Cheap Homes for Rent in Indianapolis, IN from $300 (392 Rentals)

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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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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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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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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: 12/19/2025

Current apartment rentals in the Indianapolis, IN area range in price from $495 to $39,272 with an overall median price of $3,244. The three Indianapolis neighborhoods with the lowest median rent pricing are Canterbury Chatard at $649, Keystone-Monon at $729, and Grace Tuxedo Park at $695. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Canterbury Chatard$1,209$64959
Keystone-Monon$1,209$72971
Grace Tuxedo Park$1,250$69530
Wallace Crossing$1,250$69530
United Northeast$1,259$64995
Garfield Park South$1,299$76019
Meadows$1,332$649190
Mars Hill$1,345$77857
Emerson Heights$1,350$69525
Southern Wayne$1,351$75091

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a Studio unit found at Fishermans Village in the Timberview neighborhood priced from $619. The Stratford in the Cheswick Place neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $620. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Fishermans VillageAquaStudio,1BA$619
The StratfordStudioStudio,1BA$620
Meridian TowersStudio ApartmentStudio,1BA$629
Glenstone StudiosStudioStudio,1BA$649
Volrath**Free Month of Rent ** 128 E Palmer St - Studio1BR,1BA$649
The Hub at NoraStudio - The CoreStudio,1BA$699
OlivewoodStudioStudio,1BA$699
Oxmoor Indy1BR/1.0BA1BR,1BA$699
The Meridian North and SouthA4S South1BR,1BA$704
INDY FLATSSherwood Std DStudio,1BA$705

Best Value Apartments for Rent in Indianapolis, IN

As of December 20, 2025 the best value apartment in the Indianapolis area is the $0.66 price per square foot 3809 N Pennsylvania St Model at 3809 N Pennsylvania St, Unit 1 in the in the Martindale neighborhood starting from $1,320. The second greatest value Indianapolis apartment is the 2322 Guilford Ave Model at 2322 Guilford Ave, Unit A starting at $1,300 with a $0.87 price per square foot in the Martindale 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.
3809 N Pennsylvania St, Unit 13809 N Pennsylvania St3BR,2BA$0.66
2322 Guilford Ave, Unit A2322 Guilford Ave3BR,1BA$0.87
Chapel Hill ApartmentsThe Denali1BR,1.5BA$0.92
Glen Ridge Manor Townhomes and Flats (Indy Town)Glen Ridge 2 bedroom Flat2BR,1BA$0.76
Shadeland Terrace Townhomes w/Full Basements2 BR / 1.5 BA2BR,1.5BA$0.81
Brookhaven Apartments2 Bed 1 Bath2BR,1BA$0.91
The Star2 Bed2BR,1BA$0.76
Canal Gardens2.1 40%2BR,1BA$0.93
Hopeside I2.2-40%2BR,2BA$0.93
The Aerie on 11th Street2 Bedroom 1 Bath - 203492BR,1BA$0.87

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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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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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
Indianapolis, IN

Ranked #1

Among cities in Indiana for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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

Explore Indianapolis, IN Rentals by Map

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See the most popular apartments and homes in Indianapolis, IN

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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 1714 Apartments for Rent in Indianapolis, IN with pricing that ranges from $563 to $22,274. There are also 1948 Single Family Homes for rent, Condos, and Townhome rentals currently available in Indianapolis ranging from $275 to $8,950.

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 $275 to $8,950 with an average monthly rent of $1,810.

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 $925 to $15,731, while Three Bedroom Homes, Condos, and Townhomes for rent range from $900 to $3,985. Four Bedroom Single-Family rentals are also available starting from $1,095 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.

Articles, How-To's, and Tips

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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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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!