Cheap Homes for Rent in South Franklin Neighborhood of Indianapolis, IN from $1,300 (27 Rentals)

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

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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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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Cash 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.

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

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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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 Heathmoore - Indianapolis priced from $1,015. Emerson Village has the second lowest priced unit, which is a 2 Beds apartment currently listed from $1,120. Here are the most affordable South Franklin apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Heathmoore - Indianapolis1 Bed 1 Bath1BR,1BA$1,015
Emerson VillageThe Ruby - Premium2BR,1BA$1,120
The BrixtonThe Ashby1BR,1BA$1,152
Keeneland Crest ApartmentsTuscan1BR,1BA$1,199
Latitudes ApartmentsThe Navigator 1 BR 1 BA1BR,1BA$1,209
Lakes of WindsorWestminster1BR,1BA$1,240
ARLO ApartmentsFinnStudio,1BA$1,340
Arlington Farms1 Bed, 1 Bath1BR,1BA$1,395
Alder WoodsAlder2BR,1BA$1,415
Redwood IndianapolisForestwood2BR,2BA$1,774

Best Value Apartments for Rent in South Franklin, IN

As of December 01, 2025 the best value apartment in the South Franklin area is the $1.41 price per square foot Willowood Model at Redwood Indianapolis in the in the Southeast Indianapolis neighborhood starting from $1,924. The second greatest value South Franklin apartment is the 2 Bedroom 2.5 Bath Townhome Model at Coventry Park Village starting at $1,925 with a $1.44 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 IndianapolisWillowood2BR,2BA$1.41
Coventry Park Village2 Bedroom 2.5 Bath Townhome2BR,2.5BA$1.44
Keeneland Crest ApartmentsCamden2BR,1BA$1.36
Arlington Farms1 Bed, 1 Bath1BR,1BA$1.70
Lakes of WindsorChelsea1BR,1BA$1.53
Emerson VillageThe Ruby - Premium2BR,1BA$1.46
Latitudes ApartmentsThe Navigator 1 BR 1 BA1BR,1BA$1.60
Alder WoodsAlder2BR,1BA$1.87
The BrixtonThe Ashby1BR,1BA$1.78
Heathmoore - Indianapolis1 Bed 1 Bath1BR,1BA$1.76

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.

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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

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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.

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Pet Friendly Lifestyle
South Franklin, Indianapolis, IN

Ranked #178

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

Pet Friendliness Lifestyle Score

3.0
Pet Friendly

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Best Local Schools in
South Franklin, Indianapolis, IN

School data provided by Great Schools

Frequently Asked Questions about South Franklin

What type of rentals are currently available in South Franklin?

There are currently 17 Apartments for Rent in South Franklin, IN with pricing that ranges from $750 to $2,852. There are also 51 Single Family Homes for rent, Condos, and Townhome rentals currently available in South Franklin ranging from $1,325 to $4,500.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in South Franklin ranges from $1,325 to $4,500 with an average monthly rent of $2,174.

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

For those who are looking for larger living arrangements, Three Bedroom Apartments in South Franklin range from $1,503 to $2,852, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,325 to $2,300. Four Bedroom Single-Family rentals are also available starting from $1,680 and Four Bedroom Apartments start at $1,687.

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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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! 

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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.