Cheap Apartments for Rent in the Downtown Indianapolis Neighborhood of Indianapolis, IN from $504 (175 Rentals)

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

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property at 1254 W 23rd St

$875 - $925

2 Bedroom Rentals

Available Now

1254 W 23rd St

IndianapolisIN46208

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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1701 Fletcher Ave
$999 - $1,499
Total Monthly Price

Total Monthly Price

Base Rent
$999 - $1,499
Total Monthly Price
$999 - $1,499
1 to 3 Bedroom Apartment Available Now

1701 Fletcher Ave

1701 Fletcher AveIndianapolis, IN 46203
Affordability

Downtown Indianapolis - 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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9 On Canal
Rent Specials
$1,113 - $3,518
Total Monthly Price

Total Monthly Price

Base Rent
$1,113 - $3,518
Total Monthly Price
$1,113 - $3,518
Studio to 3 Bedroom Apartments Available Now

9 On Canal

335 W 9th StIndianapolis, IN 46202
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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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Downtown Indianapolis, Indianapolis, IN Local Guide

Cheapest Available Downtown Indianapolis Apartments for Rent

 

The cheapest available apartment rental in the Downtown Indianapolis area of Indianapolis, IN is a Studio unit found at Dunbar Court priced from $675. INDY FLATS has the second lowest priced unit, which is a Studio apartment currently listed from $675. Here are the most affordable Downtown Indianapolis apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Dunbar CourtStudioStudio,1BA$675
INDY FLATSSherwood Std DStudio,1BA$675
Maple Creek VillageStudioStudio,1BA$700
The Sheldrake ApartmentsStudio HybridStudio,1BA$705
1515-1517 E Michigan Street1BR/1.0BA1BR,1BA$750
1733 N. Meridian1BR1BR,1BA$780
St. RegisThe Pierre1BR,1BA$793
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$799
The Davlan2-12BR,1BA$846
Senate ManorS.1 BStudio,1BA$930

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of August 31, 2026 the best value apartment in the Downtown Indianapolis area is the $1.14 price per square foot B3 Model at 946 MLK in the in the Near North Indianapolis neighborhood starting from $1,820. The second greatest value Downtown Indianapolis apartment is the 1 Bedroom 1 Bath Model at The Block starting at $1,524 with a $1.05 price per square foot in the Riley neighborhood. Here is today’s list of the best values for Downtown Indianapolis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
946 MLKB33BR,2BA$1.14
The Block1 Bedroom 1 Bath1BR,1BA$1.05
1902 N Talbott St2 Beds, 1 Baths2BR,1BA$1.00
1158 Laurel St, Unit 1st Floor Apartment1158 Laurel St2BR,1BA$1.00
Residences at LawnviewTwo Bedroom One Bath Townhome2BR,1BA$0.96
Proctor Place2 Bedroom2BR,1BA$1.10
The Davlan2-12BR,1BA$0.95
The Assumption on Blaine1 Bed 1 Bath1BR,1BA$1.31
1733 N. Meridian1BR1BR,1BA$1.04
1515-1517 E Michigan Street1BR/1.0BA1BR,1BA$1.07

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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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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Lifestyle Ratings

ApartmentHomeLiving brings you comprehensive Lifestyle Ratings of neighborhoods, cities and towns, and rental properties across Indiana and customized analysis for Central Indianapolis. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including our Star Ratings to compare for the best outdoor access, luxury amenities, family-friendliness, raising pets, transit options, 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 Downtown Indianapolis Apartments

What is a cheap apartment in Downtown Indianapolis?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Indianapolis is under $930.

What is the price of a cheap apartment in Downtown Indianapolis?

The cheapest apartment in Downtown Indianapolis is 1515-1517 E Michigan Street which is listed at $750, while the average apartment in Downtown Indianapolis costs $1,499.

What types of apartments are the cheapest in Downtown Indianapolis?

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 87 regular apartments in Downtown Indianapolis 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 Downtown Indianapolis?

Cheap apartments in Downtown Indianapolis have an average cost of $203 which is $1,296 cheaper than the average rent for all rentals in Downtown Indianapolis.

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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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.

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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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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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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.

Articles, How-To's, and Tips

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

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

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.