Cheap Apartments for Rent in the Riverside Neighborhood of Indianapolis, IN from $500 (193 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
$910 - $3,315
Total Monthly Price

Total Monthly Price

Base Rent
$910 - $3,315
Total Monthly Price
$910 - $3,315
Studio to 3 Bedroom Apartments Available Now

9 On Canal

335 W 9th StIndianapolis, IN 46202
Furnished
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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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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

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, 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 632MLK priced from $200. Meridian Towers has the second lowest priced unit, which is a Studio apartment currently listed from $629. Here are the most affordable Riverside apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
632MLKWaiting ListStudio,1BA$200
Meridian TowersStudio ApartmentStudio,1BA$629
INDY FLATSSherwood Std DStudio,1BA$655
Dunbar CourtStudioStudio,1BA$665
Oxmoor Indy1BR/1.0BA1BR,1BA$699
34 North ApartmentsStudioStudio,1BA$725
Wildwood Village Apartments1 Bedroom 1 Bathroom1BR,1BA$750
1733 N. Meridian1BR1BR,1BA$780
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$799
Parkway1 Bedroom1BR,1BA$799

Best Value Apartments for Rent in Riverside, IN

As of April 16, 2026 the best value apartment in the Riverside area is the $0.97 price per square foot loft Model at Shoemaker Building in the in the Riley neighborhood starting from $1,750. The second greatest value Riverside apartment is the 1137 W 21st St Model at 1137 W 21st St starting at $1,700 with a $1.13 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.
Shoemaker Buildingloft2BR,2BA$0.97
1137 W 21st St1137 W 21st St3BR,2BA$1.13
Woods at Oak CrossingThree Bedroom Two Bath3BR,2BA$1.07
The Star2 Bed2BR,1BA$0.76
Oxmoor Indy3BR/1.0BA3BR,1BA$1.00
Canal Gardens2.1 40%2BR,1BA$0.93
The Davlan2-12BR,1BA$0.95
1733 N. Meridian1BR1BR,1BA$1.04
The MeridianThe Delaware2BR,1BA$1.24
The Fields Apartment Homes1x1 Classic1BR,1BA$1.24

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

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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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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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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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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 $2,090.

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 144 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 $337 which is $1,753 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

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

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.