Cheap Homes for Rent in Lockerbie Square Neighborhood of Indianapolis, IN from $600 (16 Rentals)

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

property at 501 Madison Ave

501 Madison Ave

IndianapolisIN46225

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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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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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 The Seminole priced from $833. The Washington has the second lowest priced unit, which is a 1 Bed apartment currently listed from $850. Here are the most affordable Lockerbie Square apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The Seminole1br1BR,1BA$833
The WashingtonOne Bedroom - Sublevel1BR,1BA$850
Madison ApartmentsOne bedroom1BR,1BA$960
Indy Colonial Apartments1 Bed, 1 bath1BR,1BA$1,000
Senate Manor1.1 Ap1BR,1BA$1,005

Best Value Apartments for Rent in Lockerbie Square, IN

As of June 22, 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 1 Bedroom 1 Bath Model at The Block starting at $1,549 with a $1.06 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$1.08
The Block1 Bedroom 1 Bath1BR,1BA$1.06
1613 Nowland Ave, Unit B1613 Nowland Ave2BR,2.5BA$1.32
1003 Broadway St, Unit 1003 Broadway St apt 21003 Broadway St2BR,2BA$1.25
1641 E Michigan St, Unit C1641 E Michigan St2BR,1BA$1.31
707 NorthThe Lockerbie 60%2BR,2BA$1.41
RaleighRaleigh 1BTH 8861BR,2BA$1.42
Van DykeVan Dyke 1BTH 8821BR,1BA$1.34
The Seminole1br1BR,1BA$1.13
The WashingtonOne Bedroom - Sublevel1BR,1BA$1.42

Quick Rent Budget Calculator

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Frequently Asked Questions about Lockerbie Square

What type of rentals are currently available in Lockerbie Square?

There are currently 198 Apartments for Rent in Lockerbie Square, IN with pricing that ranges from $820 to $9,136. There are also 79 Single Family Homes for rent, Condos, and Townhome rentals currently available in Lockerbie Square ranging from $695 to $4,700.

What is the current price range for Rental Homes in Lockerbie Square?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Lockerbie Square ranges from $695 to $4,700 with an average monthly rent of $1,876.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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

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.