Cheap Apartments for Rent in the Lockerbie Square Neighborhood of Indianapolis, IN from $500 (89 Rentals)

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

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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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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from $1,2501 Bedroom Apartments Available Now

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1040 N Delaware StIndianapolis, IN 46202
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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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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Lockerbie Square - One of the Best Affordable Neighborhoods in Indianapolis

Named as one of the Best Affordable Neighborhoods to rent in Indianapolis by our Local Expert Wendy Melton. See how it ranks!

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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 The Seminole priced from $833. Priscilla on Pennsylvania has the second lowest priced unit, which is a Studio apartment currently listed from $895. Here are the most affordable Lockerbie Square apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The Seminole1br1BR,1BA$833
Priscilla on PennsylvaniaStudio - Second FloorStudio,1BA$895
Christian Place Apartments251BR,1BA$950
Indy Colonial Apartments1 Bed, 1 bath1BR,1BA$1,000
Senate Manor1.1 Ap1BR,1BA$1,005
Riley TowersStudio - 355Studio,1BA$1,047
Lofts on MadisonStudioStudio,1BA$1,049
College Manor1 BR1BR,1BA$1,050
Artistry IndyEdie (EcoSuite)Studio,1BA$1,066
800 CapitolImprint 60%1BR,1BA$1,092

Best Value Apartments for Rent in Lockerbie Square, IN

As of June 07, 2025 the best value apartment in the Lockerbie Square area is the $1.08 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,950. The second greatest value Lockerbie Square apartment is the 2 Bedroom Model at 1301 N Alabama St starting at $2,275 with a $1.38 price per square foot in the Near North Indianapolis 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$1.08
1301 N Alabama St2 Bedroom2BR,1BA$1.38
The Block1 Bedroom 1 Bath1BR,1BA$1.06
707 NorthThe Lockerbie 60%2BR,2BA$1.41
Line LoftsThe Inspiration 60%2BR,1BA$1.53
Lockerbie Flats1 Bedroom1BR,2BA$1.48
RaleighRaleigh 1BTH 8861BR,2BA$1.42
Van DykeVan Dyke 1BTH 8821BR,1BA$1.34
The Seminole1br1BR,1BA$1.13
College Manor1 BR1BR,1BA$1.57

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 #6

Among neighborhoods in Indianapolis, IN 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 the Cheapest Studio apartment in Lockerbie Square?

Currently the most affordable Cheap Studio Apartment in Lockerbie Square is at Priscilla on Pennsylvania listed at $895.

How much is rent for a Cheap One Bedroom Lockerbie Square Apartment?

The lowest price for a Cheap One Bedroom Lockerbie Square Apartment is $833 at The Seminole.

What is the lowest price for a Cheap Two Bedroom Lockerbie Square Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Lockerbie Square is starting from $1,180 at Line Lofts.

What is the most affordable Lockerbie Square Three Bedroom Apartment?

The best deal on a cheap Lockerbie Square Three Bedroom Apartment rental is at 9 on Canal and starts from $3,365.

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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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.