1043 N Holmes Ave
IndianapolisIN46222
Cheap Apartments for Rent in the Downtown Indianapolis Neighborhood of Indianapolis, IN from $400 (184 Rentals)
Search the lowest-cost Apartments available for rent right now in the Downtown Indianapolis area of Indianapolis.
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$497 - $1,4501 to 2 Bedroom Apartments Available Now
1010 Central
1010 Central AveIndianapolis, IN 46202
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$544 - $7991 to 4 Bedroom Apartments Contact Us For Availability
16 Park Apartments
1621 N Park AveIndianapolis, IN 46202
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$595 - $930
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Studio to 2 Bedroom Apartments Contact Us For AvailabilityTotal Monthly Price
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$595 - $930
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The Sheldrake Apartments
2258 N Meridian StIndianapolis, IN 46208
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$655 - $935Studio to 2 Bedroom Apartments Available Now
INDY FLATS
1304 N Delaware StIndianapolis, IN 46202
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$665 - $925
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Studio to 1 Bedroom Apartments Contact Us For AvailabilityTotal Monthly Price
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$665 - $925
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Dunbar Court
1022 Dr Martin Luther King StIndianapolis, IN 46202
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$700 - $1,800Studio to 4 Bedroom Apartments Available Now
Maple Creek Village
3800 W Michigan StIndianapolis, IN 46222
2045 Central Ave, Unit CH
2045 Central Ave
IndianapolisIN46202
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$765 - $955Studio to 1 Bedroom Apartments Available Now
St. Agnes Apartments
1350 N Meridian StIndianapolis, IN 46202
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$780 - $1,0571 Bedroom Apartments Available Now
1733 N. Meridian
1733 N Meridian StIndianapolis, IN 46202
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.
754 N Somerset Ave
IndianapolisIN46222
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$7991 Bedroom Apartments Available Now
125 E 17th St
125 E 17th StIndianapolis, IN 46202
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$799 - $899Studio Apartments Available Now
Priscilla on Pennsylvania
1309 N Pennsylvania StIndianapolis, IN 46202
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$8462 Bedroom Apartments Available Now
The Davlan
430 Massachusetts AveIndianapolis, IN 46204
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$875 - $1,3751 to 4 Bedroom Apartments Available Now
El Dorado Apartments
3621 Lawnview LnIndianapolis, IN 46222
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$875 - $8951 Bedroom Apartments Available Now
The Whitaker
1504 N Pennsylvania StIndianapolis, IN 46202
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$890 - $990
Total Monthly Price
1 Bedroom Apartments Available NowTotal Monthly Price
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$865 - $965
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Devonshire Apartments
412 N Alabama StIndianapolis, IN 46204
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$897 - $2,103Studio to 2 Bedroom Apartments Available Now
Maxwell Apartments
530 E Ohio Street, Suite CIndianapolis, IN 46204
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$898 - $6,407Studio to 3 Bedroom Apartments Available Now
Artistry Indy
451-475 E Market StIndianapolis, IN 46204
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$8991 Bedroom Apartments Available Now
2060 N Delaware St
2060 N Delaware StIndianapolis, IN 46202
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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$900 - $9601 Bedroom Apartments Available Apr 10
Utomin Apartments
1112 N College AveIndianapolis, IN 46202
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$910 - $3,315
Total Monthly Price
Studio to 3 Bedroom Apartments Available NowTotal Monthly Price
Base Rent
$895 - $3,300
Required Monthly Fees
$15
Total Monthly Price
$910 - $3,315
9 On Canal
335 W 9th StIndianapolis, IN 46202
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$919 - $1,324Studio to 2 Bedroom Apartments Available Now
River West Flats
1150 N White River Pkwy West DrIndianapolis, IN 46222
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$925 - $9751 Bedroom Apartments Available Apr 10
Traymore Apartments
1402 N Alabama StIndianapolis, IN 46202
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$930 - $1,0051 Bedroom Apartments Available Now
Indy Christian Place Apartments LLC
824 N Alabama StIndianapolis, IN 46204
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$938 - $1,1451 Bedroom Apartments Available Now
Trail Side
865-893 Massachusetts AveIndianapolis, IN 46204
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$940 - $1,0251 Bedroom Apartments Available Now
St. James
2102 N Meridian StIndianapolis, IN 46202
1704 N College Ave
IndianapolisIN46202
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$957 - $1,6001 to 3 Bedroom Apartments Available Now
Plaza at Central Greens
3010 W Washington StIndianapolis, IN 46222
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$975 - $1,770Studio to 2 Bedroom Apartments Available Now
Circle City
1321 N Meridian StIndianapolis, IN 46202
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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$9792 Bedroom Apartments Available Now
2060 N Delaware St
2060 N Delaware StIndianapolis, IN 46202
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$980 - $1,3301 Bedroom Apartments Available Now
Indy Downtown Colonial Apartments
402-406 N Delaware StIndianapolis, IN 46204
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$994 - $1,5361 to 2 Bedroom Apartments Available Now
Lockefield Gardens
737 Lockefield LnIndianapolis, IN 46202
1635 Central Ave
IndianapolisIN46202
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$999 - $2,075Studio to 2 Bedroom Apartments Available Now
Gathyr Apartments
1117 E Market StIndianapolis, IN 46202
822 Christian Pl
IndianapolisIN46204
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$1,014 - $1,2632 Bedroom Apartments Available Now
Line Lofts
1145 E Washington StIndianapolis, IN 46202
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$1,0251 Bedroom Apartments Available Now
522 Fletcher Ave
522 Fletcher AveIndianapolis, IN 46203
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$1,025 - $1,0852 Bedroom Apartments Available Now
The Washington
1401 N Pennsylvania StIndianapolis, IN 46202
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$1,049 - $2,1841 to 3 Bedroom Apartments Available Now
The Assembly
1301 E Washington StIndianapolis, IN 46202
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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$1,052 - $3,987Studio to 2 Bedroom Apartments Available Now
Edge 35
1224 Prospect StIndianapolis, IN 46203
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$1,056 - $3,629Studio to 3 Bedroom Apartments Available Now
Riley Towers
650 N Alabama StIndianapolis, IN 46204
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$1,099 - $1,849
Total Monthly Price
Studio to 2 Bedroom Apartments Available NowTotal Monthly Price
Base Rent
$979 - $1,729
Required Monthly Fees
$120
Total Monthly Price
$1,099 - $1,849
Wesley Place
75 W 18th StIndianapolis, IN 46202
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$1,099 - $1,249Studio Apartments Available Now
Lofts on Madison
501 Madison AveIndianapolis, IN 46225
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$1,1002 Bedroom Apartments Available Now
Drake Street Garden Homes
512-568 Drake StIndianapolis, IN 46202
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$1,100 - $1,7951 to 2 Bedroom Apartments Available Now
The Assumption on Blaine
1105 Blaine AveIndianapolis, IN 46221
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$1,1002 Bedroom Apartments Available Now
832 S Pershing Ave
832 S Pershing AveIndianapolis, IN 46221
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$1,120 - $1,552Studio to 2 Bedroom Apartments Available Now
The E'Laan
515 E Market StIndianapolis, IN 46204
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$1,149 - $2,099Studio to 2 Bedroom Apartments Available Now
Wesmont
1515 Lewis StIndianapolis, IN 46202
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$1,154 - $1,719
Total Monthly Price
1 to 2 Bedroom Apartments Available NowTotal Monthly Price
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$1,087 - $1,652
Required Monthly Fees
$67
Total Monthly Price
$1,154 - $1,719
Stadium Lofts & Flats
1501 W 16th StIndianapolis, IN 46202
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.
Downtown Indianapolis, Indianapolis, IN Local Guide
How much does it cost to rent an apartment in Downtown Indianapolis?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Downtown Indianapolis Studio Apartments | $1,252 | $595 | $3,412 |
| Downtown Indianapolis 1 Bedroom Apartments | $1,542 | $497 | $4,071 |
| Downtown Indianapolis 2 Bedroom Apartments | $2,052 | $650 | $5,429 |
| Downtown Indianapolis 3 Bedroom Apartments | $2,514 | $799 | $6,407 |
| Downtown Indianapolis 4 Bedroom Apartments | $1,257 | $600 | $5,564 |
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Browse Apartments in this Neighborhood
There are currently 184 rentals with your search options within a 2 mile radius of the Downtown Indianapolis Neighborhood of Indianapolis, IN.
See all Apartments in IndianapolisExplore Indianapolis
Downtown Indianapolis, Indianapolis, IN Local Guide
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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 $655. Maple Creek Village has the second lowest priced unit, which is a Studio apartment currently listed from $700. Here are the most affordable Downtown Indianapolis apartments for rent in Indianapolis, IN:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| INDY FLATS | Sherwood Std D | Studio,1BA | $655 |
| Maple Creek Village | Studio | Studio,1BA | $700 |
| St. Agnes Apartments | Studio- Standard 2nd -5th* | Studio,1BA | $765 |
| 1733 N. Meridian | 1BR | 1BR,1BA | $780 |
| Priscilla on Pennsylvania | Studio- 1st Floor Corner | Studio,1BA | $799 |
| The Davlan | 2-1 | 2BR,1BA | $846 |
| The Whitaker | One Bedroom | 1BR,1BA | $875 |
| El Dorado Apartments | 1 Bed 1 Bath | 1BR,1BA | $875 |
| 1010 Central | Depot 50% | 1BR,1BA | $883 |
| Devonshire Apartments | 1BR/1.0BA | 1BR,1BA | $890 |
Best Value Apartments for Rent in Downtown Indianapolis, IN
As of April 04, 2026 the best value apartment in the Downtown Indianapolis area is the $0.85 price per square foot 1137 W 21st St Model at 1137 W 21st St, Unit 1 in the in the Cheswick Place neighborhood starting from $1,700. The second greatest value Downtown Indianapolis apartment is the loft Model at Shoemaker Building starting at $1,750 with a $0.97 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| 1137 W 21st St, Unit 1 | 1137 W 21st St | 3BR,2BA | $0.85 |
| Shoemaker Building | loft | 2BR,2BA | $0.97 |
| 1337 Prospect St, Unit 3 | 1337 Prospect St | 2BR,2BA | $1.12 |
| The Assumption on Blaine | 2 Bed 2 Bath | 2BR,2BA | $1.20 |
| Canal Gardens | 2.1 40% | 2BR,1BA | $0.93 |
| Line Lofts | The Intuition 60% | 2BR,1BA | $1.36 |
| The Davlan | 2-1 | 2BR,1BA | $0.95 |
| Drake Street Garden Homes | Two Bedroom | 2BR,1BA | $1.30 |
| Trail Side | A | 1BR,1BA | $1.12 |
| 1733 N. Meridian | 1BR | 1BR,1BA | $1.04 |
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.
Read ArticleThe 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.
Read ArticleCash 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.
Read ArticleYour 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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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 $890.
What is the price of a cheap apartment in Downtown Indianapolis?
The cheapest apartment in Downtown Indianapolis is 1733 N. Meridian which is listed at $780, while the average apartment in Downtown Indianapolis costs $13,786.
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 195 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 $330 which is $13,456 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
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.
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.
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.
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
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.
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.
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.
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.