Cheap Apartments for Rent in the Lockerbie Square Neighborhood of Indianapolis, IN from $400 (57 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Lockerbie Square 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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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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The Jordan
Studio to 1 Bedroom Apartments

The Jordan

1445 N Delaware StIndianapolis, IN 46202
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Barbee
1 Bedroom Apartments

Barbee

1215 N Pennsylvania StIndianapolis, IN 46202
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Windsor
Studio to 1 Bedroom Apartments

Windsor

1235 N Delaware StIndianapolis, IN 46202
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The Harrison
Studio to 1 Bedroom Apartments

The Harrison

1320 N Delaware StIndianapolis, IN 46202
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The Marleigh
Studio to 1 Bedroom Apartments

The Marleigh

1434-1448 N Delaware StIndianapolis, IN 46202
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Madison Apartments
1 to 2 Bedroom Apartments

Madison Apartments

226 E 12th StIndianapolis, IN 46202
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550 Fletcher Ave
1 to 3 Bedroom Apartments

550 Fletcher Ave

550 Fletcher AveIndianapolis, IN 46203
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Capitol Manor
1 Bedroom Apartments

Capitol Manor

842 N Capitol AveIndianapolis, IN 46204
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Victoria Apartments
Studio Apartments

Victoria Apartments

1244 N Illinois StIndianapolis, IN 46202
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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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Chelsea Manor
1 to 2 Bedroom Apartments

Chelsea Manor

1451 Central AveIndianapolis, IN 46202
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Mayleeno
1 Bedroom Apartments

Mayleeno

416 E Vermont PlIndianapolis, IN 46202
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The Seminole
1 Bedroom Apartments

The Seminole

920 N Alabama StIndianapolis, IN 46202
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Stonegate Apartments
Studio to 3 Bedroom Apartments

Stonegate Apartments

1220-1226 N Illinois StIndianapolis, IN 46202
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Raleigh
Studio to 2 Bedroom Apartments

Raleigh

108 E 13th StIndianapolis, IN 46202
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Van Dyke
Studio to 2 Bedroom Apartments

Van Dyke

1229 N Pennsylvania StIndianapolis, IN 46202
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Maryden on Central
Studio to 2 Bedroom Apartments

Maryden on Central

1308 Central AveIndianapolis, IN 46202
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Spink
Studio to 1 Bedroom Apartments

Spink

1433 N Pennsylvania StIndianapolis, IN 46202
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520 E Washington St
Studio to 2 Bedroom Apartments

520 E Washington St

520 E Washington StIndianapolis, IN 46204

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Lockerbie Square, Indianapolis, IN Local Guide

Cheapest Available Lockerbie Square Apartments for Rent

 

The cheapest available apartment rental in the Lockerbie Square area of Indianapolis, IN is a Studio unit found at INDY FLATS priced from $705. St. Agnes Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $789. Here are the most affordable Lockerbie Square apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
INDY FLATSSherwood Std DStudio,1BA$705
St. Agnes ApartmentsStudio- Large 5th*Studio,1BA$789
Madison ApartmentsOne bedroom1BR,1BA$795
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$899
Traymore ApartmentsOne Bedroom1BR,1BA$925
Senate ManorS.1 CStudio,1BA$930
Trail SideA1BR,1BA$938
Utomin Apartments2 Bedroom2BR,1BA$975
Artistry IndyPop1BR,1BA$980
Devonshire Apartments in Downtown Indianapolis1BR/1.0BA1BR,1BA$990

Best Value Apartments for Rent in Lockerbie Square, IN

As of January 30, 2026 the best value apartment in the Lockerbie Square area is the $0.97 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,750. The second greatest value Lockerbie Square apartment is the The Evans Model at The E'Laan starting at $1,787 with a $1.49 price per square foot in the Riley neighborhood. Here is today’s list of the best values for Lockerbie Square apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Shoemaker Buildingloft2BR,2BA$0.97
The E'LaanThe Evans2BR,2BA$1.49
929 English Ave, Unit A929 English Ave2BR,2BA$1.34
Indy Colonial Apartments3111BR,1BA$1.05
Line LoftsThe Intuition 60%2BR,1BA$1.41
Trail SideA1BR,1BA$1.12
522 Fletcher Ave1BR/1.5BA1BR,1.5BA$1.40
Madison ApartmentsTwo bedroom2BR,1BA$1.40
The Washington2 Bedroom2BR,1BA$1.47
Utomin Apartments2 Bedroom2BR,1BA$1.50

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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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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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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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
Lockerbie Square, Indianapolis, IN

Ranked #6

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

ApartmentHomeLiving brings you comprehensive Lifestyle Ratings of neighborhoods, cities, and rental properties across Indiana and customized analysis for Indianapolis, Indiana. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including filtering automatically for the best proximity to parks and outdoor amenities, luxury housing options, kid and pet-friendly communities, availability of transit options, walking, and biking. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap Lockerbie Square Apartments

What is a cheap apartment in Lockerbie Square?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Lockerbie Square is under $990.

What is the price of a cheap apartment in Lockerbie Square?

The cheapest apartment in Lockerbie Square is Madison Apartments which is listed at $795, while the average apartment in Lockerbie Square costs $2,884.

What types of apartments are the cheapest in Lockerbie Square?

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 108 regular apartments in Lockerbie Square 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 Lockerbie Square?

Cheap apartments in Lockerbie Square have an average cost of $276 which is $2,608 cheaper than the average rent for all rentals in Lockerbie Square.

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.

Articles, How-To's, and Tips

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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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.

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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.