Cheap Homes for Rent in Five Points Neighborhood of Indianapolis, IN from $1,500 (14 Rentals)

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

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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property at 3531 Cork Bend Dr

3531 Cork Bend Dr

IndianapolisIN46239

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

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Five Points - One of the Best Affordable Neighborhoods in Indianapolis

Named as one of the Best Affordable Neighborhoods to rent in Indianapolis by our Local Expert Wendy Melton. See how it ranks!

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Five Points, Indianapolis, IN Local Guide

Cheapest Available Five Points Apartments for Rent

 

The cheapest available apartment rental in the Five Points area of Indianapolis, IN is a 1 Bed unit found at Beech Meadow Apartments priced from $999. Emerson Village has the second lowest priced unit, which is a 2 Beds apartment currently listed from $1,083. Here are the most affordable Five Points apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Beech Meadow ApartmentsBirch1BR,1BA$999
Emerson VillageThe Ruby - Premium2BR,1BA$1,083
Indy 7925B2- 2x22BR,2BA$1,230
The 85TwentyA1-LR1BR,1BA$1,265
Coventry Park Village2 Bedroom 2.5 Bath Townhome2BR,2BA$1,925

Best Value Apartments for Rent in Five Points, IN

As of May 12, 2025 the best value apartment in the Five Points area is the $1.44 price per square foot 2 Bedroom 2.5 Bath Townhome Model at Coventry Park Village in the in the Southeast Indianapolis neighborhood starting from $1,925. The second greatest value Five Points apartment is the B2R- 2x2 Model at Indy 7925 starting at $1,380 with a $1.46 price per square foot in the Southeast Indianapolis neighborhood. Here is today’s list of the best values for Five Points apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Coventry Park Village2 Bedroom 2.5 Bath Townhome2BR,2.5BA$1.44
Indy 7925B2R- 2x22BR,2BA$1.46
Beech Meadow ApartmentsHickory2BR,1BA$1.34
The 85TwentyA1-LR1BR,1BA$1.57
Emerson VillageThe Redwood - Premium1BR,1BA$1.52

Quick Rent Budget Calculator

How much rent can you afford?

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Frequently Asked Questions about Five Points

What type of rentals are currently available in Five Points?

There are currently 11 Apartments for Rent in Five Points, IN with pricing that ranges from $845 to $2,470. There are also 19 Single Family Homes for rent, Condos, and Townhome rentals currently available in Five Points ranging from $1,595 to $2,280.

What is the current price range for Rental Homes in Five Points?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Five Points ranges from $1,595 to $2,280 with an average monthly rent of $2,014.

How much are larger Three and Four Bedroom Rentals in Five Points?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Five Points range from $1,299 to $2,035, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,595 to $2,135. Four Bedroom Single-Family rentals are also available starting from $2,049 and Four Bedroom Apartments start at $1,485.

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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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.