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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Wylde at Eagle Creek
Rent Specials
$967 - $2,454
Total Monthly Price

Total Monthly Price

Base Rent
$967 - $2,454
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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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

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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
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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
  • 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.

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Honey Creek Apartments
2 to 3 Bedroom Apartments

Honey Creek Apartments

3510 N High School RdIndianapolis, IN 46224
  • Utilities Included

Indy's Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Find your dream job and perfect neighborhood in Indy. Discover major companies and the best places to live for young professionals and families, from historic districts to quiet, upscale communities.

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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 1 Bed unit found at The Legend at Speedway priced from $799. The Life at Wood Springs has the second lowest priced unit, which is a 1 Bed apartment currently listed from $832. Here are the most affordable Island Village apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The Legend at SpeedwayA11BR,1BA$799
The Life at Wood Springs1 BEDROOM | 1 BATHROOM A1BR,1BA$832
The Life at White PinesPINE1BR,1BA$849
The Stratford ApartmentsOne Bed One Bath1BR,1BA$859
Scarborough Lake ApartmentsThe Sunrise 1 BR 1 BA1BR,1BA$862
Astoria Park Apartment HomesOne Bedroom - 712 sqft1BR,1BA$865
Mariners Village Apartments1 Bedroom 1 Bathroom1BR,1BA$886
Villa Del Sol Apartments?Your Perfect 1-Bedroom Awaits — Style, Space ...1BR,1BA$900
Woodhaven ParkOne Bedroom One Bath1BR,1BA$909
Sebring CourtStandard One Bedroom (AN1)1BR,1BA$930

Best Value Apartments for Rent in Island Village, IN

As of May 24, 2026 the best value apartment in the Island Village area is the $0.86 price per square foot 2 Bedroom 2 Bathroom Model at Mariners Village Apartments in the in the Timberview neighborhood starting from $1,146. The second greatest value Island Village apartment is the Newport 1 Model at Runaway Bay Apartments starting at $1,460 with a $1.29 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.
Mariners Village Apartments2 Bedroom 2 Bathroom2BR,2BA$0.86
Runaway Bay ApartmentsNewport 12BR,2BA$1.29
Villa Del Sol Apartments?? Your Perfect 3 Bed / 1.5 Bath Small Townhome3BR,1.5BA$1.20
Pebble PointB1 Escape2BR,2BA$1.31
The Maywood at SpeedwayThe Deerfield2BR,1BA$1.23
Brickyard FlatsB12BR,1BA$1.21
Astoria Park Apartment HomesTwo Bedroom - 850 sqft2BR,1BA$1.29
The Life at White PinesPINE1BR,1BA$1.22
The Stratford ApartmentsOne Bed One Bath1BR,1BA$1.33
The Life at Wood Springs1 BEDROOM | 1 BATHROOM A1BR,1BA$1.32

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 #82

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 Legend at Speedway which is listed at $799, 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 70 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 $394 which is $2,005 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

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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

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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

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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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Articles, How-To's, and Tips

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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

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I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.