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$715 - $1,290Studio to 2 Bedroom Apartments Available Now
Serenity Manor 55+ Independent Active Living
1123 N Edmondson AveIndianapolis, IN 46219
Cheap Apartments for Rent in the South Franklin Avenue Neighborhood of Indianapolis, IN from $400 (16 Rentals)
Search the lowest-cost Apartments available for rent right now in the South Franklin Avenue area of Indianapolis.
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$719 - $955Studio to 2 Bedroom Apartments Available Now
Olivewood
2091 Olivewood DrIndianapolis, IN 46219
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Rent Specials
$749 - $1,009Studio to 2 Bedroom Apartments Available Now
Stonehenge
7980 Dunston DrIndianapolis, IN 46239
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$775 - $8252 Bedroom Apartments Available Now
The Aerie on 11th Street
6240 E 11th StIndianapolis, IN 46219
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$795 - $1,4451 to 2 Bedroom Apartments Available Now
Indy Town Apartments
6046 E 21st StIndianapolis, IN 46219
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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5963 Rawles Ave
IndianapolisIN46219
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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1 to 2 Bedroom Apartments
The Jeffersonian Apartments Of Indianapolis
801 N Shortridge RdIndianapolis, IN 46219
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1 to 2 Bedroom Apartments
Live in Style at Bellagio East Living I
7036 E 10th StIndianapolis, IN 46219
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6228 East 21st St
IndianapolisIN46219
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.
6226 East 21st St
IndianapolisIN46219
Showing Results 1-16, Page 1 of 1
South Franklin Avenue, Indianapolis, IN Local Guide
How much does it cost to rent an apartment in South Franklin Avenue?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| South Franklin Avenue Studio Apartments | $888 | $715 | $1,250 |
| South Franklin Avenue 1 Bedroom Apartments | $1,007 | $795 | $1,164 |
| South Franklin Avenue 2 Bedroom Apartments | $1,059 | $795 | $1,609 |
| South Franklin Avenue 3 Bedroom Apartments | $1,622 | $1,521 | $1,711 |
| South Franklin Avenue 4 Bedroom Apartments | $2,100 | $2,100 | $2,100 |
Browse Apartments in this Neighborhood
There are currently 16 rentals with your search options within a 2 mile radius of the South Franklin Avenue Neighborhood of Indianapolis, IN.
See all Apartments in IndianapolisExplore Indianapolis
South Franklin Avenue, Indianapolis, IN Local Guide
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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 $715. Olivewood has the second lowest priced unit, which is a Studio apartment currently listed from $719. Here are the most affordable South Franklin Avenue apartments for rent in Indianapolis, IN:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Serenity Manor 55+ Independent Active Living | Studio | Studio,1BA | $715 |
| Olivewood | Studio | Studio,1BA | $719 |
| Stonehenge | Studio | Studio,1BA | $749 |
| The Aerie on 11th Street | 2 Bedroom 1 Bath - 20349 | 2BR,1BA | $775 |
| Indy Town Apartments | Greenway 1 bedroom | 1BR,1BA | $795 |
Best Value Apartments for Rent in South Franklin Avenue, IN
As of December 29, 2025 the best value apartment in the South Franklin Avenue area is the $0.94 price per square foot Two Bedroom One Bath Model at Paragon Park in the in the Southeast Indianapolis neighborhood starting from $1,149. The second greatest value South Franklin Avenue apartment is the 7302 East Washington Street Model at 7302 East Washington Street, Unit A starting at $1,250 with a $1.04 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Paragon Park | Two Bedroom One Bath | 2BR,1BA | $0.94 |
| 7302 East Washington Street, Unit A | 7302 East Washington Street | Studio ,1.5BA | $1.04 |
| 60 - ADDISON APARTMENTS | Leasing Specials | 2BR,1BA | $0.95 |
| The Vistas Apartment Homes | 2x1,5 Townhome Classic | 2BR,1.5BA | $1.10 |
| The Aerie on 11th Street | 2 Bedroom 1 Bath - 20349 | 2BR,1BA | $0.87 |
| Wyndham Hall Senior | 1 Bed, 1 bath | 1BR,1BA | $1.40 |
| 50 - SAXONY COURT APARTMENTS | Saxony Court- Two Bedroom Upgraded Unit in the ... | 2BR,1BA | $1.15 |
| Serenity Manor 55+ Independent Active Living | 1 Bedroom/1 Bathroom | 1BR,1BA | $1.22 |
| Indy Town Apartments | Greenway 1 bedroom | 1BR,1BA | $1.20 |
| Parkhaven Apartments | 1 Bedroom 1 Bath Apartment | 1BR,1BA | $1.52 |
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.
Read ArticleCash 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.
Read ArticleYour 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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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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If you’re an expert on all things South Franklin Avenue, tell us what you love (and don't) by rating it and writing a review.
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Pet Friendly LifestyleSouth Franklin Avenue, Indianapolis, IN
Ranked #211
Among cities in Indiana for Apartment listings with Pet Friendly Amenities.
Pet Friendliness Lifestyle Score
2.5Pet Friendly
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 $949.
What is the price of a cheap apartment in South Franklin Avenue?
The cheapest apartment in South Franklin Avenue is Indy Town Apartments which is listed at $795, while the average apartment in South Franklin Avenue costs $2,100.
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 11 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 $166 which is $1,934 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.
Helpful Local Expert Guides
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.
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.
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.
Articles, How-To's, and Tips
How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips
Written by: Justin Habersaat
Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.
Renting with Roommates: Realistic Expectations for Shared Lease
Written by: Christine Leonard, Esq.
Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.
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.
How to Negotiate Your Apartment Lease and Save Money
Written by: Christine Leonard, Esq.
Everything is a negotiation in real estate!