Cheap Apartments for Rent in the South Franklin Avenue Neighborhood of Indianapolis, IN from $400 (33 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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Braeburn Village
1 to 4 Bedroom Apartments

Braeburn Village

2170 Braeburn East DrIndianapolis, IN 46219
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Abbey Meadows
2 Bedroom Apartments

Abbey Meadows

259 N Shortridge RdIndianapolis, IN 46219
  • Utilities Included

South Franklin Avenue - 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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Showing Results 1-33, 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+ Independent Active Living 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+ Independent Active LivingStudioStudio,1BA$659
OlivewoodStudioStudio,1BA$750
The Aerie on 11th Street2 Bedroom 1 Bath - 240262BR,1BA$795
Arlington Green (Indy Town)Arlington Green 2 bedroom2BR,1BA$836
English Village ApartmentsINEGV 1x1 615sqft - Classic1BR,1BA$850
StonehengeStudioStudio,1BA$875
Saxony CourtSaxony 2 Bd Standard2BR,1BA$889
Parkhaven Apartment HomesWaitlist - 1 Bedroom 1 Bath Apartment1BR,1BA$899
Eastgate Terrace Apartments1 Bed Elegance1BR,1BA$950
60 - ADDISON APARTMENTSAddison Apts - Gorgeous 2 Bed/1 Bath Apt2BR,1BA$959

Best Value Apartments for Rent in South Franklin Avenue, IN

As of August 01, 2026 the best value apartment in the South Franklin Avenue area is the $1.19 price per square foot The Mansion - Three Bedroom Two Bath Model at Paragon Park in the in the Southeast Indianapolis neighborhood starting from $1,599. The second greatest value South Franklin Avenue apartment is the F Model at School 85 starting at $1,610 with a $1.24 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.
Paragon ParkThe Mansion - Three Bedroom Two Bath3BR,2BA$1.19
School 85F2BR,2BA$1.24
7302 East Washington Street, Unit A7302 East Washington StreetStudio ,1.5BA$1.04
60 - ADDISON APARTMENTSAddison Apts - Gorgeous 2 Bed/1 Bath Apt2BR,1BA$0.96
The Vistas Apartment Homes2x1.5 Townhome Renovated2BR,1.5BA$1.37
The Aerie on 11th Street2 Bedroom 1 Bath - 240262BR,1BA$0.94
Saxony CourtSaxony 2 Bd Remodel2BR,1BA$1.30
Eastgate Terrace Apartments1 Bed Elegance1BR,1BA$1.36
Arlington Green (Indy Town)Arlington Green 2 bedroom2BR,1BA$1.22
Serenity Manor 55+ Independent Active LivingStudioStudio ,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 $959.

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

The cheapest apartment in South Franklin Avenue is Serenity Manor 55+ Independent Active Living 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 7 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 $433 which is $642 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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