Cheap Apartments for Rent in the The Canal Neighborhood of Indianapolis, IN from $556 (58 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 The Canal 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
close
View Me
9 On Canal
Rent Specials
$1,113 - $3,518
Total Monthly Price

Total Monthly Price

Base Rent
$1,113 - $3,518
Total Monthly Price
$1,113 - $3,518
Studio to 3 Bedroom Apartments Available Now

9 On Canal

335 W 9th StIndianapolis, IN 46202
Furnished
  • Verified
  • Customer Reviewed
  • 3D Tour
close
View Me
Ralston Apartments
Rent Specials
$1,159 - $2,895
Total Monthly Price

Total Monthly Price

Base Rent
$1,159 - $2,895
Total Monthly Price
$1,159 - $2,895
1 to 4 Bedroom Apartments Available Now

Ralston Apartments

1201 Indiana AveIndianapolis, IN 46202
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

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

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

The Canal - 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
close
View Me
Bon Air Residence
$1,750 - $2,250
Total Monthly Price

Total Monthly Price

Base Rent
$1,750 - $2,250
Total Monthly Price
$1,750 - $2,250
1 Bedroom Apartments Available Now

Bon Air Residence

21-23 W 16th StIndianapolis, IN 46202
Furnished
  • Verified
  • Utilities Included

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

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

Read Article
Showing Results 1-50, Page 1 of 2

The Canal, Indianapolis, IN Local Guide

Cheapest Available The Canal Apartments for Rent

 

The cheapest available apartment rental in the The Canal area of Indianapolis, IN is a Studio unit found at Dunbar Court priced from $675. Priscilla on Pennsylvania has the second lowest priced unit, which is a Studio apartment currently listed from $799. Here are the most affordable The Canal apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Dunbar CourtStudioStudio,1BA$675
Priscilla on PennsylvaniaStudio- 1st Floor CornerStudio,1BA$799
Senate ManorS.1 BStudio,1BA$930
Madison Lofts1 Bedroom 1-L Bathroom1BR,1BA$965
Vivio on Tenth0x1-S2-501Studio,1BA$999
522 Fletcher Ave*ONE FREE MONTH OF RENT* 522 Fletcher Ave - 1 ...1BR,1BA$999
Artistry IndyEdie (EcoSuite)Studio,1BA$1,034
Lockefield GardensDeluxe One Bedroom (A2)1BR,1BA$1,085
The Riverside Apartment Homes2x1 Townhome Classic2BR,1BA$1,089
The Assumption on Blaine1 Bed 1 Bath1BR,1BA$1,100

Best Value Apartments for Rent in The Canal, IN

As of August 31, 2026 the best value apartment in the The Canal area is the $1.37 price per square foot 3 Bedroom 2.5 Bath Model at The Block in the in the Riley neighborhood starting from $2,399. The second greatest value The Canal apartment is the Star Townhome Model at Pulliam Square starting at $2,725 with a $1.55 price per square foot in the Riley neighborhood. Here is today’s list of the best values for The Canal apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Block3 Bedroom 2.5 Bath3BR,2.5BA$1.37
Pulliam SquareStar Townhome2BR,2BA$1.55
946 MLKB33BR,2BA$1.14
Applegate FlatsTwo Bedroom2BR,1.5BA$1.55
Ralston ApartmentsIris2BR,2BA$1.59
The Riverside Apartment Homes2x1 Upgrade2BR,1BA$1.35
Gardens of Canal CourtOne Bedroom One Bath (875 Square Feet)1BR,1BA$1.53
The Assumption on Blaine1 Bed 1 Bath1BR,1BA$1.31
522 Fletcher Ave*ONE FREE MONTH OF RENT* 522 Fletcher Ave - 1 ...1BR,1BA$1.37
Madison Lofts1 Bedroom 1-L Bathroom1BR,1BA$1.43

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

Pet Friendly Lifestyle
The Canal, Indianapolis, IN

Ranked #5

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

decorative image of woman handing cat to small boy

Frequently Asked Questions about Cheap The Canal Apartments

What is a cheap apartment in The Canal?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in The Canal is under $1,100.

What is the price of a cheap apartment in The Canal?

The cheapest apartment in The Canal is Madison Lofts which is listed at $965, while the average apartment in The Canal costs $1,590.

What types of apartments are the cheapest in The Canal?

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 38 regular apartments in The Canal 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 The Canal?

Cheap apartments in The Canal have an average cost of $203 which is $1,387 cheaper than the average rent for all rentals in The Canal.

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 Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags article

Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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.