Cheap Apartments for Rent in the Old Southside Neighborhood of Indianapolis, IN from $500 (42 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Old Southside 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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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

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Old Southside - 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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property at 501 Madison Ave

501 Madison Ave

IndianapolisIN46225
Showing Results 1-42, Page 1 of 1

Old Southside, Indianapolis, IN Local Guide

Cheapest Available Old Southside Apartments for Rent

 

The cheapest available apartment rental in the Old Southside area of Indianapolis, IN is a 1 Bed unit found at Madison Lofts priced from $830. River West Flats has the second lowest priced unit, which is a Studio apartment currently listed from $999. Here are the most affordable Old Southside apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Madison Lofts1x1 583sf1BR,1BA$830
River West FlatsStudioStudio,1BA$999
Lofts on MadisonStudioStudio,1BA$1,049
Ralston ApartmentsMagnolia1BR,1BA$1,099
Gathyr ApartmentsBevilleStudio,1BA$1,099
Riley TowersStudio - 500Studio,1BA$1,108
The StellaSol 80%Studio,1BA$1,125
The Continental Towers at Vermont PlaceContinental - Willard1BR,1BA$1,145
Residence on Penn0BR/1.0BAStudio,1BA$1,199
Lockerbie LoftsThe WileyStudio,1BA$1,210

Best Value Apartments for Rent in Old Southside, IN

As of June 23, 2025 the best value apartment in the Old Southside area is the $1.06 price per square foot 1 Bedroom 1 Bath Model at The Block in the in the Riley neighborhood starting from $1,549. The second greatest value Old Southside apartment is the Hudson Model at Canal Square starting at $2,132 with a $1.94 price per square foot in the Riley neighborhood. Here is today’s list of the best values for Old Southside apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Block1 Bedroom 1 Bath1BR,1BA$1.06
Canal SquareHudson2BR,2BA$1.94
Pulliam SquareDaily VIII1BR,1BA$1.87
Madison Lofts1x1 657sf1BR,1BA$1.90
Vivio on Tenth1x1-7061BR,1BA$2.19
Lockerbie LoftsThe WileyStudio ,1BA$2.07
Maxwell ApartmentsMilanStudio ,1BA$2.15
WesmontStudio - Bumping on SunsetStudio ,1BA$2.17
Lofts on MadisonStudioStudio ,1BA$2.10
River West FlatsStudioStudio ,1BA$2.19

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
Old Southside, Indianapolis, IN

Ranked #19

Among neighborhoods in Indianapolis, IN for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Getting Around the Old Southside Neighborhood in Indianapolis, IN

Walk Score®

62 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

71 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

50 / 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 Old Southside Apartments

What is a cheap apartment in Old Southside?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Old Southside is under $1,210.

What is the price of a cheap apartment in Old Southside?

The cheapest apartment in Old Southside is Madison Lofts which is listed at $830, while the average apartment in Old Southside costs $2,654.

What types of apartments are the cheapest in Old Southside?

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 33 regular apartments in Old Southside 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 Old Southside?

Cheap apartments in Old Southside have an average cost of $345 which is $2,309 cheaper than the average rent for all rentals in Old Southside.

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.

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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.