Cheap Apartments for Rent in the Canal Walk Neighborhood of Indianapolis, IN from $500 (91 Rentals)

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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9 On Canal
Rent Specials
$1,060 - $2,865
Total Monthly Price

Total Monthly Price

Base Rent
$1,060 - $2,865
Total Monthly Price
$1,060 - $2,865
Studio to 3 Bedroom Apartments Available Now

9 On Canal

335 W 9th StIndianapolis, IN 46202
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Ralston Apartments
Rent Specials
$1,178 - $3,255
Total Monthly Price

Total Monthly Price

Base Rent
$1,178 - $3,255
Total Monthly Price
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1 to 4 Bedroom Apartments Available Now

Ralston Apartments

1201 Indiana AveIndianapolis, IN 46202
Corporate Housing
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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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410 E 13th St, Unit B
$1,295
Total Monthly Price

Total Monthly Price

Base Rent
$1,295
Total Monthly Price
$1,295
1 Bedroom Apartment Available Now

410 E 13th St, Unit B

410 E 13th StIndianapolis, IN 46202
Affordability

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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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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Barbee
1 Bedroom Apartments

Barbee

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

Windsor

1235 N Delaware 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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Traymore Apartments
Studio to 2 Bedroom Apartments

Traymore Apartments

1402 N Alabama StIndianapolis, IN 46202
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550 Fletcher Ave
1 to 3 Bedroom Apartments

550 Fletcher Ave

550 Fletcher AveIndianapolis, IN 46203

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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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. Priscilla on Pennsylvania has the second lowest priced unit, which is a Studio apartment currently listed from $799. Here are the most affordable Canal Walk apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
INDY FLATSSherwood Std DStudio,1BA$705
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$799
The Davlan2-12BR,1BA$846
Canal Gardens2.1 40%2BR,1BA$891
Senate ManorS.1 BStudio,1BA$930
Circle CityS8 Van DykeStudio,1BA$999
Lofts on MadisonStudio, 1 bathStudio,1BA$1,050
Lockefield GardensStandard One Bedroom (SR6)1BR,1BA$1,051
9 On CanalStudio - StockholmStudio,1BA$1,060
RaleighRaleigh 1B 6041BR,1BA$1,085

Best Value Apartments for Rent in Canal Walk, IN

As of July 15, 2026 the best value apartment in the Canal Walk area is the $1.27 price per square foot B3 Model at 946 MLK in the in the Near North Indianapolis neighborhood starting from $2,020. The second greatest value Canal Walk apartment is the Two Bedroom Two Bath (1,311 Square Feet) Model at Gardens of Canal Court starting at $1,758 with a $1.34 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.
946 MLKB33BR,2BA$1.27
Gardens of Canal CourtTwo Bedroom Two Bath (1,311 Square Feet)2BR,2BA$1.34
Maxwell ApartmentsAthens2BR,2BA$1.35
402 E New York St2 Beds, 2.5 Baths2BR,2.5BA$1.59
Canal Gardens2.1 40%2BR,1BA$0.93
The Davlan2-12BR,1BA$0.95
The Avenue2x22BR,2BA$1.16
The McKayMcKay 1B 8311BR,1BA$1.48
Van DykeVan Dyke 1B 8301BR,1BA$1.55
410 E 13th St, Unit B410 E 13th St1BR,1BA$1.62

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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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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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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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 $1,085.

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

The cheapest apartment in Canal Walk is INDY FLATS which is listed at $880, while the average apartment in Canal Walk costs $2,574.

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 70 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 $395 which is $2,179 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.

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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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There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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