Cheap Apartments for Rent in the Thirty-Eighth & Franklin Neighborhood of Indianapolis, IN from $400 (33 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Thirty-Eighth & Franklin 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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M Club Apartments
$831 - $2,075
Total Monthly Price

Total Monthly Price

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$831 - $2,075
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

M Club Apartments

7007 Courthouse DrIndianapolis, IN 46226
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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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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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Cavalier Court
1 to 3 Bedroom Apartments

Cavalier Court

9108 E 38th PlIndianapolis, IN 46235
  • Utilities Included
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Lawrence Glen
1 to 2 Bedroom Apartments

Lawrence Glen

8633 E 46th StIndianapolis, IN 46226

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.

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Showing Results 1-33, Page 1 of 1

Thirty-Eighth & Franklin, Indianapolis, IN Local Guide

Cheapest Available Thirty-Eighth & Franklin Apartments for Rent

 

The cheapest available apartment rental in the Thirty-Eighth & Franklin area of Indianapolis, IN is a 2 Beds unit found at Postbrook East Apartments priced from $485. Spanish Oaks has the second lowest priced unit, which is a Studio apartment currently listed from $725. Here are the most affordable Thirty-Eighth & Franklin apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Postbrook East Apartments2bd F2BR,1BA$485
Spanish OaksStudioStudio,1BA$725
Franklin StudiosStudioStudio,1BA$725
Autumn Trails ApartmentsThe MapleStudio,1BA$749
Maison Gardens Apartments1BD Partial R1BR,1BA$770
OlivewoodStudioStudio,1BA$780
Vineyards ApartmentsStudio ClassicStudio,1BA$799
Kingston Square ApartmentsThe AshStudio,1BA$799
The Life at Harrison Trails1 BED 1 BATH A (LOFT)1BR,1BA$842
Indy Town ApartmentsGreenway 2 bedroom2BR,1BA$865

Best Value Apartments for Rent in Thirty-Eighth & Franklin, IN

As of April 14, 2026 the best value apartment in the Thirty-Eighth & Franklin area is the $1.07 price per square foot 2 BR / 1.5 BA Model at Shadeland Terrace Townhomes w/Full Basements in the in the Southeast Indianapolis neighborhood starting from $1,395. The second greatest value Thirty-Eighth & Franklin apartment is the The Estate - Two Bedroom 1.5 Bath Model at Paragon Park starting at $1,209 with a $0.99 price per square foot in the Southeast Indianapolis neighborhood. Here is today’s list of the best values for Thirty-Eighth & Franklin apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Shadeland Terrace Townhomes w/Full Basements2 BR / 1.5 BA2BR,1.5BA$1.07
Paragon ParkThe Estate - Two Bedroom 1.5 Bath2BR,1.5BA$0.99
Warren Harbor ApartmentsThe Luxor2BR,2BA$1.32
Apartments @ Marten Court2x1 with washer/dryer2BR,1BA$1.23
Park Forest Apartments2BR/1BA2BR,1BA$1.27
The Life at Harrison Trails2 BED 1 BATH2BR,1BA$1.30
Bristol Square1 Bedroom Loft1BR,1.5BA$1.13
The Lenox Apartment HomesThe Andover - Upgraded1BR,1BA$1.29
Postbrook East Apartments1bd F1BR,1BA$1.03
Indy Town ApartmentsArlington Green 2 bedroom2BR,1BA$1.16

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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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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

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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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Pet Friendly Lifestyle
Thirty-Eighth & Franklin, Indianapolis, IN

Ranked #94

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 Thirty-Eighth & Franklin Apartments

What is a cheap apartment in Thirty-Eighth & Franklin?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Thirty-Eighth & Franklin is under $865.

What is the price of a cheap apartment in Thirty-Eighth & Franklin?

The cheapest apartment in Thirty-Eighth & Franklin is Maison Gardens Apartments which is listed at $770, while the average apartment in Thirty-Eighth & Franklin costs $1,825.

What types of apartments are the cheapest in Thirty-Eighth & Franklin?

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 28 regular apartments in Thirty-Eighth & Franklin 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 Thirty-Eighth & Franklin?

Cheap apartments in Thirty-Eighth & Franklin have an average cost of $781 which is $1,044 cheaper than the average rent for all rentals in Thirty-Eighth & Franklin.

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

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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

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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

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

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

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Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.