Cheap Homes for Rent in Downtown Indianapolis Neighborhood of Indianapolis, IN from $500 (57 Rentals)

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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.

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property at 410 E 16th St

$895

2 Bedroom Rentals

Available Now

410 E 16th St

IndianapolisIN46202
property at 336 Prospect St

$795 - $895

1 Bedroom Rentals

Available Now

336 Prospect St

IndianapolisIN46225

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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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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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.

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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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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 Union at 16th priced from $684. The Sheldrake Apartments 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
Union at 16th1 Bed 1 Bath1BR,1BA$684
The Sheldrake ApartmentsStudio HybridStudio,1BA$700
INDY FLATSSherwood Std DStudio,1BA$705
St. Agnes Apartments5th Floor Studio LargeStudio,1BA$785
El Dorado Apartments1 Bed 1 Bath1BR,1BA$875
Canal Gardens2.1 40%2BR,1BA$891
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$899
Senate ManorS.1 CStudio,1BA$930
Trail SideA1BR,1BA$938
Christian Place Apartments71BR,1BA$950

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of December 28, 2025 the best value apartment in the Downtown Indianapolis area is the $1.39 price per square foot 3 Bedroom 2 Bath Model at The Block in the in the Riley neighborhood starting from $2,459. The second greatest value Downtown Indianapolis apartment is the B1 Model at 946 MLK starting at $1,800 with a $1.19 price per square foot in the Near North Indianapolis 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.
The Block3 Bedroom 2 Bath3BR,2BA$1.39
946 MLKB13BR,2BA$1.19
The Assumption on Blaine2 Bed 2 Bath2BR,2BA$1.35
Gardens of Canal CourtTwo Bedroom Two Bath (1,184 - 1,194 Square Feet)2BR,2BA$1.28
929 English Ave, Unit A929 English Ave2BR,2BA$1.36
The Davlan2br 2 ba2BR,2BA$1.34
Indy Colonial Apartments3111BR,1BA$1.05
Canal Gardens2.1 40%2BR,1BA$0.93
Trail SideA1BR,1BA$1.12
Union at 16th1 Bed 1 Bath1BR,1BA$1.01

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.

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The 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.

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Cash 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.

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Your 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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Quick Rent Budget Calculator

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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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 364 Apartments for Rent in Downtown Indianapolis, IN with pricing that ranges from $563 to $16,327. There are also 252 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Indianapolis ranging from $599 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 $599 to $6,000 with an average monthly rent of $2,059.

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 $1,033 to $9,355, 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

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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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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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.

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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.

Articles, How-To's, and Tips

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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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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.

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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.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!