Cheap Apartments for Rent in the Downtown Indianapolis Neighborhood of Indianapolis, IN from $400 (126 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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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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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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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 1 Bed unit found at The Seminole priced from $833. The Whitaker has the second lowest priced unit, which is a 1 Bed apartment currently listed from $845. Here are the most affordable Downtown Indianapolis apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The Seminole1br1BR,1BA$833
The WhitakerOne Bedroom1BR,1BA$845
The WashingtonOne Bedroom - Sublevel1BR,1BA$850
Madison ApartmentsOne bedroom1BR,1BA$960
Lockefield GardensStandard One Bedroom (SR3)1BR,1BA$991
River West FlatsStudioStudio,1BA$999
Indy Colonial Apartments1 Bed, 1 bath1BR,1BA$1,000
Senate Manor1.1 Ap1BR,1BA$1,005
Lofts on MadisonStudioStudio,1BA$1,049
College Manor1 BR1BR,1BA$1,050

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of June 24, 2025 the best value apartment in the Downtown Indianapolis area is the $1.08 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,950. The second greatest value Downtown Indianapolis apartment is the 1 Bedroom 1 Bath Model at The Block starting at $1,549 with a $1.06 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.
Shoemaker Buildingloft2BR,2BA$1.08
The Block1 Bedroom 1 Bath1BR,1BA$1.06
1613 Nowland Ave, Unit B1613 Nowland Ave2BR,2.5BA$1.32
1003 Broadway St, Unit 1003 Broadway St apt 21003 Broadway St2BR,2BA$1.25
El Dorado3 Bedroom 1 Bath3BR,1BA$1.07
1641 E Michigan St, Unit C1641 E Michigan St2BR,1BA$1.31
Proctor Place2 Bedroom2BR,1BA$1.23
Van DykeVan Dyke 1BTH 8821BR,1BA$1.34
Stadium Lofts & FlatsLoft JStudio ,1BA$1.34
The Seminole1br1BR,1BA$1.13

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Downtown Indianapolis, Indianapolis, IN

Ranked #1

Among neighborhoods in Indianapolis, IN 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 $1,050.

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

The cheapest apartment in Downtown Indianapolis is The Seminole which is listed at $833, while the average apartment in Downtown Indianapolis costs $2,507.

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 56 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 $310 which is $2,197 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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.