Cheap Apartments for Rent in the Canal Walk Neighborhood of Indianapolis, IN from $500 (61 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Canal Walk area of 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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Windsor
Studio to 1 Bedroom Apartments

Windsor

1235 N Delaware StIndianapolis, IN 46202
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Barbee
1 Bedroom Apartments

Barbee

1215 N Pennsylvania StIndianapolis, IN 46202
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The Harrison
Studio to 1 Bedroom Apartments

The Harrison

1320 N Delaware StIndianapolis, IN 46202
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Madison Apartments
1 to 2 Bedroom Apartments

Madison Apartments

226 E 12th StIndianapolis, IN 46202
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550 Fletcher Ave
1 to 3 Bedroom Apartments

550 Fletcher Ave

550 Fletcher AveIndianapolis, IN 46203
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Capitol Manor
1 Bedroom Apartments

Capitol Manor

842 N Capitol AveIndianapolis, IN 46204
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Victoria Apartments
Studio Apartments

Victoria Apartments

1244 N Illinois StIndianapolis, IN 46202
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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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Canal Gardens
1 to 2 Bedroom Apartments

Canal Gardens

1249 Dr Martin Luther King Jr StIndianapolis, IN 46202
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Chelsea Manor
1 to 2 Bedroom Apartments

Chelsea Manor

1451 Central AveIndianapolis, IN 46202
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Mayleeno
1 Bedroom Apartments

Mayleeno

416 E Vermont PlIndianapolis, IN 46202
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The Seminole
1 Bedroom Apartments

The Seminole

920 N Alabama StIndianapolis, IN 46202
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Campus Townhomes
2 Bedroom Apartments

Campus Townhomes

531 Ransom StIndianapolis, IN 46202
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Stonegate Apartments
Studio to 3 Bedroom Apartments

Stonegate Apartments

1220-1226 N Illinois StIndianapolis, IN 46202
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Raleigh
Studio to 2 Bedroom Apartments

Raleigh

108 E 13th StIndianapolis, IN 46202
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Van Dyke
Studio to 2 Bedroom Apartments

Van Dyke

1229 N Pennsylvania StIndianapolis, IN 46202
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Maryden on Central
Studio to 2 Bedroom Apartments

Maryden on Central

1308 Central AveIndianapolis, IN 46202
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Grid
Studio 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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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 Studio unit found at INDY FLATS priced from $705. St. Agnes Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $785. Here are the most affordable Canal Walk apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
INDY FLATSSherwood Std DStudio,1BA$705
St. Agnes Apartments5th Floor Studio LargeStudio,1BA$785
Madison ApartmentsOne bedroom1BR,1BA$795
Canal Gardens2.1 40%2BR,1BA$891
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$899
Traymore ApartmentsOne Bedroom1BR,1BA$925
Senate ManorS.1 CStudio,1BA$930
Christian Place Apartments71BR,1BA$950
1010 CentralLoft 50%1BR,1BA$956
Devonshire Apartments in Downtown Indianapolis1BR/1.0BA1BR,1BA$990

Best Value Apartments for Rent in Canal Walk, IN

As of January 15, 2026 the best value apartment in the Canal Walk area is the $1.39 price per square foot 3 Bedroom 2 Bath Model at The Block in the in the Riley neighborhood starting from $2,459. The second greatest value Canal Walk apartment is the B1 Model at 946 MLK starting at $1,800 with a $1.19 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.
The Block3 Bedroom 2 Bath3BR,2BA$1.39
946 MLKB13BR,2BA$1.19
Gardens of Canal CourtTwo Bedroom Two Bath (1,184 - 1,194 Square Feet)2BR,2BA$1.28
Shoemaker Buildingflat2BR,2BA$1.45
The Davlan2br 2 ba2BR,2BA$1.34
Indy Colonial Apartments3111BR,1BA$1.05
Canal Gardens2.1 40%2BR,1BA$0.93
522 Fletcher Ave1BR/1.5BA1BR,1.5BA$1.40
Madison ApartmentsTwo bedroom2BR,1BA$1.40
The Washington2 Bedroom2BR,1BA$1.47

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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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 $990.

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

The cheapest apartment in Canal Walk is Madison Apartments which is listed at $795, while the average apartment in Canal Walk costs $2,700.

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 86 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 $314 which is $2,386 cheaper than the average rent for all rentals in Canal Walk.

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!