom Apartments

Grid

520 E Washington StIndianapolis, IN 46204

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

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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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 The Stratford listed at $620.

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 $579 at East Village at Avondale Meadows Apartments.

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 $999.

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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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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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.