Cheap Homes for Rent in Indianapolis, IN from $300 (264 Rentals)

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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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 336 Prospect St

$745 - $820

1 Bedroom Rentals

Available Now

336 Prospect St

IndianapolisIN46225
property at 4643 Rookwood Ave

$750

Total Monthly Price

Total Monthly Price

Base Rent
$750
Total Monthly Price
$750

3 Bedroom, 1.5 Bath Home for Rent

Available Now

4643 Rookwood Ave

IndianapolisIN46208

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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Indy's Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Find your dream job and perfect neighborhood in Indy. Discover major companies and the best places to live for young professionals and families, from historic districts to quiet, upscale communities.

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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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Indianapolis, IN Local Guide

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 04/28/2026

Current apartment rentals in the Indianapolis, IN area range in price from $200 to $14,835 with an overall median price of $2,616. The three Indianapolis neighborhoods with the lowest median rent pricing are Garfield Park South at $699, Forest Manor at $545, and United Northeast at $545. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Garfield Park South$950$69917
Forest Manor$1,125$54591
United Northeast$1,125$545115
Devon$1,180$545149
West Newton$1,200$1,0003
Fairgrounds$1,226$545234
Emerson Heights$1,250$62525
Meadows$1,270$545180
Canterbury Chatard$1,294$545339
Keystone-Orchard$1,299$544228

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a 2 Beds unit found at The Villages at Mill Crossing in the Martindale neighborhood priced from $545. 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 $569. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Villages at Mill Crossing2THSFL2BR,1BA$545
East Village at Avondale Meadows ApartmentsB32BR,2BA$569
The StratfordStudioStudio,1BA$620
Meridian TowersStudio ApartmentStudio,1BA$629
Hopeside I2.2-30%-H2BR,2BA$633
Maison Gardens Apartments1BD R1BR,1BA$640
Glenstone StudiosStudioStudio,1BA$649
Volrath**Free Month of Rent ** 128 E Palmer St - Studio1BR,1BA$649
INDY FLATSSherwood Std DStudio,1BA$655
Dunbar CourtStudioStudio,1BA$665

Best Value Apartments for Rent in Indianapolis, IN

As of April 28, 2026 the best value apartment in the Indianapolis area is the $0.65 price per square foot 7178C1 Mansion Penthouse 3x2 + Storage (2600 sqft) Model at Mansion Row - Where Historic Charm Meets Modern Convenience! in the in the Cheswick Place neighborhood starting from $1,699. The second greatest value Indianapolis apartment is the loft Model at Shoemaker Building starting at $1,750 with a $0.97 price per square foot in the Riley 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.
Mansion Row - Where Historic Charm Meets Modern Convenience!7178C1 Mansion Penthouse 3x2 + Storage (2600 sqft)3BR,2BA$0.65
Shoemaker Buildingloft2BR,2BA$0.97
The Star2 Bed2BR,1BA$0.76
Oxmoor Indy3BR/1.0BA3BR,1BA$1.00
60 - ADDISON APARTMENTSLeasing Specials2BR,1BA$0.96
Indy Town ApartmentsFrederick Square 2 bedroom2BR,1BA$0.92
Canal Gardens2.1 40%2BR,1BA$0.93
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$0.91
Hopeside I2.2-40%-H2BR,2BA$0.96
The Davlan2-12BR,1BA$0.95

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Indianapolis, IN Rentals by Map

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Indianapolis, IN Area Reviews

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Wendy • 3+ years in Indianapolis

August 10, 2025

One of Indiana's most beautiful cities!

Frequently Asked Questions about Indianapolis

What type of rentals are currently available in Indianapolis?

There are currently 1707 Apartments for Rent in Indianapolis, IN with pricing that ranges from $200 to $14,957. There are also 1433 Single Family Homes for rent, Condos, and Townhome rentals currently available in Indianapolis ranging from $320 to $10,000.

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 $320 to $10,000 with an average monthly rent of $2,227.

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 $626 to $8,289, while Three Bedroom Homes, Condos, and Townhomes for rent range from $750 to $4,500. Four Bedroom Single-Family rentals are also available starting from $1,195 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.

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Indys Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Written by: Wendy Melton

Indianapolis is truly the heart of the Midwest. No matter what career path you choose, opportunities for advancement are everywhere.

Articles, How-To's, and Tips

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.