Cheap Apartments for Rent in the Riverside Neighborhood of Indianapolis, IN from $500 (122 Rentals)

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

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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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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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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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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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 $669. Oxmoor Indy has the second lowest priced unit, which is a 1 Bed apartment currently listed from $699. Here are the most affordable Riverside apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Meridian TowersStudio ApartmentStudio,1BA$669
Oxmoor Indy1BR/1.0BA1BR,1BA$699
INDY FLATSSherwood Std DStudio,1BA$705
34 North ApartmentsStudio, 1 bathStudio,1BA$750
St. Agnes Apartments514 StudioStudio,1BA$765
The Fields Apartment Homes1 Bedroom 1 Bath Apartment - Classic1BR,1BA$779
Parkway1 Bedroom1BR,1BA$799
The Star2 Bed2BR,1BA$799
Proctor Place1 Bedroom1BR,1BA$830
Abney Lake1 Bedroom Fireplace1BR,1BA$874

Best Value Apartments for Rent in Riverside, IN

As of November 24, 2025 the best value apartment in the Riverside area is the $1.06 price per square foot 2 Bedroom 2 Bath Model at The Block in the in the Riley neighborhood starting from $1,899. The second greatest value Riverside apartment is the B3 Model at 946 MLK starting at $2,020 with a $1.27 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.
The Block2 Bedroom 2 Bath2BR,2BA$1.06
946 MLKB33BR,2BA$1.27
Mansion Row - Where Historic Charm Meets Modern Convenience!7178B1 Traditional 2x2 (1100 sqft)2BR,2BA$1.18
The Star2 Bed2BR,1BA$0.76
205 - MERIDIAN PLAZA APARTMENTS*Meridian Plaza*2BR,1BA$0.92
Indy Colonial Apartments3111BR,1BA$1.05
Canal Gardens2.1 40%2BR,1BA$0.93
Proctor Place1 Bedroom1BR,1BA$1.15
Oxmoor Indy1BR/1.0BA1BR,1BA$1.00
The Fields Apartment Homes1 Bedroom 1 Bath Apartment - Classic1BR,1BA$1.18

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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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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 #7

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.

Getting Around the Riverside Neighborhood in Indianapolis, IN

Walk Score®

33 / 100

Car-Dependent

Most errands require a car

Bike Score®

43 / 100

Somewhat Bikeable

Minimal bike infrastructure

Transit Score®

35 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

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 $874.

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 $1,723.

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 116 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 $300 which is $1,423 cheaper than the average rent for all rentals in Riverside.

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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.