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.

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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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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1338 Barth Ave
$1,200 - $1,600
Total Monthly Price

Total Monthly Price

Base Rent
$1,200 - $1,600
Total Monthly Price
$1,200 - $1,600
1 to 2 Bedroom Apartment Available Now

1338 Barth Ave

1338 Barth AveIndianapolis, IN 46203
Affordability

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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Garfield Place
2 Bedroom Apartments

Garfield Place

2236 Ransdell StIndianapolis, IN 46225
  • 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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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 Apartments priced from $775. Pine Glen 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 Somerset ApartmentsOne Somerset - 1 Bed/1 Bath* Call about our Mov...2BR,1BA$775
Pine GlenMaple Vintage1BR,1BA$799
Madison Lofts1 Bedroom 1 Bathroom1BR,1BA$899
Thompson Village ApartmentsOne Bedroom Apartment1BR,1BA$928
Garfield Park Village2/1 Classic2BR,1BA$949
City Heights1 x 11BR,1BA$1,000
Capital PlaceTwo Bedroom One Bath TH2BR,1BA$1,009
Lofts on MadisonStudio, 1 bathStudio,1BA$1,050
Hanna VillageCamden1BR,1BA$1,099
Fox ClubTwo Bedroom Two Bath2BR,2BA$1,099

Best Value Apartments for Rent in South Village, IN

As of June 10, 2026 the best value apartment in the South Village area is the $1.10 price per square foot Two Bedroom 1.5 Bath Model at Fox Club in the in the Shelby Street-Epler Avenue neighborhood starting from $1,100. The second greatest value South Village apartment is the 2BR/1.0BA Model at Emhardt Apartments starting at $1,195 with a $1.26 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.
Fox ClubTwo Bedroom 1.5 Bath2BR,1.5BA$1.10
Emhardt Apartments2BR/1.0BA2BR,1BA$1.26
Capital PlaceTwo Bedroom One Bath TH2BR,1BA$1.13
The Assumption on Blaine1 Bed 1 Bath1BR,1BA$1.31
Pine GlenMaple Vintage1BR,1BA$1.02
Dawson Village2 BR/1 BA - Partial Remodeled Flat2BR,1BA$1.35
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$1.51

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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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 Village, Indianapolis, IN

Ranked #69

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

Pet Friendliness Lifestyle Score

4.0
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 $1,099.

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

The cheapest apartment in South Village is Pine Glen which is listed at $799, while the average apartment in South Village costs $12,725.

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 41 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 $193 which is $12,532 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.

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

Written by: Wendy Melton

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

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

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.