Cheap Apartments for Rent in the South Franklin Neighborhood of Indianapolis, IN from $700 (27 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

Indy's Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Find your dream job and perfect neighborhood in Indy. Discover major companies and the best places to live for young professionals and families, from historic districts to quiet, upscale communities.

Read Article

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

Read Article
property at 5719 Wood Hollow Dr

$1,805

Total Monthly Price

Total Monthly Price

Base Rent
$1,805
Total Monthly Price
$1,805

3 Bedroom, 2 Bath Rentals

Available Now

5719 Wood Hollow Dr

IndianapolisIN46239

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.

Read Article
property at 8030 Ithaca Way

$1,735

Total Monthly Price

Total Monthly Price

Base Rent
$1,735
Total Monthly Price
$1,735

3 Bedroom, 2 Bath Home for Rent

Available Now

8030 Ithaca Way

IndianapolisIN46239

South Franklin - 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!

Read Article
Showing Results 1-27, Page 1 of 1

South Franklin, Indianapolis, IN Local Guide

Cheapest Available South Franklin Apartments for Rent

 

The cheapest available apartment rental in the South Franklin area of Indianapolis, IN is a 1 Bed unit found at Emerson Village priced from $938. Heathmoore - Indianapolis has the second lowest priced unit, which is a 1 Bed apartment currently listed from $945. Here are the most affordable South Franklin apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Emerson VillageCardinal1BR,1BA$938
Heathmoore - Indianapolis1 Bed 1 Bath1BR,1BA$945
Overlook at Valley Ridge ApartmentsA - Mohawk1BR,1BA$1,028
Keeneland Crest ApartmentsCamden2BR,1BA$1,181
Alder WoodsHemlock1BR,1BA$1,305
ARLO ApartmentsFinnStudio,1BA$1,320
Latitudes ApartmentsThe Meridian 2 BR 1 BA2BR,1BA$1,377
Arlington Farms1 Bed, 1 Bath1BR,1BA$1,420
Lakes of WindsorWinchester2BR,1BA$1,430
Coventry Park Village2 Bedroom 2.5 Bath Townhome2BR,2BA$1,899

Best Value Apartments for Rent in South Franklin, IN

As of August 04, 2026 the best value apartment in the South Franklin area is the $1.52 price per square foot Haydenwood Sunroom Model at Redwood Indianapolis in the in the Southeast Indianapolis neighborhood starting from $2,460. The second greatest value South Franklin apartment is the 2 Bedroom 2.5 Bath Townhome Model at Coventry Park Village starting at $1,899 with a $1.42 price per square foot in the Southeast Indianapolis neighborhood. Here is today’s list of the best values for South Franklin apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Redwood IndianapolisHaydenwood Sunroom2BR,2BA$1.52
Coventry Park Village2 Bedroom 2.5 Bath Townhome2BR,2.5BA$1.42
Lakes of WindsorWinchester2BR,1BA$1.39
Latitudes ApartmentsThe Pendulum 2 BR 2 BA2BR,2BA$1.49
Brixton2.1 - 2.12BR,1BA$1.37
Keeneland Crest ApartmentsBristol1BR,1BA$1.49
Arlington Farms1 Bed, 1 Bath1BR,1BA$1.73
Overlook at Valley Ridge ApartmentsA2 - Napa1BR,1BA$1.44
Emerson VillageCardinal1BR,1BA$1.53
Heathmoore - Indianapolis1 Bed 1 Bath1BR,1BA$1.64

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.

Read Article
Decorative image

Your 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

Read Article
Decorative image

Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

Read Article
Decorative image

Quick Rent Budget Calculator

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.

decorative image of people with a giant lease agreement

Best Local Schools in
South Franklin, Indianapolis, IN

School data provided by Great Schools

Frequently Asked Questions about Cheap South Franklin Apartments

How much is rent for a Cheap One Bedroom South Franklin Apartment?

The lowest price for a Cheap One Bedroom South Franklin Apartment is $938 at Emerson Village.

What is the lowest price for a Cheap Two Bedroom South Franklin Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in South Franklin is starting from $991 at Emerson Village.

What is the most affordable South Franklin Three Bedroom Apartment?

The best deal on a cheap South Franklin Three Bedroom Apartment rental is at Latitudes Apartments and starts from $1,707.

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

decorative image for Indys Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home article

Indys Innovation Hub: Top Indianapolis Employers and the Neighborhoods that Welcome You Home

Written by: Wendy Melton

Indianapolis is truly the heart of the Midwest. No matter what career path you choose, opportunities for advancement are everywhere.

decorative image for Find Your Indy Home: A Guide to Indianapolis Apartment Rentals and Neighborhoods article

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.

decorative image for Your Guide to Picking the Perfect Indianapolis Neighborhood for Student Renters article

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.

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.

Articles, How-To's, and Tips

decorative image for Rent According to Income: A Look at Income-Restricted Rentals article

Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

decorative image for First Apartment Regrets: Real Renters Share What They'd Do Differently article

First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

decorative image for Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.