Cheap Apartments for Rent in the Riley Neighborhood of Indianapolis, IN from $500 (105 Rentals)

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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9 On Canal
Rent Specials
$1,060 - $3,315
Total Monthly Price

Total Monthly Price

Base Rent
$1,060 - $3,315
Total Monthly Price
$1,060 - $3,315
Studio to 3 Bedroom Apartments Available Jul 22

9 On Canal

335 W 9th StIndianapolis, IN 46202
Furnished
  • Verified
  • Customer Reviewed
  • 3D Tour

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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410 E 13th St, Unit B
$1,295
Total Monthly Price

Total Monthly Price

Base Rent
$1,295
Total Monthly Price
$1,295
1 Bedroom Apartment Available Now

410 E 13th St, Unit B

410 E 13th StIndianapolis, IN 46202
Affordability

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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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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Windsor
Studio to 1 Bedroom Apartments

Windsor

1235 N Delaware StIndianapolis, IN 46202
  • Utilities Included
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Barbee
1 Bedroom Apartments

Barbee

1215 N Pennsylvania StIndianapolis, IN 46202
  • Utilities Included
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The Jordan
Studio to 1 Bedroom Apartments

The Jordan

1445 N Delaware StIndianapolis, IN 46202
  • Utilities Included

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

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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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. Priscilla on Pennsylvania has the second lowest priced unit, which is a Studio apartment currently listed from $799. Here are the most affordable Riley apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
INDY FLATSSherwood Std DStudio,1BA$705
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$799
The WashingtonStudioStudio,1BA$800
The Davlan2-12BR,1BA$846
St. Agnes ApartmentsOne Bedroom Loft - 5th Floor*1BR,1BA$849
Canal Gardens2.1 40%2BR,1BA$891
Senate ManorS.1 BStudio,1BA$930
College Manor1 BR1BR,1BA$995
Circle CityS8 Van DykeStudio,1BA$999
Line LoftsThe Inspiraton 50%2BR,1BA$1,014

Best Value Apartments for Rent in Riley, IN

As of July 10, 2026 the best value apartment in the Riley area is the $1.27 price per square foot B3 Model at 946 MLK in the in the Near North Indianapolis neighborhood starting from $2,020. The second greatest value Riley apartment is the Athens Model at Maxwell Apartments starting at $1,629 with a $1.34 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.
946 MLKB33BR,2BA$1.27
Maxwell ApartmentsAthens2BR,2BA$1.34
Canal Gardens2.1 40%2BR,1BA$0.93
Line LoftsThe Intuition 60%2BR,1BA$1.36
The Davlan2-12BR,1BA$0.95
The McKayMcKay 1B 8311BR,1BA$1.48
Van DykeVan Dyke 1B 8301BR,1BA$1.55
1010 CentralDepot 60%1BR,1BA$1.45
College Manor1 BR1BR,1BA$1.49
St. Agnes ApartmentsOne Bedroom Loft - 5th Floor*1BR,1BA$1.54

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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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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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 $1,014.

What is the price of a cheap apartment in Riley?

The cheapest apartment in Riley is St. Agnes Apartments which is listed at $849, while the average apartment in Riley costs $7,045.

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 61 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 $298 which is $6,747 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.

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Indys Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Written by: Wendy Melton

Indianapolis is truly the heart of the Midwest. No matter what career path you choose, opportunities for advancement are everywhere.

Articles, How-To's, and Tips

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

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.