Cheap Apartments for Rent in the Downtown Indianapolis Neighborhood of Indianapolis, IN from $500 (156 Rentals)

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

property at 932 E Market St

932 E Market St

IndianapolisIN46202

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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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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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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property at 1543 E Ohio St

1543 E Ohio St

IndianapolisIN46201

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 $765. 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 Apartments514 StudioStudio,1BA$765
Proctor Place1 Bedroom1BR,1BA$830
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
Madison ApartmentsOne bedroom1BR,1BA$925
Senate ManorS.1 CStudio,1BA$930
Trail SideA1BR,1BA$938

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of November 24, 2025 the best value apartment in the Downtown Indianapolis area is the $1.06 price per square foot 2 Bedroom 2 Bath Model at The Block in the in the Riley neighborhood starting from $1,899. The second greatest value Downtown Indianapolis apartment is the B3 Model at 946 MLK starting at $2,020 with a $1.27 price per square foot in the Near North Indianapolis 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.
The Block2 Bedroom 2 Bath2BR,2BA$1.06
946 MLKB33BR,2BA$1.27
The Assumption on Blaine2 Bed 2 Bath2BR,2BA$1.35
Maxwell ApartmentsLondon2BR,2BA$1.30
Gardens of Canal CourtOne Bedroom One Bath (992 Square Feet)1BR,1BA$1.37
Indy Colonial Apartments3111BR,1BA$1.05
Canal Gardens2.1 40%2BR,1BA$0.93
Trail SideA1BR,1BA$1.12
Proctor Place1 Bedroom1BR,1BA$1.15
Vivio on TenthPer Bedroom - 2x2 B5 728sf2BR,2BA$1.35

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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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
Downtown Indianapolis, Indianapolis, IN

Ranked #1

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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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 $938.

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

The cheapest apartment in Downtown Indianapolis is Proctor Place which is listed at $830, while the average apartment in Downtown Indianapolis costs $8,297.

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 142 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 $291 which is $8,006 cheaper than the average rent for all rentals in Downtown Indianapolis.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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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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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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! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.