Cheap Apartments for Rent in the Riley Neighborhood of Indianapolis, IN from $544 (133 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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9 On Canal
Rent Specials
$1,113 - $3,518
Total Monthly Price

Total Monthly Price

Base Rent
$1,113 - $3,518
Total Monthly Price
$1,113 - $3,518
Studio to 3 Bedroom Apartments Available Now

9 On Canal

335 W 9th StIndianapolis, IN 46202
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Find Your Indy Home: A Guide to Indianapolis Apartment Rentals and Neighborhoods

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property at 615 N East St

$1,232 - $22,896

Total Monthly Price

Total Monthly Price

Base Rent
$1,232
Total Monthly Price
$1,232

1 To 18 Bedroom Rentals

Available Dec 15

615 N East St

IndianapolisIN46202

Riley - 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 235 S Delaware St

$1,392 - $4,247

Total Monthly Price

Total Monthly Price

Base Rent
$1,392
Total Monthly Price
$1,392

2 To 4 Bedroom Rentals

Available Dec 12

235 S Delaware St

IndianapolisIN46204

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

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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 Dunbar Court priced from $675. INDY FLATS has the second lowest priced unit, which is a Studio apartment currently listed from $705. Here are the most affordable Riley apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Dunbar CourtStudioStudio,1BA$675
INDY FLATSSherwood Std DStudio,1BA$705
St. RegisThe Pierre1BR,1BA$793
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$799
1515-1517 E Michigan Street1BR/1.0BA1BR,1BA$799
The Davlan2-12BR,1BA$846
Senate ManorS.1 BStudio,1BA$930
College Manor1 BR1BR,1BA$995
522 Fletcher Ave*ONE FREE MONTH OF RENT* 522 Fletcher Ave - 1 ...1BR,1BA$999
Line LoftsThe Inspiraton 50%2BR,1BA$1,014

Best Value Apartments for Rent in Riley, IN

As of August 24, 2026 the best value apartment in the Riley area is the $1.36 price per square foot 3 Bedroom 2 Bath Model at The Block in the in the Riley neighborhood starting from $2,399. The second greatest value Riley apartment is the B3 Model at 946 MLK starting at $1,820 with a $1.14 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.
The Block3 Bedroom 2 Bath3BR,2BA$1.36
946 MLKB33BR,2BA$1.14
Line LoftsThe Intuition 60%2BR,1BA$1.36
1621 Broadway St, Unit Holy Life MBC apartments1621 Broadway St2BR,1BA$1.44
The Davlan2-12BR,1BA$0.95
800 CapitolThe Forte (LIHTC)2BR,1BA$1.47
The McKayMcKay 1B 8311BR,1BA$1.48
522 Fletcher Ave*ONE FREE MONTH OF RENT* 522 Fletcher Ave - 1 ...1BR,1BA$1.37
1515-1517 E Michigan Street1BR/1.0BA1BR,1BA$1.14
The Washington2 Bedroom2BR,1BA$1.47

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

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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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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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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 $1,014.

What is the price of a cheap apartment in Riley?

The cheapest apartment in Riley is St. Regis which is listed at $793, while the average apartment in Riley costs $1,564.

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 74 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 $215 which is $1,349 cheaper than the average rent for all rentals in Riley.

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.

Helpful Local Expert Guides

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Written by: Wendy Melton

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Find Your Indy Home: A Guide to Indianapolis Apartment Rentals and Neighborhoods

Written by: Wendy Melton

My name is Wendy, and I've lived in Indiana for most of my life. Indianapolis is our state capital, and many people consider it the heart of the Midwest. People come from all around to explore everything Indianapolis has to offer.

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Indianapolis is well-known for being one of the top college cities in the country. Local colleges and universities are ranked in the Top 10 when it comes to sports and academic excellence.

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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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