Cheap Apartments for Rent in the South Village Neighborhood of Indianapolis, IN from $500 (28 Rentals)

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

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One Somerset
Rent Specials
$775
Total Monthly Price

Total Monthly Price

Base Rent
$775
Total Monthly Price
Varies
2 Bedroom Apartments Available Now

One Somerset

3761 S State AveIndianapolis, IN 46227
Student Housing
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property at 2231 Union St

$1,200

Total Monthly Price

Total Monthly Price

Base Rent
$1,200
Total Monthly Price
$1,200

3 Bedroom, 1 Bath Home for Rent

Available Now

2231 Union St

IndianapolisIN46225

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Garfield Place
2 Bedroom Apartments

Garfield Place

2236 Ransdell StIndianapolis, IN 46225
  • Utilities Included

South Village - 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!

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Showing Results 1-28, Page 1 of 1

South Village, Indianapolis, IN Local Guide

Cheapest Available South Village Apartments for Rent

 

The cheapest available apartment rental in the South Village area of Indianapolis, IN is a 2 Beds unit found at One Somerset priced from $775. Garfield Park Village has the second lowest priced unit, which is a 1 Bed apartment currently listed from $799. Here are the most affordable South Village apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
One SomersetOne Somerset - 1 Bed/1 Bath2BR,1BA$775
Garfield Park Village1/1 Renovated1BR,1BA$799
Capital PlaceTwo Bedroom One Bath2BR,1BA$849
Thompson Village ApartmentsOne Bedroom Apartment1BR,1BA$850
Pine Glen1x1 Classic Watilist1BR,1BA$870
Dawson Village2 BR/1 BA - FLATS2BR,1BA$899
Madison Lofts1 Bedroom 1 Bathroom1BR,1BA$899
City Heights1 x 11BR,1BA$1,000
522 Fletcher Ave*ONE FREE MONTH OF RENT* 522 Fletcher Ave - 1 ...1BR,1BA$1,025
Lofts on MadisonStudio, 1 bathStudio,1BA$1,050

Best Value Apartments for Rent in South Village, IN

As of July 25, 2026 the best value apartment in the South Village area is the $1.30 price per square foot Two Bedroom One Bath TH Model at Capital Place in the in the Concord neighborhood starting from $1,159. The second greatest value South Village apartment is the 1 Bed 1 Bath Model at The Assumption on Blaine starting at $1,100 with a $1.31 price per square foot in the Concord neighborhood. Here is today’s list of the best values for South Village apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Capital PlaceTwo Bedroom One Bath TH2BR,1BA$1.30
The Assumption on Blaine1 Bed 1 Bath1BR,1BA$1.31
522 Fletcher Ave*ONE FREE MONTH OF RENT* 522 Fletcher Ave - 1 ...1BR,1BA$1.40
Dawson Village2 Bedroom Flat - Updated Floors/Appliances2BR,1BA$1.36
One SomersetOne Somerset - 1 Bed/1 Bath2BR,1BA$1.11
City Heights1 x 11BR,1BA$1.44
Madison Lofts1 Bedroom 1 Bathroom1BR,1BA$1.44
Garfield Park Village2/1 Renovated2BR,1BA$1.61
Thompson Village ApartmentsOne Bedroom Apartment1BR,1BA$1.38
Pine GlenCedar Renovated1BR,1BA$1.58

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Pet Friendly Lifestyle
South Village, Indianapolis, IN

Ranked #78

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

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Frequently Asked Questions about Cheap South Village Apartments

What is a cheap apartment in South Village?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in South Village is under $1,050.

What is the price of a cheap apartment in South Village?

The cheapest apartment in South Village is Garfield Park Village which is listed at $799, while the average apartment in South Village costs $14,434.

What types of apartments are the cheapest in South Village?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 33 regular apartments in South Village that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in South Village?

Cheap apartments in South Village have an average cost of $190 which is $14,244 cheaper than the average rent for all rentals in South Village.

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.

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