Cheap Homes for Rent in Downtown Indianapolis Neighborhood of Indianapolis, IN from $600 (45 Rentals)

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

property at 336 Prospect St

336 Prospect St

IndianapolisIN46225
property at 140 E 19th St

140 E 19th St

IndianapolisIN46202
property at 1230 E Ohio St

1230 E Ohio St

IndianapolisIN46202
property at 410 E 16th St

410 E 16th St

IndianapolisIN46202
property at 2932 W 11th St

2932 W 11th St

IndianapolisIN46222
property at 501 Madison Ave

501 Madison Ave

IndianapolisIN46225
Showing Results 1-45, Page 1 of 1

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 2 Beds unit found at Line Lofts priced from $563. INDY FLATS has the second lowest priced unit, which is a Studio apartment currently listed from $705. Here are the most affordable Downtown Indianapolis apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Line LoftsThe Inspiration 30%2BR,1BA$563
INDY FLATSSherwood Std DStudio,1BA$705
Proctor Place1 Bedroom1BR,1BA$830
Dunbar Court1 bedroom1BR,1BA$875
El Dorado Apartments1 Bed 1 Bath1BR,1BA$875
Devonshire Apartments in Downtown Indianapolis1BR/1.0BA1BR,1BA$890
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

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of November 11, 2025 the best value apartment in the Downtown Indianapolis area is the $1.00 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,800. The second greatest value Downtown Indianapolis apartment is the 2 Bedroom 2 Bath Model at The Block starting at $1,999 with a $1.11 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$1.00
The Block2 Bedroom 2 Bath2BR,2BA$1.11
The Assumption on Blaine2 Bed 2 Bath2BR,2BA$1.35
Indy Colonial Apartments3111BR,1BA$1.05
Gardens of Canal CourtOne Bedroom One Bath (970 - 976 Square Feet)1BR,1BA$1.32
Canal Gardens2.1 40%2BR,1BA$0.93
PavillionTwo Bedrooms, One Bathroom2BR,1BA$1.41
Trail SideA1BR,1BA$1.12
Dunbar Court1 bedroom1BR,1BA$1.14
Proctor Place1 Bedroom1BR,1BA$1.15

Quick Rent Budget Calculator

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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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Frequently Asked Questions about Downtown Indianapolis

What type of rentals are currently available in Downtown Indianapolis?

There are currently 363 Apartments for Rent in Downtown Indianapolis, IN with pricing that ranges from $563 to $8,510. There are also 271 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Indianapolis ranging from $699 to $6,000.

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 $699 to $6,000 with an average monthly rent of $2,390.

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 $1,055 to $7,280, while Three Bedroom Homes, Condos, and Townhomes for rent range from $945 to $3,750. Four Bedroom Single-Family rentals are also available starting from $1,095 and Four Bedroom Apartments start at $600.

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.

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.

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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.

decorative image for How to Negotiate Your Apartment Lease and Save Money article

How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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

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.