Cheap Apartments for Rent in the Island Village Neighborhood of Indianapolis, IN from $500 (24 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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.

Read Article
close
View Me
Whispering Pines
1 to 3 Bedroom Apartments

Whispering Pines

4444 Mission DrIndianapolis, IN 46254
  • Utilities Included

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.

Read Article
close
View Me
Sebring Court
1 to 3 Bedroom Apartments

Sebring Court

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

The Life at Wood Springs

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

Heather Ridge

3245 Heather Ridge DrIndianapolis, IN 46214
  • Utilities Included
close
View Me
Brickyard Flats
Studio to 3 Bedroom Apartments

Brickyard Flats

6363 Hollister DrSpeedway, IN 46224
close
View Me
The Legend at Speedway
1 to 2 Bedroom Apartments

The Legend at Speedway

2202 Fair Oaks DrSpeedway, IN 46224
Corporate Housing

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.

Read Article
Showing Results 1-24, 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. Mariners Village has the second lowest priced unit, which is a Studio apartment currently listed from $762. Here are the most affordable Island Village apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The StratfordStudioStudio,1BA$620
Mariners VillageStudioStudio,1BA$762
Darby CourtStandard One Bedroom (SN1)1BR,1BA$769
Brickyard FlatsA21BR,1BA$787
Fishermans VillageCobalt1BR,1BA$799

Best Value Apartments for Rent in Island Village, IN

As of December 25, 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 $1,075 with a $1.00 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 ListingModel NameBed/BathPrice Per Sq.Ft.
The Life at White PinesCYPRESS3BR,2BA$1.28
Sebring CourtTwo Bedroom Two Bathroom (C3M)2BR,2BA$1.00
Pebble PointThe Escape2BR,2BA$1.23
Eagle CreekShine1BR,1BA$1.12
The Maywood at SpeedwayThe Santa Maria2BR,1.5BA$1.29
Brickyard FlatsB12BR,1BA$1.24
Villa Del Sol ApartmentsSpacious one bed one bathroom apartment1BR,1BA$1.04
The Stratford1 Bedroom 1 Bathroom1BR,1BA$1.18
Woodhaven ParkOne Bedroom One Bath1BR,1BA$1.30
Mariners VillageStudioStudio ,1BA$1.26

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.

Read Article
Decorative image

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 Article
Decorative image

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.

Read Article
Decorative image

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

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

Pet Friendly Lifestyle
Island Village, Indianapolis, IN

Ranked #85

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

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

decorative image of woman handing cat to small boy

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 Darby Court which is listed at $769, 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 81 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 $361 which is $2,038 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.

Articles, How-To's, and Tips

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.

decorative image for How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips article

How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

decorative image for Renting with Roommates: Realistic Expectations for Shared Lease article

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.

decorative image for Apartment Common Area Rules: What Renters Need to Know article

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.