Cheap Apartments for Rent in the College Park Neighborhood of Indianapolis, IN from $500 (27 Rentals)

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Search the lowest-cost Apartments available for rent right now in the College Park 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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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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ReNew at the Crossing
Rent Specials
$1,079 - $2,299
Total Monthly Price

Total Monthly Price

Base Rent
$1,079 - $2,299
Total Monthly Price
$1,079 - $2,299
1 to 2 Bedroom Apartments Available Now

ReNew at the Crossing

1130 Racquet Club North DrIndianapolis, IN 46260
Corporate Housing
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Hampshire Court
1 to 2 Bedroom Apartments

Hampshire Court

2455 Rolls DrIndianapolis, IN 46268
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The Meridian North
1 to 3 Bedroom Apartments

The Meridian North

2100 Westlane RdIndianapolis, IN 46260
Corporate Housing
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Reflections Apartments
Studio to 3 Bedroom Apartments

Reflections Apartments

7999 Silverleaf DrIndianapolis, IN 46260
Corporate Housing

Indy's Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Find your dream job and perfect neighborhood in Indy. Discover major companies and the best places to live for young professionals and families, from historic districts to quiet, upscale communities.

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Slate Run Lofts
Studio to 2 Bedroom Apartments

Slate Run Lofts

9555 International DrIndianapolis, IN 46268
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Showing Results 1-27, Page 1 of 1

College Park, Indianapolis, IN Local Guide

Cheapest Available College Park Apartments for Rent

 

The cheapest available apartment rental in the College Park area of Indianapolis, IN is a Studio unit found at King's Reserve College Park 55+ Active Living priced from $699. Carlton Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $800. Here are the most affordable College Park apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
King's Reserve College Park 55+ Active LivingStudio KingStudio,1BA$699
Carlton ApartmentsVilla1BR,1BA$800
Slate Run Lofts and ApartmentsStudio-AptsStudio,1BA$800
Reflections ApartmentsReplicaStudio,1BA$824
The Meridian North and SouthA4R South1BR,1BA$829
Turtle Creek - IndianapolisStudioStudio,1BA$859
LandmarkRanierStudio,1BA$870
Avia Lofts at Founders RoadStudioStudio,1BA$959
Lakeshore Reserve Off 86th Apartments and TownhomesOne Bedroom1BR,1BA$1,000
The Elliott at College Park Apartment HomesOne Bedroom1BR,1BA$1,025

Best Value Apartments for Rent in College Park, IN

As of April 12, 2026 the best value apartment in the College Park area is the $1.07 price per square foot The Newburgh Model at Private Reserve Townhomes in the in the Spring Arbor neighborhood starting from $1,379. The second greatest value College Park apartment is the Ontario Model at The Jameson starting at $1,299 with a $1.43 price per square foot in the Spring Arbor neighborhood. Here is today’s list of the best values for College Park apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Private Reserve TownhomesThe Newburgh2BR,1.5BA$1.07
The JamesonOntario2BR,2BA$1.43
ReNew at the Crossing2x22BR,2BA$1.23
Dogwood Glen2 Bed 2 Bath2BR,2BA$1.22
The Eclipse Apartment HomesThe Phoenix- Upgraded1BR,1.5BA$1.31
North Willow1 Bed/1 Bath-Dn1BR,1BA$1.52
The Elliott at College Park Apartment HomesOne Bedroom1BR,1BA$1.29
WoodlakeOne Bedroom Apartment1BR,1BA$1.50
Lakeshore Reserve Off 86th Apartments and TownhomesOne Bedroom1BR,1BA$1.49
The Meridian North and SouthA4R South1BR,1BA$1.29

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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
College Park, Indianapolis, IN

Ranked #74

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

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Frequently Asked Questions about Cheap College Park Apartments

What is a cheap apartment in College Park?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in College Park is under $1,025.

What is the price of a cheap apartment in College Park?

The cheapest apartment in College Park is Carlton Apartments which is listed at $800, while the average apartment in College Park costs $1,599.

What types of apartments are the cheapest in College Park?

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 82 regular apartments in College Park 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 College Park?

Cheap apartments in College Park have an average cost of $290 which is $1,309 cheaper than the average rent for all rentals in College Park.

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

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

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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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.