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.

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 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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Jamestowne Apartments
1 to 3 Bedroom Apartments

Jamestowne Apartments

8917 Duxbury RdIndianapolis, IN 46226
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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

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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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 ApartmentsBecome an Eastsider Today! Get 1 month free on ...1BR,1BA$769
The Vineyards Apartment HomesStudio ApartmentStudio,1BA$779
Indy Town ApartmentsArlington Green 2 bedroom2BR,1BA$798

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

As of October 13, 2025 the best value apartment in the Thirty-Eighth & Franklin area is the $1.12 price per square foot Three Bedroom Two Bath Model at Paragon Park in the in the Southeast Indianapolis neighborhood starting from $1,499. The second greatest value Thirty-Eighth & Franklin apartment is the Two Bedroom Model at Lawrence Landing starting at $1,134 with a $1.08 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.
Paragon ParkThree Bedroom Two Bath3BR,2BA$1.12
Lawrence LandingTwo Bedroom2BR,1.5BA$1.08
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$0.94
Apartments @ Marten Court2x1 with washer/dryer2BR,1BA$1.15
Carriage House East2 Bedroom Apartment Optimism2BR,1BA$1.26
Bristol Square1 Bedroom Loft1BR,1.5BA$1.06
M Club ApartmentsA31BR,1BA$1.28
The Lenox Apartment Homes1 Bed 1 Bath Apartment - Renovated1BR,1BA$1.25
Indy Town ApartmentsArlington Green 2 bedroom2BR,1BA$1.16
Serenity Park ApartmentsBecome an Eastsider Today! Get 1 month free on ...1BR,1BA$1.29

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

Ranked #95

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

Pet Friendliness Lifestyle Score

3.5
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 $860.

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 $1,718.

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 21 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 $440 which is $1,278 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.

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.

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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.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.