Cheap Homes for Rent in Indianapolis, IN from $300 (222 Rentals)

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Indianapolis, IN Local Guide

Cheapest Neighborhoods for Apartments in Indianapolis, IN

Pricing Updated: 10/31/2025

Current apartment rentals in the Indianapolis, IN area range in price from $310 to $10,000 with an overall median price of $2,821. The three Indianapolis neighborhoods with the lowest median rent pricing are Old Southside at $1,249, The Canal at $1,250, and Brookhaven at $795. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Indianapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Old Southside$1,249$1,2491
The Canal$1,250$1,2501
Brookhaven$1,330$7955
Eagledale$1,415$1,0507
Northeastwood$1,450$90012
Park Fletcher$1,497$1,3704
Rumford Eastway Manor$1,500$1,3503
Warren Park$1,500$57516
Towne and Terrace$1,555$90013
Grace Tuxedo Park$1,595$64571

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 $520. Line Lofts in the Riley neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $563. Here is today’s list of the most affordable Indianapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The StratfordStudioStudio,1BA$520
Line LoftsThe Inspiration 30%2BR,1BA$563
Meridian TowersStudio ApartmentStudio,1BA$629
Glenstone StudiosStudioStudio,1BA$649
5700 Madison Apartments & Edgewood on MadisonEdgewood - LoftStudio,1BA$670
East Village at Avondale Meadows ApartmentsA11BR,1BA$693
Oxmoor Indy1BR/1.0BA1BR,1BA$699
Willowood EastStudioStudio,1BA$699
Rosewood CommonsStudioStudio,1BA$699
OlivewoodStudioStudio,1BA$699

Best Value Apartments for Rent in Indianapolis, IN

As of November 01, 2025 the best value apartment in the Indianapolis area is the $0.69 price per square foot 3809 N Pennsylvania St Model at 3809 N Pennsylvania St, Unit 1 in the in the Martindale neighborhood starting from $1,380. The second greatest value Indianapolis apartment is the 1121 N Dearborn St Model at 1121 N Dearborn St, Unit 1121 N Dearborn starting at $1,100 with a $0.81 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$0.69
1121 N Dearborn St, Unit 1121 N Dearborn1121 N Dearborn St2BR,1.5BA$0.81
Glen Ridge Manor Townhomes and FlatsGlen Ridge 2 bedroom Flat2BR,1BA$0.80
Aura ApartmentsAUB22BR,1BA$0.96
Brookhaven Apartments2 Bed 1 Bath2BR,1BA$0.89
The Star2 Bed2BR,1BA$0.76
60 - ADDISON APARTMENTS1st Floor Standard2BR,1BA$0.95
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

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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!

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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 1699 Apartments for Rent in Indianapolis, IN with pricing that ranges from $550 to $8,579. There are also 1971 Single Family Homes for rent, Condos, and Townhome rentals currently available in Indianapolis ranging from $310 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 $310 to $10,000 with an average monthly rent of $1,867.

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 $1,090 to $8,579, while Three Bedroom Homes, Condos, and Townhomes for rent range from $945 to $4,000. 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.

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.

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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! 

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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.