Cheap Apartments for Rent in the Lockerbie Square Neighborhood of Indianapolis, IN from $500 (95 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

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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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Axis
Rent Specials
$1,109 - $3,164Studio to 2 Bedroom Apartments Available Now

Axis

401 N Senate AveIndianapolis, IN 46204
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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The Art of the Rental Viewing: What to look for during a property tour

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

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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 1 Bed unit found at Madison Apartments priced from $925. Senate Manor has the second lowest priced unit, which is a Studio apartment currently listed from $930. Here are the most affordable Lockerbie Square apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Madison ApartmentsOne bedroom1BR,1BA$925
Senate ManorS.1 CStudio,1BA$930
Trail SideA1BR,1BA$938
1010 CentralLoft 50%1BR,1BA$956
Traymore ApartmentsOne Bedroom1BR,1BA$960
Maxwell ApartmentsMilanStudio,1BA$970
Devonshire Apartments in Downtown Indianapolis1BR/1.0BA1BR,1BA$990
College Manor1 BR1BR,1BA$990
Circle City ApartmentsWinterhouse Studio 402Studio,1BA$995
Maryden on CentralThe Escape at MarydenStudio,1BA$1,005

Best Value Apartments for Rent in Lockerbie Square, IN

As of October 29, 2025 the best value apartment in the Lockerbie Square area is the $1.00 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,800. The second greatest value Lockerbie Square apartment is the 2 Bedroom 2 Bath Model at The Block starting at $1,999 with a $1.11 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$1.00
The Block2 Bedroom 2 Bath2BR,2BA$1.11
RaleighRaleigh 2B 10042BR,2BA$1.59
Indy Colonial ApartmentsOne Bedroom1BR,1BA$1.05
Line LoftsThe Intuition 60%2BR,1BA$1.53
Trail SideA1BR,1BA$1.12
Van DykeVan Dyke 1B 8301BR,1BA$1.55
The Washington2 Bedroom2BR,1BA$1.47
College Manor1 BR1BR,1BA$1.48
Traymore ApartmentsOne Bedroom1BR,1BA$1.60

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

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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
Lockerbie Square, Indianapolis, IN

Ranked #4

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.

Getting Around the Lockerbie Square Neighborhood in Indianapolis, IN

Walk Score®

93 / 100

Walker’s Paradise

Daily errands do not require a car

Bike Score®

95 / 100

Biker's Paradise

Daily errands can be accomplished on a bike

Transit Score®

63 / 100

Good Transit

Many nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

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 $1,005.

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

The cheapest apartment in Lockerbie Square is Madison Apartments which is listed at $925, while the average apartment in Lockerbie Square costs $5,072.

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 24 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 $116 which is $4,956 cheaper than the average rent for all rentals in Lockerbie Square.

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.