Cheap Apartments for Rent in the Riley Neighborhood of Indianapolis, IN from $400 (93 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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Dunbar Court
$665 - $925
Total Monthly Price

Total Monthly Price

Base Rent
$665 - $925
Total Monthly Price
$665 - $925
Studio to 1 Bedroom Apartments Contact Us For Availability

Dunbar Court

1022 Dr Martin Luther King StIndianapolis, IN 46202
Affordability
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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

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property at 330 N Arsenal Ave

$1,000 - $1,200

Studio To 2 Bedroom Rentals

Available Now

330 N Arsenal Ave

IndianapolisIN46201

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

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632MLK
Rent Specials
$1,050 - $2,550
Total Monthly Price

Total Monthly Price

Base Rent
$955 - $2,455
Required Monthly Fees
$95
Total Monthly Price
$1,050 - $2,550
Studio to 3 Bedroom Apartments Available Now

632MLK

632 Dr Martin Luther King Jr StIndianapolis, IN 46202
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Lockerbie Flats
$1,095
Total Monthly Price

Total Monthly Price

Base Rent
$1,095
Total Monthly Price
$1,095
Studio Apartments Available Now

Lockerbie Flats

619 Vermont PlIndianapolis, IN 46202
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Find Your Indy Home: A Guide to Indianapolis Apartment Rentals and Neighborhoods

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Industry Indianapolis
$1,341 - $3,835
Total Monthly Price

Total Monthly Price

Base Rent
$1,226 - $3,720
Required Monthly Fees
$115
Total Monthly Price
$1,341 - $3,835
Studio to 2 Bedroom Apartments Available Now

Industry Indianapolis

421 N Pennsylvania StIndianapolis, IN 46204
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CityWay
$1,355 - $6,246
Total Monthly Price

Total Monthly Price

Base Rent
$1,305 - $6,196
Required Monthly Fees
$50
Total Monthly Price
$1,355 - $6,246
1 to 3 Bedroom Apartments Available Now

CityWay

229 S Delaware StIndianapolis, IN 46204
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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 $655. St. Agnes Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $765. Here are the most affordable Riley apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
INDY FLATSSherwood Std DStudio,1BA$655
St. Agnes ApartmentsStudio- Standard 2nd -5th*Studio,1BA$765
The WhitakerOne Bedroom1BR,1BA$875
Canal Gardens2.1 40%2BR,1BA$891
9 On CanalStudio - StockholmStudio,1BA$895
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$899
Artistry IndyEdie (EcoSuite)Studio,1BA$911
Madison ApartmentsOne bedroom1BR,1BA$920
Senate ManorS.1 CStudio,1BA$930
Trail SideA1BR,1BA$938

Best Value Apartments for Rent in Riley, IN

As of February 23, 2026 the best value apartment in the Riley area is the $0.97 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,750. The second greatest value Riley apartment is the 3 Bedroom 2 Bath Model at The Block starting at $2,459 with a $1.39 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$0.97
The Block3 Bedroom 2 Bath3BR,2BA$1.39
Canal Gardens2.1 40%2BR,1BA$0.93
Line LoftsThe Intuition 60%2BR,1BA$1.41
Trail SideA1BR,1BA$1.12
Maxwell ApartmentsAmsterdam1BR,1BA$1.50
522 Fletcher Ave1BR/1.5BA1BR,1.5BA$1.40
The Washington2 Bedroom2BR,1BA$1.47
Utomin Apartments2 Bedroom2BR,1BA$1.50
The WhitakerOne Bedroom1BR,1BA$1.46

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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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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 $938.

What is the price of a cheap apartment in Riley?

The cheapest apartment in Riley is INDY FLATS which is listed at $830, while the average apartment in Riley costs $2,871.

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 108 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 $297 which is $2,574 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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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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Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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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.