Cheap Apartments for Rent in the Riley Neighborhood of Indianapolis, IN from $500 (94 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Riley 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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from $1,2501 Bedroom Apartments Available Now

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1040 N Delaware StIndianapolis, IN 46202
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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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

Apartment ListingModel NameBed/BathPriced From
The WashingtonStudioStudio,1BA$775
The Seminole1br1BR,1BA$833
The WhitakerOne Bedroom1BR,1BA$845
Priscilla on PennsylvaniaStudio - Second FloorStudio,1BA$895
Indy Colonial Apartments1 Bed, 1 bath1BR,1BA$1,000
Senate Manor1.1 Ap1BR,1BA$1,005
Artistry IndyJacquelineStudio,1BA$1,007
Riley TowersStudio - 355Studio,1BA$1,047
College Manor1 BR1BR,1BA$1,050
SpinkSpink 1B 7051BR,1BA$1,075

Best Value Apartments for Rent in Riley, IN

As of June 17, 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 1 Bedroom 1 Bath Model at The Block starting at $1,539 with a $1.06 price per square foot in the Riley 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
The Block1 Bedroom 1 Bath1BR,1BA$1.06
707 NorthThe Lockerbie 60%2BR,2BA$1.41
Line LoftsThe Inspiration 60%2BR,1BA$1.53
Lockerbie Flats1 Bedroom1BR,2BA$1.48
RaleighRaleigh 1BTH 8861BR,2BA$1.42
Van DykeVan Dyke 1BTH 8821BR,1BA$1.34
The Seminole1br1BR,1BA$1.13
College Manor1 BR1BR,1BA$1.57
The WhitakerOne Bedroom1BR,1BA$1.41

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
Riley, Indianapolis, IN

Ranked #4

Among neighborhoods in Indianapolis, IN 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 the Cheapest Studio apartment in Riley?

Currently the most affordable Cheap Studio Apartment in Riley is at The Washington listed at $775.

How much is rent for a Cheap One Bedroom Riley Apartment?

The lowest price for a Cheap One Bedroom Riley Apartment is $833 at The Seminole.

What is the lowest price for a Cheap Two Bedroom Riley Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Riley is starting from $1,180 at Line Lofts.

What is the most affordable Riley Three Bedroom Apartment?

The best deal on a cheap Riley Three Bedroom Apartment rental is at 9 on Canal and starts from $3,365.

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.