Cheap Apartments for Rent in the Riley Neighborhood of Indianapolis, IN from $500 (75 Rentals)

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

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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Utomin Apartments
$975 - $1,100Studio to 2 Bedroom Apartments Available Now

Utomin Apartments

1112 N College AveIndianapolis, IN 46202
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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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Find Your Indy Home: A Guide to Indianapolis Apartment Rentals and Neighborhoods

Discover the heart of the Midwest! Learn about popular Indianapolis neighborhoods to rent like Speedway and Eagledale, plus top universities and can't-miss places to eat.

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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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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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Windsor
Studio to 1 Bedroom Apartments

Windsor

1235 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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PICCADILLY
Studio to 3 Bedroom Apartments

PICCADILLY

28 E 16th StIndianapolis, IN 46202
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The Harrison
Studio to 1 Bedroom Apartments

The Harrison

1320 N Delaware StIndianapolis, IN 46202
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The Marleigh
Studio to 1 Bedroom Apartments

The Marleigh

1434-1448 N Delaware StIndianapolis, IN 46202
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Madison Apartments
1 to 2 Bedroom Apartments

Madison Apartments

226 E 12th StIndianapolis, IN 46202
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550 Fletcher Ave
1 to 3 Bedroom Apartments

550 Fletcher Ave

550 Fletcher AveIndianapolis, IN 46203
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Capitol Manor
1 Bedroom Apartments

Capitol Manor

842 N Capitol AveIndianapolis, IN 46204
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Victoria Apartments
Studio Apartments

Victoria Apartments

1244 N Illinois 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 INDY FLATS priced from $705. St. Agnes Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $785. Here are the most affordable Riley apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
INDY FLATSSherwood Std DStudio,1BA$705
St. Agnes Apartments5th Floor Studio LargeStudio,1BA$785
Madison ApartmentsOne bedroom1BR,1BA$795
Canal Gardens2.1 40%2BR,1BA$891
The WhitakerOne Bedroom1BR,1BA$895
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$899
Traymore ApartmentsOne Bedroom1BR,1BA$925
Senate ManorS.1 CStudio,1BA$930
Trail SideA1BR,1BA$938
Christian Place Apartments71BR,1BA$950

Best Value Apartments for Rent in Riley, IN

As of January 08, 2026 the best value apartment in the Riley 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 Riley apartment is the B1 Model at 946 MLK starting at $1,800 with a $1.19 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$1.39
946 MLKB13BR,2BA$1.19
Gardens of Canal CourtTwo Bedroom Two Bath (1,184 - 1,194 Square Feet)2BR,2BA$1.28
929 English Ave, Unit A929 English Ave2BR,2BA$1.36
The Davlan2br 2 ba2BR,2BA$1.34
Indy Colonial Apartments3111BR,1BA$1.05
Canal Gardens2.1 40%2BR,1BA$0.93
Trail SideA1BR,1BA$1.12
522 Fletcher Ave1BR/1.5BA1BR,1.5BA$1.40
Madison ApartmentsTwo bedroom2BR,1BA$1.40

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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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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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

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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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 $950.

What is the price of a cheap apartment in Riley?

The cheapest apartment in Riley is Madison Apartments which is listed at $795, while the average apartment in Riley costs $2,783.

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 81 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 $226 which is $2,557 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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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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Your Guide to Picking the Perfect Indianapolis Neighborhood for Student Renters

Written by: Wendy Melton

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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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.

Articles, How-To's, and Tips

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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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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!