Cheap Homes for Rent in Indianapolis, IN from $300 (286 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 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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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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Check Out Indianapolis’s Best Affordable Neighborhoods

Learn about Indianapolis and the best places to live with original content written by our Local Expert Wendy Melton

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Indianapolis, IN Local Guide

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 06/27/2025

Current apartment rentals in the Indianapolis, IN area range in price from $550 to $13,606 with an overall median price of $2,337. The three Indianapolis neighborhoods with the lowest median rent pricing are Irvington at $700, Keystone-Monon at $704, and Garfield Park South at $649. 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$1,150$70014
Keystone-Monon$1,296$70441
Garfield Park South$1,299$64917
Park 100$1,307$72692
North Perry$1,346$60054
Thompson-Edgewood$1,349$600151
Emerson Heights$1,350$65025
Grace Tuxedo Park$1,350$65024
Indy East$1,350$65024
Wallace Crossing$1,350$65034

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a Studio unit found at The Stratford in the Cheswick Place neighborhood priced from $610. Parkway in the Martindale neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $625. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The StratfordStudioStudio,1BA$610
ParkwayStudioStudio,1BA$625
Country Club ApartmentsStudioStudio,1BA$649
Glenstone StudiosStudioStudio,1BA$649
Cambridge CommonsStudioStudio,1BA$675
Union at 16th1 Bed 1 Bath1BR,1BA$684
East Village at Avondale Meadows ApartmentsA11BR,1BA$693
Hills Apartments1 Bedroom 1 Bath Apartment1BR,1BA$694
Meridian TowersStudio ApartmentStudio,1BA$695

Best Value Apartments for Rent in Indianapolis, IN

As of June 28, 2025 the best value apartment in the Indianapolis area is the $1.02 price per square foot Palladium Model at Copper Chase at Stones Crossing in the in the Barton Lakes neighborhood starting from $1,413. The second greatest value Indianapolis apartment is the 2 Bed 2.5 Bath Apartment Model at Grove on 79th starting at $1,150 with a $0.96 price per square foot in the Spring Arbor 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.
Copper Chase at Stones CrossingPalladium2BR,2BA$1.02
Grove on 79th2 Bed 2.5 Bath Apartment2BR,2.5BA$0.96
Glen Ridge Manor Townhomes and FlatsGlen Ridge 2 Bedroom Townhome2BR,1BA$0.81
The Star2 Beds, 1 Baths2BR,1BA$0.76
60 - ADDISON APARTMENTS2nd/3rd Floor Standard2BR,1BA$0.95
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 Street6260 East 11th Street - Apt 3022BR,1BA$0.82
Oxmoor Indy1BR/1.0BA1BR,1BA$1.00

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 1649 Apartments for Rent in Indianapolis, IN with pricing that ranges from $550 to $13,606. There are also 1685 Single Family Homes for rent, Condos, and Townhome rentals currently available in Indianapolis ranging from $325 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 $325 to $12,900 with an average monthly rent of $2,674.

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 $798 to $13,606, while Three Bedroom Homes, Condos, and Townhomes for rent range from $899 to $4,500. Four Bedroom Single-Family rentals are also available starting from $1,250 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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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.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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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.