Cheap Apartments for Rent in the Lockerbie Square Neighborhood of Indianapolis, IN from $500 (90 Rentals)

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

property at 932 E Market St

932 E Market St

IndianapolisIN46202

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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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

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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property at 615 N East St

615 N East St

IndianapolisIN46202

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 $765. 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 Apartments514 StudioStudio,1BA$765
Senate ManorS.1 CStudio,1BA$930
Trail SideA1BR,1BA$938
Christian Place Apartments71BR,1BA$950
1010 CentralLoft 50%1BR,1BA$956
Traymore ApartmentsOne Bedroom1BR,1BA$960
College Manor1 BR1BR,1BA$990
Circle City ApartmentsWinterhouse Studio 410Studio,1BA$995
Mozzo apartments7180A2 - Muzio Studio - 596 sqftStudio,1BA$999

Best Value Apartments for Rent in Lockerbie Square, IN

As of December 14, 2025 the best value apartment in the Lockerbie Square area is the $1.39 price per square foot 3 Bedroom 2 Bath Model at The Block in the in the Riley neighborhood starting from $2,459. The second greatest value Lockerbie Square apartment is the London Model at Maxwell Apartments starting at $1,736 with a $1.47 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.
The Block3 Bedroom 2 Bath3BR,2BA$1.39
Maxwell ApartmentsLondon2BR,2BA$1.47
929 English Ave, Unit A929 English Ave2BR,2BA$1.36
Shoemaker Buildingflat2BR,2BA$1.45
Indy Colonial Apartments3111BR,1BA$1.05
Line LoftsThe Intuition 60%2BR,1BA$1.53
Trail SideA1BR,1BA$1.12
522 Fletcher Ave1BR/1.5BA1BR,1.5BA$1.40
The Washington2 Bedroom2BR,1BA$1.47
College Manor1 BR1BR,1BA$1.48

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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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

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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.

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 $999.

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

The cheapest apartment in Lockerbie Square is INDY FLATS which is listed at $880, while the average apartment in Lockerbie Square costs $2,723.

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 85 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 $275 which is $2,448 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.

Articles, How-To's, and Tips

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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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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.

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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!