Cheap Homes for Rent in South Franklin Avenue Neighborhood of Indianapolis, IN from $700 (12 Rentals)

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

property at 404 N Harbison Ave

404 N Harbison Ave

IndianapolisIN46219
Showing Results 1-12, Page 1 of 1

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 Studio unit found at Olivewood priced from $699. Serenity Manor 55+ Independent Active 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
OlivewoodStudioStudio,1BA$699
Serenity Manor 55+ Independent Active LivingStudioStudio,1BA$715
StonehengeStudioStudio,1BA$749
The Aerie on 11th Street2 Bedroom 1 Bath - 203492BR,1BA$775
Indy Town ApartmentsArlington Green 2 bedroom2BR,1BA$793

Best Value Apartments for Rent in South Franklin Avenue, IN

As of November 14, 2025 the best value apartment in the South Franklin Avenue area is the $1.15 price per square foot Three Bedroom Two Bath Model at Paragon Park in the in the Southeast Indianapolis neighborhood starting from $1,539. 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 ListingModel NameBed/BathPrice Per Sq.Ft.
Paragon ParkThree Bedroom Two Bath3BR,2BA$1.15
7302 East Washington Street, Unit A7302 East Washington StreetStudio ,1.5BA$1.04
60 - ADDISON APARTMENTS1st Floor Standard2BR,1BA$0.95
The Vistas Apartment Homes2 Bedroom 1.5 Bath Townhouse2BR,1.5BA$1.10
The Aerie on 11th Street2 Bedroom 1 Bath - 203492BR,1BA$0.87
Wyndham Hall Senior1 Bed, 1 bath1BR,1BA$1.40
50 - SAXONY COURT APARTMENTSSaxony Court- Two Bedroom Upgraded Unit in the ...2BR,1BA$1.15
Serenity Manor 55+ Independent Active Living1 Bedroom/1 Bathroom1BR,1BA$1.22
Indy Town ApartmentsArlington Green 2 bedroom2BR,1BA$1.16
Parkhaven Apartments1 Bedroom 1 Bath Apartment1BR,1BA$1.52

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Pet Friendly Lifestyle
South Franklin Avenue, Indianapolis, IN

Ranked #211

Among cities in Indiana for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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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 50 Apartments for Rent in South Franklin Avenue, IN with pricing that ranges from $699 to $2,100. There are also 38 Single Family Homes for rent, Condos, and Townhome rentals currently available in South Franklin Avenue ranging from $775 to $1,950.

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 $775 to $1,950 with an average monthly rent of $1,327.

How much are larger Three and Four Bedroom Rentals in South Franklin Avenue?

For those who are looking for larger living arrangements, Three Bedroom Apartments in South Franklin Avenue range from $1,539 to $1,725, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,300 to $1,850. Four Bedroom Single-Family rentals are also available starting from $1,820 and Four Bedroom Apartments start at $2,100.

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.

decorative image for A Local Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent in Indianapolis article

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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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.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

decorative image for The Rental Move-In Inspection Checklist: A Guide for Renters article

The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.