Cheap Apartments for Rent in the Thirty-Eighth & Franklin Neighborhood of Indianapolis, IN from $500 (44 Rentals)

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

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M Club Apartments
Rent Specials
$738 - $1,995
Total Monthly Price

Total Monthly Price

Base Rent
$738 - $1,995
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

M Club Apartments

7007 Courthouse DrIndianapolis, IN 46226
Affordability
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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
Showing Results 1-44, 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. M Club Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $738. Here are the most affordable Thirty-Eighth & Franklin apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Franklin StudiosStudioStudio,1BA$725
M Club ApartmentsS1Studio,1BA$738
Spanish OaksStudioStudio,1BA$775
Serenity Park ApartmentsSTOP SCROLLING — SERENITY PARK IS UNDER NEW MAN...1BR,1BA$794
Kingston Square ApartmentsThe AshStudio,1BA$799
OlivewoodStudioStudio,1BA$800
Postbrook East Apartments1bd F1BR,1BA$820
The Vineyards Apartment HomesStudio ClassicStudio,1BA$839
The Life at Harrison Trails1 BED 1 BATH A (LOFT)1BR,1BA$842
Brookhaven Apartments1 Bed 1 Bath1BR,1BA$850

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

As of May 30, 2026 the best value apartment in the Thirty-Eighth & Franklin area is the $1.08 price per square foot The Mansion - Three Bedroom Two Bath Model at Paragon Park in the in the Southeast Indianapolis neighborhood starting from $1,449. The second greatest value Thirty-Eighth & Franklin apartment is the 2 BR / 1.5 BA Model at Shadeland Terrace Townhomes w/Full Basements starting at $1,395 with a $1.07 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 ParkThe Mansion - Three Bedroom Two Bath3BR,2BA$1.08
Shadeland Terrace Townhomes w/Full Basements2 BR / 1.5 BA2BR,1.5BA$1.07
Brookhaven Apartments2 Bed 1 Bath2BR,1BA$0.89
Postbrook East Apartments3 bd F Remod3BR,1BA$1.07
Apartments @ Marten Court2x1 with washer/dryer2BR,1BA$1.23
The Reserve at Franklin Glenn2 Bedroom 2 Bathroom2BR,2BA$1.30
Park Forest Apartments2BR/1BA2BR,1BA$1.27
Frederick SquareFrederick Square 2 bedroom2BR,1BA$1.04
Maison Gardens Apartments2 BDR Remodeled2BR,1BA$1.19
Bristol Square1 Bedroom Loft1BR,1.5BA$1.13

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

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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.

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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 #68

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 $850.

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

The cheapest apartment in Thirty-Eighth & Franklin is M Club Apartments which is listed at $752, 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 45 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 $371 which is $1,454 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.

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