Cheap Homes for Rent in the Downtown Indianapolis Neighborhood of Indianapolis, IN from $695 (43 Rentals)

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

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Showing Results 1-43, Page 1 of 1

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

Frequently Asked Questions about Downtown Indianapolis

What type of rentals are currently available in Downtown Indianapolis?

There are currently 387 Apartments for Rent in Downtown Indianapolis, IN with pricing that ranges from $544 to $11,680. There are also 170 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Indianapolis ranging from $695 to $5,500.

What is the current price range for Rental Homes in Downtown Indianapolis?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Indianapolis ranges from $695 to $5,500 with an average monthly rent of $1,943.

How much are larger Three and Four Bedroom Rentals in Downtown Indianapolis?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown Indianapolis range from $799 to $8,628, while Three Bedroom Homes, Condos, and Townhomes for rent range from $825 to $4,350. Four Bedroom Single-Family rentals are also available starting from $1,900 and Four Bedroom Apartments start at $600.

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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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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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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