Cheap Homes for Rent in Downtown Indianapolis Neighborhood of Indianapolis, IN from $400 (31 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

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.

Read Article

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.

Read Article

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.

Read Article
property at 1643 Columbia Ave

$1,095

Total Monthly Price

Total Monthly Price

Base Rent
$1,083
Required Monthly Fees
$12
Total Monthly Price
$1,095

3 Bedroom, 1 Bath Rentals

Available Now

1643 Columbia Ave

IndianapolisIN46202

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.

Read Article
Showing Results 1-31, 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 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 ListingModel NameBed/BathPriced From
INDY FLATSSherwood Std DStudio,1BA$655
Maple Creek VillageStudioStudio,1BA$700
St. Agnes ApartmentsStudio- Standard 2nd -5th*Studio,1BA$765
El Dorado Apartments1 Bed 1 Bath1BR,1BA$875
The WhitakerOne Bedroom1BR,1BA$875
Devonshire Apartments in Downtown Indianapolis1BR/1.0BA1BR,1BA$890
Canal Gardens2.1 40%2BR,1BA$891
9 On CanalStudio - StockholmStudio,1BA$895
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$899
The Assumption on Blaine1 Bed 1 Bath1BR,1BA$900

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of February 25, 2026 the best value apartment in the Downtown Indianapolis area is the $0.97 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,750. The second greatest value Downtown Indianapolis apartment is the 3 Bedroom 2 Bath Model at The Block starting at $2,459 with a $1.39 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$0.97
The Block3 Bedroom 2 Bath3BR,2BA$1.39
The Assumption on Blaine2 Bed 2 Bath2BR,2BA$1.12
2131 NorthTwo Bed Two Bath2BR,2BA$1.33
Canal Gardens2.1 40%2BR,1BA$0.93
Line LoftsThe Intuition 60%2BR,1BA$1.41
Trail SideA1BR,1BA$1.12
Maxwell ApartmentsAmsterdam1BR,1BA$1.47
522 Fletcher Ave1BR/1.5BA1BR,1.5BA$1.40
Vivio on TenthPer Bedroom - 2x2 B1 725sf2BR,2BA$1.28

Frequently Asked Questions about Downtown Indianapolis

What type of rentals are currently available in Downtown Indianapolis?

There are currently 362 Apartments for Rent in Downtown Indianapolis, IN with pricing that ranges from $497 to $13,083. There are also 190 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Indianapolis ranging from $475 to $4,000.

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 $475 to $4,000 with an average monthly rent of $1,758.

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 $999 to $7,336, while Three Bedroom Homes, Condos, and Townhomes for rent range from $925 to $3,850. Four Bedroom Single-Family rentals are also available starting from $1,050 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

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Indianapolis article

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.

decorative image for Your Guide to Picking the Perfect Indianapolis Neighborhood for Student Renters article

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.

decorative image for Find Your Indy Home: A Guide to Indianapolis Apartment Rentals and Neighborhoods article

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

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

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.

decorative image for 18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property article

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.

decorative image for A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment article

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.

decorative image for Renting with Roommates: Realistic Expectations for Shared Lease article

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.