Cheap Apartments for Rent in the Island Village Neighborhood of Indianapolis, IN from $500 (53 Rentals)

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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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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Wylde at Eagle Creek
$1,028 - $2,623
Total Monthly Price

Total Monthly Price

Base Rent
$1,028 - $2,623
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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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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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

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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Marabou Mills
Studio to 2 Bedroom Apartments

Marabou Mills

3402 Marabou Mills DrIndianapolis, IN 46214
Corporate Housing
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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
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Honey Creek Apartments
2 to 3 Bedroom Apartments

Honey Creek Apartments

3510 N High School RdIndianapolis, IN 46224
  • Utilities Included

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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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 Apartments priced from $689. 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 Stratford ApartmentsStudioStudio,1BA$689
The Legend at SpeedwayA11BR,1BA$799
Scarborough Lake ApartmentsThe Sunrise 1 BR 1 BA1BR,1BA$815
Spinnaker CourtVilla1BR,1BA$830
Woodhaven ParkOne Bedroom One Bath1BR,1BA$845
The Life at White PinesPINE1BR,1BA$849
Mariners Village Apartments1 Bedroom 1 Bathroom1BR,1BA$894
Pebble PointA1 Bliss1BR,1BA$899
Villa Del Sol Apartments?Your Perfect 1-Bedroom Awaits — Style, Space ...1BR,1BA$900
Astoria Park Apartment HomesOne Bedroom - 712 sqft1BR,1BA$935

Best Value Apartments for Rent in Island Village, IN

As of July 08, 2026 the best value apartment in the Island Village area is the $1.22 price per square foot 3x1.5 Townhome Renovated Model at The Meadows Apartment Homes in the in the Cheswick Place neighborhood starting from $1,549. The second greatest value Island Village apartment is the 2 Bedroom 1 Bathroom Model at Mariners Village Apartments starting at $1,164 with a $0.98 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.
The Meadows Apartment Homes3x1.5 Townhome Renovated3BR,1.5BA$1.22
Mariners Village Apartments2 Bedroom 1 Bathroom2BR,1BA$0.98
Runaway Bay ApartmentsNewport 12BR,2BA$1.38
Villa Del Sol Apartments??** Waiting List ** 3 Bed / 1.5 Bath Small Tow...3BR,1.5BA$1.20
Eagle Creek by Spark LivingShine - Renovated1BR,1BA$1.31
The Maywood at SpeedwayThe Santa Maria2BR,1.5BA$1.13
Brickyard FlatsB12BR,1BA$1.21
The Life at White PinesPINE1BR,1BA$1.22
Pebble PointA1 Bliss1BR,1BA$1.34
Woodhaven ParkOne Bedroom One Bath1BR,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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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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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 #88

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

Pet Friendliness Lifestyle Score

4.0
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 Legend at Speedway which is listed at $799, while the average apartment in Island Village costs $2,187.

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 26 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 $231 which is $1,956 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

Written by: Wendy Melton

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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Indys Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

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

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.