Cheap Apartments for Rent in the Riverside Neighborhood of Indianapolis, IN from $504 (189 Rentals)

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

Indy's Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Find your dream job and perfect neighborhood in Indy. Discover major companies and the best places to live for young professionals and families, from historic districts to quiet, upscale communities.

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Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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property at 1254 W 23rd St

$875 - $925

2 Bedroom Rentals

Available Now

1254 W 23rd St

IndianapolisIN46208

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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Riverside - 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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property at 3450 Graceland Ave

$1,075

Total Monthly Price

Total Monthly Price

Base Rent
$1,075
Total Monthly Price
$1,075

3 Bedroom, 1 Bath Townhome for Rent

Available Now

3450 Graceland Ave

IndianapolisIN46208
property at 2322 Paris Ave

$1,100

2 Bedroom Rentals

Available Now

2322 Paris Ave

IndianapolisIN46208
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9 On Canal
Rent Specials
$1,113 - $3,518
Total Monthly Price

Total Monthly Price

Base Rent
$1,113 - $3,518
Total Monthly Price
$1,113 - $3,518
Studio to 3 Bedroom Apartments Available Now

9 On Canal

335 W 9th StIndianapolis, IN 46202
Furnished
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Ralston Apartments
Rent Specials
$1,159 - $2,895
Total Monthly Price

Total Monthly Price

Base Rent
$1,159 - $2,895
Total Monthly Price
$1,159 - $2,895
1 to 4 Bedroom Apartments Available Now

Ralston Apartments

1201 Indiana AveIndianapolis, IN 46202
Corporate Housing
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  • 3D Tour

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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Riverside, Indianapolis, IN Local Guide

Cheapest Available Riverside Apartments for Rent

 

The cheapest available apartment rental in the Riverside area of Indianapolis, IN is a Studio unit found at Meridian Towers priced from $629. Dunbar Court has the second lowest priced unit, which is a Studio apartment currently listed from $675. Here are the most affordable Riverside apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Meridian TowersStudio ApartmentStudio,1BA$629
Dunbar CourtStudioStudio,1BA$675
INDY FLATSSherwood Std DStudio,1BA$675
Oxmoor Indy1BR/1.0BA1BR,1BA$699
The Sheldrake ApartmentsStudio HybridStudio,1BA$705
34 North ApartmentsStudioStudio,1BA$725
Maple Court1 Bed Original1BR,1BA$735
1733 N. Meridian1BR1BR,1BA$780
St. RegisThe Pierre1BR,1BA$793
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$799

Best Value Apartments for Rent in Riverside, IN

As of August 30, 2026 the best value apartment in the Riverside area is the $1.14 price per square foot B3 Model at 946 MLK in the in the Near North Indianapolis neighborhood starting from $1,820. The second greatest value Riverside apartment is the 2 Beds, 1 Baths Model at 1902 N Talbott St starting at $1,250 with a $1.00 price per square foot in the Near North Indianapolis neighborhood. Here is today’s list of the best values for Riverside apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
946 MLKB33BR,2BA$1.14
1902 N Talbott St2 Beds, 1 Baths2BR,1BA$1.00
Residences at LawnviewTwo Bedroom One Bath Townhome2BR,1BA$0.96
The Star2 Bed2BR,1BA$0.76
Meridian Plaza2B2BR,1BA$0.93
Proctor Place2 Bedroom2BR,1BA$1.10
The Davlan2-12BR,1BA$0.95
1733 N. Meridian1BR1BR,1BA$1.04
The MeridianThe Delaware2BR,1BA$1.24
Oxmoor Indy1BR/1.0BA1BR,1BA$1.00

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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Pet Friendly Lifestyle
Riverside, Indianapolis, IN

Ranked #3

Among cities in Indiana for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Riverside, Indianapolis, IN

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving.com is proud to bring you our detailed rental search system called 'Lifestyle ratings', composed of rentals and neighborhoods across the USA, and customized analysis for Indianapolis, Indiana. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including filtering automatically for easy access to the parks, luxury housing options, kid and pet-friendly communities, availability of transit options, and more. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap Riverside Apartments

What is a cheap apartment in Riverside?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Riverside is under $799.

What is the price of a cheap apartment in Riverside?

The cheapest apartment in Riverside is Oxmoor Indy which is listed at $699, while the average apartment in Riverside costs $1,450.

What types of apartments are the cheapest in Riverside?

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 85 regular apartments in Riverside 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 Riverside?

Cheap apartments in Riverside have an average cost of $201 which is $1,249 cheaper than the average rent for all rentals in Riverside.

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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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.

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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.

decorative image for Your Guide to Picking the Perfect Indianapolis Neighborhood for Student Renters article

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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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.

Articles, How-To's, and Tips

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

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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.