Cheap Apartments for Rent in the Island Village Neighborhood of Indianapolis, IN from $500 (26 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

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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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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Whispering Pines
1 to 3 Bedroom Apartments

Whispering Pines

4444 Mission DrIndianapolis, IN 46254
  • Utilities Included

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.

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Sebring Court
1 to 3 Bedroom Apartments

Sebring Court

1902 Parsons DrIndianapolis, IN 46224
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The Life at Wood Springs
1 to 3 Bedroom Apartments

The Life at Wood Springs

6495 Piping Rock LnIndianapolis, IN 46254
Corporate Housing
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Heather Ridge
1 to 3 Bedroom Apartments

Heather Ridge

3245 Heather Ridge DrIndianapolis, IN 46214
  • Utilities Included

The Art of the Rental Viewing: What to look for during a property tour

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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Brickyard Flats
Studio to 3 Bedroom Apartments

Brickyard Flats

6363 Hollister DrSpeedway, IN 46224
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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
Showing Results 1-26, 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 $520. Lakeside Crossing at Eagle Creek Apartments and Townhomes has the second lowest priced unit, which is a 1 Bed apartment currently listed from $760. Here are the most affordable Island Village apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The StratfordStudioStudio,1BA$520
Lakeside Crossing at Eagle Creek Apartments and TownhomesOne Bedroom1BR,1BA$760
The Life at Wood Springs1 BEDROOM | 1 BATHROOM A1BR,1BA$780
Brickyard FlatsA21BR,1BA$787
Mariners VillageStudioStudio,1BA$798
Pebble PointThe Bliss1BR,1BA$799
The Legend at SpeedwayA11BR,1BA$816
Scarborough Lake ApartmentsThe Sunset 1 BR 1 BA1BR,1BA$822
The Life at White PinesPINE1BR,1BA$825
Wylde at Eagle CreekEagles Nest1BR,1BA$829

Best Value Apartments for Rent in Island Village, IN

As of November 10, 2025 the best value apartment in the Island Village area is the $1.12 price per square foot 5831 Suburban Dr Model at 5831 Suburban Dr, Unit Home For Rent in the in the Cheswick Place neighborhood starting from $2,695. The second greatest value Island Village apartment is the 3x1.5 Townhouse Premium Model at The Meadows Apartment Homes starting at $1,519 with a $1.20 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.
5831 Suburban Dr, Unit Home For Rent5831 Suburban Dr5BR,2.5BA$1.12
The Meadows Apartment Homes3x1.5 Townhouse Premium3BR,1.5BA$1.20
Eagle CreekShine1BR,1BA$1.13
The Maywood at SpeedwayThe Santa Maria2BR,1.5BA$1.29
Fishermans VillageSapphire2BR,2BA$1.08
The Life at Wood Springs2 BEDROOM | 1 BATHROOM A2BR,1BA$1.24
The Life at White PinesPINE1BR,1BA$1.19
Brickyard FlatsA11BR,1BA$1.27
Pebble PointThe Bliss1BR,1BA$1.19
The Stratford1 Bedroom 1 Bathroom1BR,1BA$1.23

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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.

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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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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.

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Pet Friendly Lifestyle
Island Village, Indianapolis, IN

Ranked #89

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 $829.

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

The cheapest apartment in Island Village is Lakeside Crossing at Eagle Creek Apartments and Townhomes which is listed at $760, while the average apartment in Island Village costs $2,695.

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 79 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 $326 which is $2,369 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.

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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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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.