Cheap Apartments for Rent in the South Franklin Avenue Neighborhood of Indianapolis, IN from $450 (35 Rentals)

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

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SUITES OF IRVINGTON
Studio to 2 Bedroom Apartments

SUITES OF IRVINGTON

5730 E Washington StIndianapolis, IN 46219

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Saxony Court
1 to 2 Bedroom Apartments

Saxony Court

29-49 S Audubon RdIndianapolis, IN 46219
  • Utilities Included

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Abbey Meadows
2 Bedroom Apartments

Abbey Meadows

259 N Shortridge RdIndianapolis, IN 46219
  • Utilities Included

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School 85
1 to 2 Bedroom Apartments

School 85

338 S Arlington AveIndianapolis, IN 46219
Showing Results 1-35, Page 1 of 1

Cheapest Available South Franklin Avenue Apartments for Rent

 

The cheapest available apartment rental in the South Franklin Avenue area of Indianapolis, IN is a Studio unit found at Serenity Manor 55+ Active Adult priced from $659. Olivewood has the second lowest priced unit, which is a Studio apartment currently listed from $750. Here are the most affordable South Franklin Avenue apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Serenity Manor 55+ Active AdultStudioStudio,1BA$659
OlivewoodStudioStudio,1BA$750
D&T Nest0 Bedroom 1 Bath - 59118Studio,1BA$764
Reserves at Warren ParkOne Bedroom1BR,1BA$775
Arlington GreenArlington Green 2 bedroom2BR,1BA$813
English Village ApartmentsINEGV 1x1 615sqft - Classic1BR,1BA$850
StonehengeStudioStudio,1BA$859
Parkhaven Apartment Homes1.11BR,1BA$899
Braeburn VillageB1 - 502BR,1BA$965
Saxony CourtSaxony 2 Bd Remodel2BR,1BA$989

Best Value Apartments for Rent in South Franklin Avenue, IN

As of September 15, 2026 the best value apartment in the South Franklin Avenue area is the $1.24 price per square foot F Model at School 85 in the in the Southeast Indianapolis neighborhood starting from $1,610. The second greatest value South Franklin Avenue apartment is the The Estate - Two Bedroom 1.5 Bath Model at Paragon Park starting at $1,249 with a $1.02 price per square foot in the Southeast Indianapolis neighborhood. Here is today’s list of the best values for South Franklin Avenue apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
School 85F2BR,2BA$1.24
Paragon ParkThe Estate - Two Bedroom 1.5 Bath2BR,1.5BA$1.02
7302 East Washington Street, Unit A7302 East Washington StreetStudio ,1.5BA$1.04
Wyndham Hall2 Bedroom2BR,1.5BA$1.41
The Vistas Apartment Homes2x1 Classic2BR,1BA$1.17
Reserves at Warren ParkTwo Bedroom2BR,1BA$1.09
Saxony CourtSaxony 2 Bd Remodel2BR,1BA$1.30
Arlington GreenArlington Green 2 bedroom2BR,1BA$1.19
Parkhaven Apartment Homes1.11BR,1BA$1.44
Serenity Manor 55+ Active AdultStudioStudio ,1BA$1.10

Frequently Asked Questions about Cheap South Franklin Avenue Apartments

What is a cheap apartment in South Franklin Avenue?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in South Franklin Avenue is under $989.

What is the price of a cheap apartment in South Franklin Avenue?

The cheapest apartment in South Franklin Avenue is Serenity Manor 55+ Active Adult which is listed at $755, while the average apartment in South Franklin Avenue costs $1,075.

What types of apartments are the cheapest in South Franklin Avenue?

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 9 regular apartments in South Franklin Avenue 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 South Franklin Avenue?

Cheap apartments in South Franklin Avenue have an average cost of $281 which is $794 cheaper than the average rent for all rentals in South Franklin Avenue.

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.

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