Cheap Homes for Rent in Indianapolis, IN from $300 (322 Rentals)

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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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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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property at 426 N Warman Ave

426 N Warman Ave

IndianapolisIN46222

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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Indianapolis, IN Local Guide

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 07/31/2025

Current apartment rentals in the Indianapolis, IN area range in price from $550 to $11,670 with an overall median price of $2,213. The three Indianapolis neighborhoods with the lowest median rent pricing are Irvington at $700, Emerson Heights at $625, and Wallace Crossing at $625. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Irvington$1,110$70017
Emerson Heights$1,150$62515
Wallace Crossing$1,150$62531
Forest Manor$1,199$69547
Garfield Park South$1,299$64917
Carson Heights$1,307$649116
Park 100$1,307$700104
University Heights$1,307$649117
Keystone-Monon$1,312$73945
Mars Hill$1,322$77829

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a 1 Bed unit found at Harpers Crossing in the The Settlement - Designer neighborhood priced from $438. East Village at Avondale Meadows Apartments in the Martindale neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $579. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Harpers Crossing1 bdr1BR,1BA$438
East Village at Avondale Meadows ApartmentsB32BR,2BA$579
Meridian TowersStudio ApartmentStudio,1BA$629
Country Club ApartmentsStudioStudio,1BA$649
Glenstone StudiosStudioStudio,1BA$649
Parkway1 Bedroom1BR,1BA$699
The Aerie on 11th Street6260 East 11th Street - Apt 3022BR,1BA$700
Covered BridgeOne Bedroom One Bath1BR,1BA$700
Serenity Manor 55+ Independent Senior LivingStudioStudio,1BA$715
Vineyards ApartmentsStudio ApartmentStudio,1BA$721

Best Value Apartments for Rent in Indianapolis, IN

As of July 31, 2025 the best value apartment in the Indianapolis area is the $0.93 price per square foot 7176B1 Model at Pinnacle on Meridian in the in the Nora neighborhood starting from $2,049. The second greatest value Indianapolis apartment is the 2 Bedroom Townhome Model at SOUTHPORT AT BUCK CREEK starting at $1,259 with a $0.90 price per square foot in the Shelby Street-Epler Avenue neighborhood. Here is today’s list of the best values for Indianapolis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Pinnacle on Meridian7176B12BR,2BA$0.93
SOUTHPORT AT BUCK CREEK2 Bedroom Townhome2BR,1.5BA$0.90
Glen Ridge Manor Townhomes and FlatsGlen Ridge 2 Bedroom Townhome2BR,1BA$0.83
Scandia ApartmentsLandsting2BR,2BA$1.03
Mariners VillageOne Bedroom One Bathroom1BR,1BA$0.82
Westbury CourtTwo Bedroom One Bathroom (CN1)2BR,1BA$1.04
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$0.86
Hopeside I2.2-50%2BR,2BA$0.81
The Aerie on 11th Street6240 East 11th Street - Apt 2022BR,1BA$0.82
The Star1 Bed1BR,1BA$0.91

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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Frequently Asked Questions about Indianapolis

What type of rentals are currently available in Indianapolis?

There are currently 1631 Apartments for Rent in Indianapolis, IN with pricing that ranges from $550 to $11,670. There are also 1683 Single Family Homes for rent, Condos, and Townhome rentals currently available in Indianapolis ranging from $355 to $12,900.

What is the current price range for Rental Homes in Indianapolis?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Indianapolis ranges from $355 to $12,900 with an average monthly rent of $2,144.

How much are larger Three and Four Bedroom Rentals in Indianapolis?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Indianapolis range from $1,015 to $11,670, while Three Bedroom Homes, Condos, and Townhomes for rent range from $900 to $4,950. Four Bedroom Single-Family rentals are also available starting from $1,095 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 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.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.