Cheap Apartments for Rent in the Island Village Neighborhood of Indianapolis, IN from $574 (51 Rentals)

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

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Wylde at Eagle Creek
Rent Specials
$1,062 - $1,920
Total Monthly Price

Total Monthly Price

Base Rent
$1,062 - $1,920
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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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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property at 5402 W 32nd St

$1,400

Total Monthly Price

Total Monthly Price

Base Rent
$1,400
Total Monthly Price
$1,400

4 Bedroom, 2 Bath Home for Rent

Available Now

5402 W 32nd St

IndianapolisIN46224
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Whispering Pines
1 to 3 Bedroom Apartments

Whispering Pines

4444 Mission DrIndianapolis, IN 46254
  • Utilities Included
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Aragon Woods
Studio to 3 Bedroom Apartments

Aragon Woods

8172 Aragon Woods DrIndianapolis, IN 46214
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Sebring Court
1 to 3 Bedroom Apartments

Sebring Court

1902 Parsons DrIndianapolis, IN 46224
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5911 W 25th St
Studio to 1 Bedroom Apartments

5911 W 25th St

5911-5921 W 25th StIndianapolis, IN 46224
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Heather Ridge
1 to 3 Bedroom Apartments

Heather Ridge

3245 Heather Ridge DrIndianapolis, IN 46214
  • Utilities Included

Island Village - One of the Best Affordable Neighborhoods in Indianapolis

Named as one of the Best Affordable Neighborhoods to rent in Indianapolis by our Local Expert Wendy Melton. See how it ranks!

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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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The Legend at Speedway
1 to 2 Bedroom Apartments

The Legend at Speedway

2202 Fair Oaks DrSpeedway, IN 46224
Corporate Housing

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Showing Results 1-50, Page 1 of 2

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 1 Bed unit found at The Life at Wood Springs priced from $780. The Legend at Speedway has the second lowest priced unit, which is a 1 Bed apartment currently listed from $799. Here are the most affordable Island Village apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The Life at Wood Springs1 BEDROOM | 1 BATHROOM A1BR,1BA$780
The Legend at SpeedwayA11BR,1BA$799
The Life at Northwest Gardens1 BED 1 BATH1BR,1BA$829
Scarborough Lake ApartmentsThe Sunset 1 BR 1 BA1BR,1BA$835
Woodhaven ParkOne Bedroom One Bath1BR,1BA$845
5911 W 25th St1 Bed 1 Bath - Speedway 59111BR,1BA$849
The Life at White PinesPINE1BR,1BA$849
The Meadows Apartment Homes1x1 Hartford Classic1BR,1BA$849
Fisherman's VillageA1 Cobalt1BR,1BA$869
The HermitageThe Retreat1BR,1BA$877

Best Value Apartments for Rent in Island Village, IN

As of August 22, 2026 the best value apartment in the Island Village area is the $0.96 price per square foot Three Bedroom Townhome (T3) Model at Darby Court in the in the Speedway Wellhead neighborhood starting from $1,482. The second greatest value Island Village apartment is the Catalina 1 Model at Runaway Bay Apartments starting at $1,756 with a $1.33 price per square foot in the Cheswick Place 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.
Darby CourtThree Bedroom Townhome (T3)3BR,2.5BA$0.96
Runaway Bay ApartmentsCatalina 13BR,2BA$1.33
Villa Del Sol Apartments??** Waiting List ** 3 Bed / 1.5 Bath Small Tow...3BR,1.5BA$1.20
Waterfront PointeThe Sand Dune - Upstairs2BR,2BA$1.31
Eagle Creek by Spark LivingExcite - Renovated2BR,1BA$1.23
Astoria Park Apartment HomesTwo Bedroom 1.5 Bath - 960 sqft2BR,1.5BA$1.29
The Maywood at SpeedwayThe Santa Maria2BR,1.5BA$1.32
Brickyard FlatsB12BR,1BA$1.21
Woodhaven ParkOne Bedroom One Bath1BR,1BA$1.30
The Life at Wood Springs1 BEDROOM | 1 BATHROOM A1BR,1BA$1.23

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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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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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
Island Village, Indianapolis, IN

Ranked #68

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 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 $1,179.

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 32 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 $242 which is $937 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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My name is Wendy, and I've lived in Indiana for most of my life. Indianapolis is our state capital, and many people consider it the heart of the Midwest. People come from all around to explore everything Indianapolis has to offer.

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