Cheap Apartments for Rent in the Riverside Neighborhood of Indianapolis, IN from $500 (154 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Riverside 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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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

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9 On Canal
Rent Specials
$1,060 - $2,865
Total Monthly Price

Total Monthly Price

Base Rent
$1,060 - $2,865
Total Monthly Price
$1,060 - $2,865
Studio to 3 Bedroom Apartments Available Now

9 On Canal

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

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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property at 1416 W 21st St

$1,150

Total Monthly Price

Total Monthly Price

Base Rent
$1,150
Total Monthly Price
$1,150

2 Bedroom, 1 Bath Home for Rent

Available Now

1416 W 21st St

IndianapolisIN46202
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Ralston Apartments
Rent Specials
$1,178 - $3,255
Total Monthly Price

Total Monthly Price

Base Rent
$1,178 - $3,255
Total Monthly Price
Varies
1 to 4 Bedroom Apartments Available Now

Ralston Apartments

1201 Indiana AveIndianapolis, IN 46202
Corporate Housing
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  • Customer Reviewed
  • 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 $599. 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$599
Oxmoor Indy1BR/1.0BA1BR,1BA$699
The Sheldrake ApartmentsStudio HybridStudio,1BA$705
INDY FLATSSherwood Std DStudio,1BA$705
34 North ApartmentsStudioStudio,1BA$725
1733 N. Meridian1BR1BR,1BA$780
Parkway1 Bedroom1BR,1BA$799
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$799
The MeridianThe PennStudio,1BA$799
The Star2 Bed2BR,1BA$799

Best Value Apartments for Rent in Riverside, IN

As of July 16, 2026 the best value apartment in the Riverside area is the $1.25 price per square foot 7178B1 Traditional 2x2 (1100 sqft) Model at Mansion Row Apartments in the in the Cheswick Place neighborhood starting from $1,379. The second greatest value Riverside apartment is the 2 Bedroom 2 Bathroom Model at Wildwood Village Apartments starting at $1,135 with a $1.07 price per square foot in the Cheswick Place 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.
Mansion Row Apartments7178B1 Traditional 2x2 (1100 sqft)2BR,2BA$1.25
Wildwood Village Apartments2 Bedroom 2 Bathroom2BR,2BA$1.07
The Star2 Bed2BR,1BA$0.76
Oxmoor Indy3BR/1.0BA3BR,1BA$1.00
Canal Gardens2.1 40%2BR,1BA$0.93
Proctor Place2 Bedroom2BR,1BA$1.10
The Davlan2-12BR,1BA$0.95
The Avenue2x22BR,2BA$1.16
1733 N. Meridian1BR1BR,1BA$1.04
Maple Court2 Bed Original2BR,1BA$1.23

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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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 $1,750.

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 104 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 $322 which is $1,428 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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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

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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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Articles, How-To's, and Tips

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

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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.