Cheap Apartments for Rent in the The Canal Neighborhood of Indianapolis, IN from $500 (37 Rentals)

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Search the lowest-cost Apartments available for rent right now in the The Canal 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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Axis
Rent Specials
$1,164 - $3,244Studio to 2 Bedroom Apartments Available Now

Axis

401 N Senate AveIndianapolis, IN 46204
Corporate Housing
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  • Matterport 3D Tour

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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632 MLK Apartments
Studio to 4 Bedroom Apartments

632 MLK Apartments

632 Dr Martin Luther King Jr StIndianapolis, IN 46202

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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Showing Results 1-37, Page 1 of 1

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 Vivio on Tenth priced from $900. Senate Manor has the second lowest priced unit, which is a Studio apartment currently listed from $930. Here are the most affordable The Canal apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Vivio on Tenth0x1-442Studio,1BA$900
Senate ManorS.1 CStudio,1BA$930
Lockefield GardensStandard One Bedroom (SR3)1BR,1BA$991
Maryden on CentralThe Escape at MarydenStudio,1BA$1,005
Artistry IndyJacquelineStudio,1BA$1,019
Wesley PlacePeckStudio,1BA$1,026
The Assumption on Blaine1 Bed 1 Bath1BR,1BA$1,030
Gathyr ApartmentsBatesStudio,1BA$1,049
Madison LoftsThe Loft 1x1-L1BR,1BA$1,099
River West Flats1 Bedroom 1 Bathroom1BR,1BA$1,124

Best Value Apartments for Rent in The Canal, IN

As of October 28, 2025 the best value apartment in the The Canal area is the $1.11 price per square foot 2 Bedroom 2 Bath Model at The Block in the in the Riley neighborhood starting from $1,999. The second greatest value The Canal apartment is the 2 Bed 2 Bath Model at The Assumption on Blaine starting at $1,775 with a $1.35 price per square foot in the Concord 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 Block2 Bedroom 2 Bath2BR,2BA$1.11
The Assumption on Blaine2 Bed 2 Bath2BR,2BA$1.35
Gardens of Canal CourtTwo Bedroom Two Bath (1,184 - 1,194 Square Feet)2BR,2BA$1.28
Nine+EighteenThe Arch2BR,2BA$1.85
Townhomes at Fall Creek PlaceF2BR,1BA$1.61
The Riverside Apartment Homes2x1 Premium2BR,1BA$1.49
Penn Street Tower ApartmentsWabash: Floors 02-071BR,1BA$1.60
River West Flats2 Bedroom 1 Bathroom2BR,1BA$1.71
Madison LoftsThe Loft 1x1-L1BR,1BA$1.63
Lockefield GardensStandard One Bedroom (S1) 1BR,1BA$1.85

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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
The Canal, Indianapolis, IN

Ranked #12

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Getting Around the The Canal Neighborhood in Indianapolis, IN

Walk Score®

78 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

93 / 100

Biker's Paradise

Daily errands can be accomplished on a bike

Transit Score®

57 / 100

Good Transit

Many nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

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 $1,124.

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

The cheapest apartment in The Canal is The Riverside Apartment Homes which is listed at $799, while the average apartment in The Canal costs $2,599.

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 35 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 $291 which is $2,308 cheaper than the average rent for all rentals in The Canal.

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.