Cheap Homes for Rent in Indianapolis, IN from $300 (338 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

property at 117 E Palmer St

117 E Palmer St

IndianapolisIN46225
property at 340 Prospect St

340 Prospect St

IndianapolisIN46225
property at 423 Villa Ave

423 Villa Ave

IndianapolisIN46201
Showing Results 1-50, Page 1 of 7

Indianapolis, IN Local Guide

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 09/14/2025

Current apartment rentals in the Indianapolis, IN area range in price from $330 to $10,000 with an overall median price of $2,798. The three Indianapolis neighborhoods with the lowest median rent pricing are 16 Tech at $750, Eagledale at $1,050, and Park Meadow at $1,195. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
16 Tech$845$7502
Eagledale$1,295$1,05010
Park Meadow$1,325$1,1953
Warren Park$1,325$59518
The Canal$1,400$1,4001
Towne and Terrace$1,475$1,15010
Wynnedale Spring Hill$1,575$1,5751
South Village$1,600$8504
Near Northwest Riverside$1,609$70062
Near NW Riverside$1,609$40068

Cheapest Available Indianapolis Apartments for Rent

 

The cheapest available apartment rental in Indianapolis, IN is a Studio unit found at 34 North Apartments in the Martindale neighborhood priced from $515. The Stratford in the Cheswick Place neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $520. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
34 North ApartmentsStudio, 1 bathStudio,1BA$515
The StratfordStudioStudio,1BA$520
Hopeside I2.2-40%-H2BR,2BA$565
East Village at Avondale Meadows ApartmentsB32BR,2BA$579
Vanguard at 16 TechS1Studio,1BA$581
Dogwood GlenStudio 1 BathStudio,1BA$605
Meridian TowersStudio ApartmentStudio,1BA$629
Elmtree ParkStudio 1 BathStudio,1BA$635
Glenstone StudiosStudioStudio,1BA$649
5700 Madison Apartments & Edgewood on MadisonEdgewood - CypressStudio,1BA$665

Best Value Apartments for Rent in Indianapolis, IN

As of September 14, 2025 the best value apartment in the Indianapolis area is the $0.89 price per square foot 3 bedroom Townhouse Model at Bristol Square in the in the Southeast Indianapolis neighborhood starting from $1,225. The second greatest value Indianapolis apartment is the 1121 N Dearborn St Model at 1121 N Dearborn St, Unit 1121 N Dearborn starting at $1,150 with a $0.85 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.
Bristol Square3 bedroom Townhouse3BR,2.5BA$0.89
1121 N Dearborn St, Unit 1121 N Dearborn1121 N Dearborn St2BR,1.5BA$0.85
5831 Suburban Dr, Unit Studio A5831 Suburban DrStudio ,1BA$0.90
Brookhaven Apartments2 Bed 1 Bath2BR,1BA$0.89
Glen Ridge Manor Townhomes and FlatsGlen Ridge 2 Bedroom Townhome2BR,1BA$0.82
The Star2 Bed2BR,1BA$0.85
Indy Town ApartmentsFrederick Square 2 bedroom2BR,1BA$0.89
Canal Gardens2.1 40%2BR,1BA$0.93
Hopeside I2.2-40%-H2BR,2BA$0.62
The Aerie on 11th Street6220 E 11th St - Apt 3112BR,1BA$0.82

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.

decorative image of people with a giant lease agreement

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

decorative image of woman handing cat to small boy

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

Explore Indianapolis, IN Rentals by Map

Decorative image of map

See the most popular apartments and homes in Indianapolis, IN

View Map
Indianapolis, IN Apartments Map
View Map
Indianapolis, IN Rental Homes Map

Indianapolis, IN Area Reviews

  • Parks
  • Entertainment
  • Local Vibes
  • Restaurants
  • Location
  • Traffic
  • Public Transportation
  • Outdoor Access
  • Cost of Living
  • Safety

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 1684 Apartments for Rent in Indianapolis, IN with pricing that ranges from $515 to $11,134. There are also 1901 Single Family Homes for rent, Condos, and Townhome rentals currently available in Indianapolis ranging from $330 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 $330 to $10,000 with an average monthly rent of $1,893.

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 $801 to $11,134, while Three Bedroom Homes, Condos, and Townhomes for rent range from $900 to $4,500. Four Bedroom Single-Family rentals are also available starting from $1,195 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.

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Indianapolis article

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.

decorative image for The Rental Move-In Inspection Checklist: A Guide for Renters article

The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

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.