Cheap Apartments for Rent in the Downtown Indianapolis Neighborhood of Indianapolis, IN from $500 (133 Rentals)

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

property at 1254 W 23rd St

$750 - $795

1 To 2 Bedroom Rentals

Available Now

1254 W 23rd St

IndianapolisIN46208

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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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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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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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 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 Downtown Indianapolis 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
El Dorado Apartments1 Bed 1 Bath1BR,1BA$875
Canal Gardens2.1 40%2BR,1BA$891
The WhitakerOne Bedroom1BR,1BA$895
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$899
The Assumption on Blaine1 Bed 1 Bath1BR,1BA$900
Traymore ApartmentsOne Bedroom1BR,1BA$925
Senate ManorS.1 CStudio,1BA$930

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of January 13, 2026 the best value apartment in the Downtown Indianapolis area is the $1.19 price per square foot B1 Model at 946 MLK in the in the Near North Indianapolis neighborhood starting from $1,800. The second greatest value Downtown Indianapolis apartment is the 2 Bed 2 Bath Model at The Assumption on Blaine starting at $1,475 with a $1.12 price per square foot in the Concord 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 MLKB13BR,2BA$1.19
The Assumption on Blaine2 Bed 2 Bath2BR,2BA$1.12
Gardens of Canal CourtTwo Bedroom Two Bath (1,184 - 1,194 Square Feet)2BR,2BA$1.28
2131 NorthTwo Bed Two Bath2BR,2BA$1.33
929 English Ave, Unit A929 English Ave2BR,2BA$1.36
The Davlan2br 2 ba2BR,2BA$1.34
Indy Colonial Apartments3111BR,1BA$1.05
Canal Gardens2.1 40%2BR,1BA$0.93
Union at 16th2 Bed 2 Bath2BR,2BA$1.25
Trail SideA1BR,1BA$1.12

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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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 Madison Apartments which is listed at $795, while the average apartment in Downtown Indianapolis costs $15,893.

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 169 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 $350 which is $15,543 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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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!