Cheap Apartments for Rent in the South Perry Neighborhood of Indianapolis, IN from $700 (42 Rentals)

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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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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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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Windsor Court
1 to 2 Bedroom Apartments

Windsor Court

7302 Queen Anne CtIndianapolis, IN 46227
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South & Madison
Studio to 3 Bedroom Apartments

South & Madison

1819 Madison Village DrIndianapolis, IN 46227
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The Sterling
1 to 2 Bedroom Apartments

The Sterling

8020 Madison AveIndianapolis, IN 46227
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Fountain Lake Villas
Studio to 3 Bedroom Apartments

Fountain Lake Villas

2220 E Stop 13 RdIndianapolis, IN 46227
Senior Living
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Grand Oaks
1 to 2 Bedroom Apartments

Grand Oaks

7215 Grand Ritz LnIndianapolis, IN 46237
  • Utilities Included

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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Crestwood Village South
Studio to 2 Bedroom Apartments

Crestwood Village South

8809 Madison AveIndianapolis, IN 46227
Senior Living

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Showing Results 1-42, Page 1 of 1

South Perry, Indianapolis, IN Local Guide

Cheapest Available South Perry Apartments for Rent

 

The cheapest available apartment rental in the South Perry area of Indianapolis, IN is a 1 Bed unit found at Windsor Court priced from $768. Waterbury Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $775. Here are the most affordable South Perry apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Windsor CourtStandard One Bedroom (SN1)1BR,1BA$768
Waterbury ApartmentsStudioStudio,1BA$775
5700 Madison Apartments & Edgewood on MadisonEdgewood - CypressStudio,1BA$790
South & MadisonE2Studio,1BA$809
The SterlingThe Lexington1BR,1BA$850
SherbrookStudioStudio,1BA$865
Greentree Apartments1x1 Classic1BR,1BA$889
Buckridge at Southport1BR/1.0BA1BR,1BA$900
Polo Run ApartmentsThe Thoroughbred 2 BR 1 BA2BR,1BA$919
Keeneland Crest ApartmentsBristol1BR,1BA$949

Best Value Apartments for Rent in South Perry, IN

As of June 11, 2026 the best value apartment in the South Perry area is the $1.12 price per square foot 3Bd/1.5Ba Dn W/D Model at Martinique Terrace in the in the Winchester Village neighborhood starting from $1,459. The second greatest value South Perry apartment is the Garden Style 2 Bedroom/2 Bath Apartments Model at Park Madison starting at $1,250 with a $1.09 price per square foot in the Winchester Village neighborhood. Here is today’s list of the best values for South Perry apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Martinique Terrace3Bd/1.5Ba Dn W/D3BR,1.5BA$1.12
Park MadisonGarden Style 2 Bedroom/2 Bath Apartments2BR,2BA$1.09
Auburn Place2 Bedroom 1.5 Bath2BR,1.5BA$1.27
Oak ParkB2 Timber Upgrade2BR,1BA$1.21
Fountain Lake VillasThe Herrington2BR,1BA$1.27
Keeneland Crest ApartmentsCamden2BR,1BA$1.34
Encore Apartments2BR/1.5BA2BR,1.5BA$1.30
South & MadisonB22BR,1BA$1.19
The SterlingThe Lexington1BR,1BA$1.15
Buckridge at Southport1BR/1.0BA1BR,1BA$1.25

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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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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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.

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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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Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals and neighborhoods across the USA, and customized analysis for South Indianapolis. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including our Star Ratings to compare for proximity to parks, luxury amenities, pet-friendly features, places to raise kids, proximity to transit, and how walkable or bikeable each community and area is. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap South Perry Apartments

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

The lowest price for a Cheap One Bedroom South Perry Apartment is $830 at South & Madison.

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

Today's best deal for a Cheap Two Bedroom Apartment in South Perry is starting from $919 at Polo Run Apartments.

What is the most affordable South Perry Three Bedroom Apartment?

The best deal on a cheap South Perry Three Bedroom Apartment rental is at South & Madison and starts from $1,263.

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

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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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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.

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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.

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

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

Articles, How-To's, and Tips

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.