Cheap Homes for Rent in Downtown Indianapolis Neighborhood of Indianapolis, IN from $400 (46 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 340 Prospect St

340 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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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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property at 501 Madison Ave

501 Madison Ave

IndianapolisIN46225

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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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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Showing Results 1-46, 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 Studio unit found at Vanguard at 16 Tech priced from $581. Union at 16th has the second lowest priced unit, which is a 1 Bed apartment currently listed from $684. Here are the most affordable Downtown Indianapolis apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Vanguard at 16 TechS1Studio,1BA$581
Union at 16th1 Bed 1 Bath1BR,1BA$684
The WashingtonStudioStudio,1BA$775
Canal Gardens2.1 40%2BR,1BA$891
The Continental Towers at Vermont PlaceContinental Unrenovated - Willard1BR,1BA$899
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$900
Artistry IndyJacquelineStudio,1BA$900
Senate ManorS.1 CStudio,1BA$930
The Seminole1br1BR,1BA$938
1010 CentralDepot 50%1BR,1BA$956

Best Value Apartments for Rent in Downtown Indianapolis, IN

As of September 12, 2025 the best value apartment in the Downtown Indianapolis area is the $1.08 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,950. The second greatest value Downtown Indianapolis apartment is the 1924 N Talbott St Model at 1924 N Talbott St, Unit 4 starting at $1,800 with a $1.16 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.
Shoemaker Buildingloft2BR,2BA$1.08
1924 N Talbott St, Unit 41924 N Talbott St3BR,2BA$1.16
The Assumption on Blaine2 Bed 2 Bath2BR,2BA$1.35
El Dorado3 Bedroom 1 Bath3BR,1BA$1.07
Union at 16th3 Bed 2 Bath3BR,2BA$1.13
PavillionTwo Bedrooms, One Bathroom- Sublevel2BR,1BA$1.16
Penn Street Tower ApartmentsSenate 2 Bedroom 1 Bath Apartment at 115 Penn A...2BR,1BA$1.37
Canal Gardens2.1 40%2BR,1BA$0.93
The WhitakerTwo Bedrooms, One Bathroom2BR,1BA$1.33
The Seminole1br1BR,1BA$1.28

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 363 Apartments for Rent in Downtown Indianapolis, IN with pricing that ranges from $550 to $8,693. There are also 228 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Indianapolis ranging from $400 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 $400 to $6,000 with an average monthly rent of $2,464.

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 $1,250 to $5,900, while Three Bedroom Homes, Condos, and Townhomes for rent range from $995 to $4,500. Four Bedroom Single-Family rentals are also available starting from $1,199 and Four Bedroom Apartments start at $550.

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.

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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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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.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.