Cheap Apartments for Rent in the Canal Walk Neighborhood of Indianapolis, IN from $500 (80 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Canal Walk area of Indianapolis.

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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

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1040 N Delaware StIndianapolis, IN 46202
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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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Canal Walk - One of the Best Affordable Neighborhoods in Indianapolis

Named as one of the Best Affordable Neighborhoods to rent in Indianapolis by our Local Expert Wendy Melton. See how it ranks!

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Canal Walk, Indianapolis, IN Local Guide

Cheapest Available Canal Walk Apartments for Rent

 

The cheapest available apartment rental in the Canal Walk area of Indianapolis, IN is a 1 Bed unit found at The Seminole priced from $833. Priscilla on Pennsylvania has the second lowest priced unit, which is a Studio apartment currently listed from $895. Here are the most affordable Canal Walk apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The Seminole1br1BR,1BA$833
Priscilla on PennsylvaniaStudio - Second FloorStudio,1BA$895
Christian Place Apartments251BR,1BA$950
Lockefield GardensStandard One Bedroom (SR4)1BR,1BA$989
Indy Colonial Apartments1 Bed, 1 bath1BR,1BA$1,000
Senate Manor1.1 Ap1BR,1BA$1,005
Lofts on MadisonStudioStudio,1BA$1,049
Ralston ApartmentsMagnolia1BR,1BA$1,092
800 CapitolImprint 60%1BR,1BA$1,092

Best Value Apartments for Rent in Canal Walk, IN

As of June 06, 2025 the best value apartment in the Canal Walk area is the $1.08 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,950. The second greatest value Canal Walk apartment is the 2 Bedroom Model at 1301 N Alabama St starting at $2,250 with a $1.36 price per square foot in the Near North Indianapolis neighborhood. Here is today’s list of the best values for Canal Walk apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Shoemaker Buildingloft2BR,2BA$1.08
1301 N Alabama St2 Bedroom2BR,1BA$1.36
The Block1 Bedroom 1 Bath1BR,1BA$1.06
Gardens of Canal CourtTwo Bedroom Two Bath (1,311 Square Feet)2BR,2BA$1.28
RaleighRaleigh 1BTH 8861BR,2BA$1.42
Van DykeVan Dyke 1BTH 8821BR,1BA$1.34
615 W 10th St, Unit Downstairs615 W 10th StStudio ,1BA$1.25
The Seminole1br1BR,1BA$1.13
Indiana Flats and Townhomes2 x 1 Townhome2BR,1BA$1.63
Illinois Street Senior Apartments1BR 1A 60%1BR,1BA$1.68

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Pet Friendly Lifestyle
Canal Walk, Indianapolis, IN

Ranked #7

Among neighborhoods in Indianapolis, IN for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you Lifestyle Ratings of rentals in metropolitan areas across the United States, including Indianapolis. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including rankings of the best places for outdoor amenities like tennis courts, luxury amenities, transit availability, pet-friendly communities, apartment communities for the kids, in addition to floorplans, availablity, and pricing. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap Canal Walk Apartments

What is a cheap apartment in Canal Walk?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Canal Walk is under $1,092.

What is the price of a cheap apartment in Canal Walk?

The cheapest apartment in Canal Walk is The Seminole which is listed at $833, while the average apartment in Canal Walk costs $2,654.

What types of apartments are the cheapest in Canal Walk?

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 18 regular apartments in Canal Walk 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 Canal Walk?

Cheap apartments in Canal Walk have an average cost of $659 which is $1,995 cheaper than the average rent for all rentals in Canal Walk.

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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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.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.