Cheap Apartments for Rent in the Chestnut Hills Neighborhood of Indianapolis, IN from $500 (40 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Chestnut Hills 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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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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Hampshire Court
1 to 2 Bedroom Apartments

Hampshire Court

2455 Rolls DrIndianapolis, IN 46268

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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Dogwood Glen
Studio to 2 Bedroom Apartments

Dogwood Glen

2390 Woodglen DrIndianapolis, IN 46260
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Lake Camelot Apartments
1 to 3 Bedroom Apartments

Lake Camelot Apartments

6475 Excalibur CtIndianapolis, IN 46268
  • Utilities Included
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Slate Run Lofts
Studio to 2 Bedroom Apartments

Slate Run Lofts

9555 International DrIndianapolis, IN 46268
  • Smoke Free
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Oakbrook Village
1 to 3 Bedroom Apartments

Oakbrook Village

6098 Georgetown RdIndianapolis, IN 46254

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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Lakes of Georgetown
1 to 3 Bedroom Apartments

Lakes of Georgetown

6335 Sandyside DrIndianapolis, IN 46268
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Crooked Creek
1 to 2 Bedroom Apartments

Crooked Creek

3947 Point Bar RdIndianapolis, IN 46268

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Chestnut Hills, Indianapolis, IN Local Guide

Cheapest Available Chestnut Hills Apartments for Rent

 

The cheapest available apartment rental in the Chestnut Hills area of Indianapolis, IN is a 1 Bed unit found at Carlton Apartments priced from $810. Covered Bridge has the second lowest priced unit, which is a 1 Bed apartment currently listed from $829. Here are the most affordable Chestnut Hills apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Carlton ApartmentsVilla1BR,1BA$810
Covered BridgeOne Bedroom One Bath1BR,1BA$829
Estates at Crystal BayOne Bedroom One Bath1BR,1BA$865
Cross Creek ApartmentsTopsider1BR,1BA$890
AnnhurstOne Bed One Bath1BR,1BA$900
Dogwood Glen1 Bed 1 Bath1BR,1BA$900
Oakbrook VillageThe Walnut 1B 1BA1BR,1BA$946
The George Apartment Homes1Bed/1Bath - Gold1BR,1BA$949
The Woods of Eagle CreekThe Creek: One Bedroom Apartment1BR,1BA$995
The Villages of Bent Tree ApartmentsThe Bay - 1 Bedroom 1 Bath1BR,1BA$999

Best Value Apartments for Rent in Chestnut Hills, IN

As of June 14, 2026 the best value apartment in the Chestnut Hills area is the $1.30 price per square foot Shelbourne Model at Willow Lake Apartments in the in the Spring Arbor neighborhood starting from $2,005. The second greatest value Chestnut Hills apartment is the Three Bedroom 2.5 Bath Townhome Model at Lakeshore Reserve Off 86th Apartments and Townhomes starting at $1,800 with a $1.34 price per square foot in the Spring Arbor neighborhood. Here is today’s list of the best values for Chestnut Hills apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Willow Lake ApartmentsShelbourne2BR,2BA$1.30
Lakeshore Reserve Off 86th Apartments and TownhomesThree Bedroom 2.5 Bath Townhome3BR,2.5BA$1.34
Westbury CourtThree Bedroom Townhome (T3)3BR,2.5BA$1.19
Lakes of GeorgetownU12333BR,2BA$1.25
Lake Camelot Apartments2 Bedroom Townhome2BR,2BA$1.01
The Elliott at College Park Apartment HomesTwo Bedroom 1.5 Bath2BR,1.5BA$1.04
Crooked CreekThe Emerald & The Jade2BR,1.5BA$1.42
Covered BridgeOne Bedroom One Bath1BR,1BA$1.18
The Woods of Eagle CreekThe Creek: One Bedroom Apartment1BR,1BA$1.42
Estates at Crystal BayOne Bedroom One Bath1BR,1BA$1.33

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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Quick Rent Budget Calculator

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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Pet Friendly Lifestyle
Chestnut Hills, Indianapolis, IN

Ranked #107

Among cities in Indiana for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.0
Pet Friendly

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Best Local Schools in
Chestnut Hills, Indianapolis, IN

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental search system called 'Lifestyle ratings', composed of rentals and neighborhoods across the USA, including Chestnut Hills, Indianapolis, and the greater Indianapolis area. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including our Star Ratings to compare for easy access to the parks, luxury amenities, pet-friendly features, family-friendliness, proximity to transit, and how walkable or bikeable each community and area is. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap Chestnut Hills Apartments

What is a cheap apartment in Chestnut Hills?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Chestnut Hills is under $999.

What is the price of a cheap apartment in Chestnut Hills?

The cheapest apartment in Chestnut Hills is Carlton Apartments which is listed at $810, while the average apartment in Chestnut Hills costs $1,415.

What types of apartments are the cheapest in Chestnut Hills?

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 8 regular apartments in Chestnut Hills 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 Chestnut Hills?

Cheap apartments in Chestnut Hills have an average cost of $229 which is $1,186 cheaper than the average rent for all rentals in Chestnut Hills.

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.

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Indys Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Written by: Wendy Melton

Indianapolis is truly the heart of the Midwest. No matter what career path you choose, opportunities for advancement are everywhere.

Articles, How-To's, and Tips

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.