Cheap Apartments for Rent in the Island Village Neighborhood of Indianapolis, IN from $500 (49 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Island Village area of Indianapolis.

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

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Wylde at Eagle Creek
$1,172 - $2,305
Total Monthly Price

Total Monthly Price

Base Rent
$1,172 - $2,305
Total Monthly Price
Varies
1 to 2 Bedroom Apartments Available Now

Wylde at Eagle Creek

6612 Eagle Pointe DrIndianapolis, IN 46254
Corporate Housing
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  • 3D Tour

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

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Whispering Pines
1 to 3 Bedroom Apartments

Whispering Pines

4444 Mission DrIndianapolis, IN 46254
  • Utilities Included
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Sebring Court
1 to 3 Bedroom Apartments

Sebring Court

1902 Parsons DrIndianapolis, IN 46224
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Heather Ridge
1 to 3 Bedroom Apartments

Heather Ridge

3245 Heather Ridge DrIndianapolis, IN 46214
  • Utilities Included

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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Aragon Woods
Studio to 3 Bedroom Apartments

Aragon Woods

8172 Aragon Woods DrIndianapolis, IN 46214
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Honey Creek Apartments
2 to 3 Bedroom Apartments

Honey Creek Apartments

3510 N High School RdIndianapolis, IN 46224
  • Utilities Included

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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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The Legend at Speedway
1 to 2 Bedroom Apartments

The Legend at Speedway

2202 Fair Oaks DrSpeedway, IN 46224
Corporate Housing
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Brickyard Flats
Studio to 3 Bedroom Apartments

Brickyard Flats

6363 Hollister DrSpeedway, IN 46224
Showing Results 1-49, Page 1 of 1

Island Village, Indianapolis, IN Local Guide

Cheapest Available Island Village Apartments for Rent

 

The cheapest available apartment rental in the Island Village area of Indianapolis, IN is a Studio unit found at The Stratford priced from $620. Marabou Mills has the second lowest priced unit, which is a Studio apartment currently listed from $740. Here are the most affordable Island Village apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The StratfordStudioStudio,1BA$620
Marabou MillsStudioStudio,1BA$740
Mariners Village Apartments0 Bedroom 1 BathroomStudio,1BA$741
The Life at Wood Springs1 BEDROOM | 1 BATHROOM A1BR,1BA$780
The Legend at SpeedwayA11BR,1BA$799
The Meadows Apartment Homes1x1 Williamsburg Classic1BR,1BA$819
The Life at White PinesPINE1BR,1BA$849
Brickyard FlatsA11BR,1BA$875
Villa Del Sol Apartments? Your Perfect 1-Bedroom Awaits — Style, Space...1BR,1BA$900
Spinnaker CourtRetreat1BR,1BA$920

Best Value Apartments for Rent in Island Village, IN

As of April 08, 2026 the best value apartment in the Island Village area is the $1.07 price per square foot Two Bedroom Two Bathroom (C3) Model at Sebring Court in the in the Speedway Wellhead neighborhood starting from $1,200. The second greatest value Island Village apartment is the ??** Waiting List ** 3 Bed / 1.5 Bath Small Tow... Model at Villa Del Sol Apartments starting at $1,315 with a $1.20 price per square foot in the Timberview neighborhood. Here is today’s list of the best values for Island Village apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Sebring CourtTwo Bedroom Two Bathroom (C3)2BR,2BA$1.07
Villa Del Sol Apartments??** Waiting List ** 3 Bed / 1.5 Bath Small Tow...3BR,1.5BA$1.20
The Life at Wood Springs2 BEDROOM | 2 BATHROOM B2BR,2BA$1.30
The Meadows Apartment Homes2x1 Townhome Classic2BR,1BA$1.21
Eagle Creek by Spark LivingExcite - Renovated2BR,1BA$1.30
The Maywood at SpeedwayThe Santa Maria2BR,1.5BA$1.29
The Life at Northwest Gardens2 BED 1 BATH2BR,1BA$1.22
The Stratford1 Bedroom 1 Bathroom1BR,1BA$1.18
Astoria Park Apartment HomesOne Bedroom - 712 sqft1BR,1BA$1.30
Brickyard FlatsA11BR,1BA$1.27

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

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Don't Settle: How to Negotiate Your Apartment Lease and Save Money

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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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Pet Friendly Lifestyle
Island Village, Indianapolis, IN

Ranked #83

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

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Lifestyle Ratings

Our team is proud to bring you Lifestyle Ratings of neighborhoods, cities and towns, and rental properties across Indiana, including Indianapolis. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including filtering automatically for proximity to parks, luxury housing options, transit availability, pet-friendly communities, multifamily communities for the kids, and more. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap Island Village Apartments

What is a cheap apartment in Island Village?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Island Village is under $920.

What is the price of a cheap apartment in Island Village?

The cheapest apartment in Island Village is The Life at Wood Springs which is listed at $780, while the average apartment in Island Village costs $2,399.

What types of apartments are the cheapest in Island Village?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 90 regular apartments in Island Village that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Island Village?

Cheap apartments in Island Village have an average cost of $414 which is $1,985 cheaper than the average rent for all rentals in Island Village.

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

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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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Written by: Christine Leonard, Esq.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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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.