Cheap Homes for Rent in South Franklin Avenue Neighborhood of Indianapolis, IN from $500 (11 Rentals)

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

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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South Franklin Avenue, Indianapolis, IN Local Guide

Cheapest Available South Franklin Avenue Apartments for Rent

 

The cheapest available apartment rental in the South Franklin Avenue area of Indianapolis, IN is a 2 Beds unit found at The Aerie on 11th Street priced from $700. Serenity Manor 55+ Independent Senior Living has the second lowest priced unit, which is a Studio apartment currently listed from $715. Here are the most affordable South Franklin Avenue apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
The Aerie on 11th Street6260 East 11th Street - Apt 3022BR,1BA$700
Serenity Manor 55+ Independent Senior LivingStudioStudio,1BA$715
OlivewoodStudioStudio,1BA$780
50 - SAXONY COURT APARTMENTSSaxony 2 Bd Standard2BR,1BA$875
Vistas Apartments2 Bedroom 1 Bath Apartment2BR,1BA$892

Best Value Apartments for Rent in South Franklin Avenue, IN

As of July 30, 2025 the best value apartment in the South Franklin Avenue area is the $1.12 price per square foot Three Bedroom Two Bath Model at Paragon Park in the in the Southeast Indianapolis neighborhood starting from $1,499. The second greatest value South Franklin Avenue apartment is the Beautiful Renovated Historic Apartment - 2 bedr... 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 ParkThree Bedroom Two Bath3BR,2BA$1.12
School 85Beautiful Renovated Historic Apartment - 2 bedr...2BR,2BA$1.24
7302 East Washington Street, Unit A7302 East Washington StreetStudio ,1.5BA$1.04
Indy Town ApartmentsFrederick Square 2 bedroom2BR,1BA$1.05
Vistas Apartments2 Bedroom 1.5 Bath Townhouse2BR,1.5BA$1.07
The Aerie on 11th Street6240 East 11th Street - Apt 2022BR,1BA$0.82
50 - SAXONY COURT APARTMENTSSaxony 2 Bd Standard2BR,1BA$1.18
Serenity Manor 55+ Independent Senior Living1 Bedroom/1 Bathroom1BR,1BA$1.22
Parkhaven Apartments1 Bedroom 1 Bath Apartment1BR,1BA$1.52
Braeburn Village1X1-801BR,1BA$1.58

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Frequently Asked Questions about South Franklin Avenue

What type of rentals are currently available in South Franklin Avenue?

There are currently 49 Apartments for Rent in South Franklin Avenue, IN with pricing that ranges from $700 to $1,882. There are also 29 Single Family Homes for rent, Condos, and Townhome rentals currently available in South Franklin Avenue ranging from $595 to $2,300.

What is the current price range for Rental Homes in South Franklin Avenue?

Today's rental pricing for Homes for Rent, Condos and Townhomes in South Franklin Avenue ranges from $595 to $2,300 with an average monthly rent of $1,320.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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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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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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.