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$610 - $1,350Studio to 3 Bedroom Apartments Available Now
The Stratford
3201 Watergate RdIndianapolis, IN 46224
Cheap Apartments for Rent in the Island Village Neighborhood of Indianapolis, IN from $500 (24 Rentals)
Search the lowest-cost Apartments available for rent right now in the Island Village area of Indianapolis.
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$727 - $1,2311 to 2 Bedroom Apartments Contact Us For Availability
Eagle Creek Court
2148 Augusta Dr EIndianapolis, IN 46224
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$740 - $1,195Studio to 2 Bedroom Apartments Contact Us For Availability
Marabou Mills
3402 Marabou Mills DrIndianapolis, IN 46214
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$783 - $1,373Studio to 2 Bedroom Apartments Available Now
Mariners Village
7135 Islander DrIndianapolis, IN 46214
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$784 - $2,400Studio to 3 Bedroom Apartments Available Now
Scarborough Lake Apartments
6430 Maidstone RdIndianapolis, IN 46254
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$799 - $1,3491 to 3 Bedroom Apartments Available Now
The Meadows Apartment Homes
5505 Scarlet DrIndianapolis, IN 46224
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$801 - $1,4341 to 3 Bedroom Apartments Available Now
Darby Court
2135 N High School RdIndianapolis, IN 46224
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$809 - $1,5361 to 3 Bedroom Apartments Available Now
The Life at White Pines
3287 Tara CtIndianapolis, IN 46224
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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$845 - $1,5951 to 3 Bedroom Apartments Available Now
Woodhaven Park
6363 Commons DrIndianapolis, IN 46254
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$875 - $1,4511 to 4 Bedroom Apartments Available Now
The Life at Northwest Gardens
5816 W 38th StIndianapolis, IN 46254
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$878 - $1,5281 to 2 Bedroom Apartments Available Now
Spinnaker Court
3685 St Thomas BlvdIndianapolis, IN 46214
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$885 - $2,4201 to 3 Bedroom Apartments Available Now
Center Point
6710 Hollow Run PlIndianapolis, IN 46214
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$890 - $2,3691 to 2 Bedroom Apartments Available Now
Astoria Park Apartment Homes
3640 Beluga LnIndianapolis, IN 46214
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$899 - $1,269Studio to 2 Bedroom Apartments Available Now
Fishermans Village
2975 Coast DrIndianapolis, IN 46214
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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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$733 - $1,2381 to 2 Bedroom Apartments Contact Us For Availability
Stanford Court
1815 Foyt DrSpeedway, IN 46224
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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.
Showing Results 1-24, Page 1 of 1
Island Village, Indianapolis, IN Local Guide
How much does it cost to rent an apartment in Island Village?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Island Village Studio Apartments | $832 | $610 | $949 |
| Island Village 1 Bedroom Apartments | $1,005 | $727 | $1,797 |
| Island Village 2 Bedroom Apartments | $1,276 | $899 | $2,264 |
| Island Village 3 Bedroom Apartments | $1,677 | $1,250 | $6,000 |
| Island Village 4 Bedroom Apartments | $2,399 | $2,399 | $2,399 |
Browse Apartments in this Neighborhood
There are currently 24 rentals with your search options within a 2 mile radius of the Island Village Neighborhood of Indianapolis, IN.
See all Apartments in IndianapolisExplore Indianapolis
Island Village, Indianapolis, IN Local Guide
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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 $610. The Life at Wood Springs has the second lowest priced unit, which is a 1 Bed apartment currently listed from $780. Here are the most affordable Island Village apartments for rent in Indianapolis, IN:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| The Stratford | Studio | Studio,1BA | $610 |
| The Life at Wood Springs | 1 BEDROOM | 1 BATHROOM A | 1BR,1BA | $780 |
| Mariners Village | Studio | Studio,1BA | $783 |
| Brickyard Flats | A2 | 1BR,1BA | $787 |
| The Legend at Speedway | A1 | 1BR,1BA | $799 |
Best Value Apartments for Rent in Island Village, IN
As of December 02, 2025 the best value apartment in the Island Village area is the $1.28 price per square foot CYPRESS Model at The Life at White Pines in the in the Cheswick Place neighborhood starting from $1,536. The second greatest value Island Village apartment is the Two Bedroom Two Bathroom (C3M) Model at Sebring Court starting at $1,121 with a $1.05 price per square foot in the Speedway Wellhead neighborhood. Here is today’s list of the best values for Island Village apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| The Life at White Pines | CYPRESS | 3BR,2BA | $1.28 |
| Sebring Court | Two Bedroom Two Bathroom (C3M) | 2BR,2BA | $1.05 |
| The Maywood at Speedway | The Santa Maria | 2BR,1.5BA | $1.29 |
| Eagle Creek | Rise | 1BR,1BA | $1.16 |
| Brickyard Flats | A1 | 1BR,1BA | $1.23 |
| Astoria Park Apartment Homes | One Bedroom - 670 sqft | 1BR,1BA | $1.34 |
| Woodhaven Park | One Bedroom One Bath | 1BR,1BA | $1.30 |
| The Stratford | 1 Bedroom 1 Bathroom | 1BR,1BA | $1.31 |
| The Meadows Apartment Homes | Williamsburg 1x1 - Classic | 1BR,1BA | $1.25 |
| Mariners Village | Studio | Studio ,1BA | $1.30 |
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.
Read ArticleYour 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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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 LifestyleIsland Village, Indianapolis, IN
Ranked #78
Among cities in Indiana for Apartment listings with Pet Friendly Amenities.
Pet Friendliness Lifestyle Score
3.5Pet Friendly
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 $845.
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 64 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 $325 which is $2,074 cheaper than the average rent for all rentals in Island Village.
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.
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.
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.
How to Negotiate Your Apartment Lease and Save Money
Written by: Christine Leonard, Esq.
Everything is a negotiation in real estate!
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.