Cheap Apartments for Rent in the Riley Neighborhood of Indianapolis, IN from $500 (84 Rentals)

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

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16 Park Apartments
1 to 4 Bedroom Apartments

16 Park Apartments

1621 N Park AveIndianapolis, IN 46202
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Northside Flats Apartments
Studio to 2 Bedroom Apartments

Northside Flats Apartments

1503 N Pennsylvania StIndianapolis, IN 46202
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Windsor
Studio to 1 Bedroom Apartments

Windsor

1235 N Delaware StIndianapolis, IN 46202
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Indy Flats
Studio to 1 Bedroom Apartments

Indy Flats

1304 N Delaware StIndianapolis, IN 46202
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The Jordan
Studio to 1 Bedroom Apartments

The Jordan

1445 N Delaware StIndianapolis, IN 46202
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Barbee
1 Bedroom Apartments

Barbee

1215 N Pennsylvania 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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Riley, Indianapolis, IN Local Guide

Cheapest Available Riley Apartments for Rent

 

The cheapest available apartment rental in the Riley area of Indianapolis, IN is a Studio unit found at The Washington priced from $775. Priscilla on Pennsylvania has the second lowest priced unit, which is a Studio apartment currently listed from $900. Here are the most affordable Riley apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The WashingtonStudioStudio,1BA$775
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$900
The Seminole1br1BR,1BA$938
Madison ApartmentsOne bedroom1BR,1BA$960
Devonshire Apartments in Downtown Indianapolis1BR/1.0BA1BR,1BA$990
The WhitakerTwo Bedrooms, One Bathroom2BR,1BA$995
Indy Colonial Apartments1 Bed, 1 bath1BR,1BA$1,000
Senate Manor1.1 Ap1BR,1BA$1,005
Christian Place Apartments81BR,1BA$1,025
College Manor1 BR1BR,1BA$1,050

Best Value Apartments for Rent in Riley, IN

As of August 21, 2025 the best value apartment in the Riley 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 Riley apartment is the C1 Model at 747 Apartments starting at $2,699 with a $1.68 price per square foot in the Near North Indianapolis neighborhood. Here is today’s list of the best values for Riley apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Shoemaker Buildingloft2BR,2BA$1.08
747 ApartmentsC13BR,2.5BA$1.68
The Block1 Bedroom 1 Bath1BR,1BA$1.01
Penn Street Tower ApartmentsSenate 2 Bedroom 1 Bath Apartment at 115 Penn A...2BR,1BA$1.37
RaleighRaleigh 2B 10042BR,2BA$1.59
Colmar ApartmentsFront One Bedroom1BR,1BA$1.62
Van DykeVan Dyke 1B 8301BR,1BA$1.55
The WhitakerTwo Bedrooms, One Bathroom2BR,1BA$1.33
The Seminole1br1BR,1BA$1.28
College Manor1 BR1BR,1BA$1.57

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
Riley, 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 rentals and neighborhoods across the USA, and customized analysis for Central Indianapolis, IN. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including searching for the best amenities, and easy access to the parks, pet-friendly features, family-friendliness, proximity to transit, and how walkable or bikeable each community and area is. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Riley Apartments

What is a cheap apartment in Riley?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Riley is under $1,050.

What is the price of a cheap apartment in Riley?

The cheapest apartment in Riley is The Seminole which is listed at $938, while the average apartment in Riley costs $3,000.

What types of apartments are the cheapest in Riley?

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 29 regular apartments in Riley 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 Riley?

Cheap apartments in Riley have an average cost of $123 which is $2,877 cheaper than the average rent for all rentals in Riley.

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 Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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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.