Cheap Apartments for Rent in the Thirty-Eighth & Franklin Neighborhood of Indianapolis, IN from $500 (22 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Thirty-Eighth & Franklin area of Indianapolis.

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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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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Jamestowne Apartments
2 Bedroom Apartments

Jamestowne Apartments

8917 Duxbury RdIndianapolis, IN 46226
  • Utilities Included
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Cavalier Court
1 to 3 Bedroom Apartments

Cavalier Court

9108 E 38th PlIndianapolis, IN 46235
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Maison Gardens
1 to 3 Bedroom Apartments

Maison Gardens

8808 Rue Madeleine RueIndianapolis, IN 46226

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Lawrence Glen
1 to 2 Bedroom Apartments

Lawrence Glen

8633 E 46th StIndianapolis, IN 46226
Showing Results 1-22, 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 Studio unit found at Franklin Studios priced from $725. Autumn Trails Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $749. Here are the most affordable Thirty-Eighth & Franklin apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Franklin StudiosStudioStudio,1BA$725
Autumn Trails ApartmentsThe MapleStudio,1BA$749
Serenity Park Apartments1 Bedroom 1 Bath1BR,1BA$769
Spanish OaksStudioStudio,1BA$799
OlivewoodStudioStudio,1BA$825

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

As of June 23, 2025 the best value apartment in the Thirty-Eighth & Franklin area is the $1.15 price per square foot Three Bedroom Two Bath Model at Paragon Park in the in the Southeast Indianapolis neighborhood starting from $1,539. The second greatest value Thirty-Eighth & Franklin apartment is the 2 Bed 2 Bath Apartment w/Den - Renovated Model at Lenox Apartments starting at $1,400 with a $1.31 price per square foot in the Far Eastside 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.
Paragon ParkThree Bedroom Two Bath3BR,2BA$1.15
Lenox Apartments2 Bed 2 Bath Apartment w/Den - Renovated2BR,2BA$1.31
Country Lake TownhomesThe Prince2BR,1.5BA$1.40
Carriage House East2 Bedroom Townhome Dedication2BR,1.5BA$1.11
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$0.89
Apartments @ Marten Court2x1 with washer/dryer2BR,1BA$1.23
Reserve at Franklin Glen2BR2B- Reserve at Franklin Glen2BR,2BA$1.31
Indy Town ApartmentsArlington Green 2 bedroom2BR,1BA$1.21
The Life at Harrison Trails1 BED 1 BATH A (LOFT)1BR,1BA$1.26
Serenity Park Apartments1 Bedroom 1 Bath1BR,1BA$1.29

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

Ranked #88

Among neighborhoods in Indianapolis, IN 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 $899.

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

The cheapest apartment in Thirty-Eighth & Franklin is Serenity Park Apartments which is listed at $769, while the average apartment in Thirty-Eighth & Franklin costs $1,835.

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 11 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 $245 which is $1,590 cheaper than the average rent for all rentals in Thirty-Eighth & Franklin.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.