Cheap Homes for Rent in Riley Neighborhood of Indianapolis, IN from $600 (16 Rentals)

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Search the lowest-cost Homes 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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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 1 Bed unit found at The Seminole priced from $938. Utomin Apartments has the second lowest priced unit, which is a 2 Beds apartment currently listed from $975. Here are the most affordable Riley apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The Seminole1br1BR,1BA$938
Utomin Apartments2 Bedroom2BR,1BA$975
Indy Colonial Apartments1 Bed, 1 bath1BR,1BA$1,000
Senate Manor1.1 Ap1BR,1BA$1,005
College Manor1 BR1BR,1BA$1,050

Best Value Apartments for Rent in Riley, IN

As of July 23, 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 $1,599 with a $1.10 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$1.10
Penn Street Tower ApartmentsSenate 2 Bedroom 1 Bath Apartment at 115 Penn A...2BR,1BA$1.37
Lockerbie Flats1 Bedroom1BR,1BA$1.61
Van DykeVan Dyke 1B 8301BR,1BA$1.55
1631 Columbia Ave, Unit B1631 Columbia Ave2BR,1BA$1.71
The Seminole1br1BR,1BA$1.28
1010 CentralGarage 60%1BR,1BA$1.70
College Manor1 BR1BR,1BA$1.57
Utomin Apartments2 Bedroom2BR,1BA$1.50

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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Frequently Asked Questions about Riley

What type of rentals are currently available in Riley?

There are currently 206 Apartments for Rent in Riley, IN with pricing that ranges from $650 to $9,114. There are also 90 Single Family Homes for rent, Condos, and Townhome rentals currently available in Riley ranging from $620 to $5,000.

What is the current price range for Rental Homes in Riley?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Riley ranges from $620 to $5,000 with an average monthly rent of $2,239.

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.