Cheap Apartments for Rent in the Towne and Terrace Neighborhood of Indianapolis, IN from $600 (25 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Towne and Terrace area of Indianapolis.

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M Club Apartments
$767 - $2,072
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$757 - $2,062
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Studio to 2 Bedroom Apartments Available Now

M Club Apartments

7007 Courthouse DrIndianapolis, 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

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Lawrence Glen
1 to 2 Bedroom Apartments

Lawrence Glen

8633 E 46th StIndianapolis, IN 46226
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Cheapest Available Towne and Terrace Apartments for Rent

 

The cheapest available apartment rental in the Towne and Terrace area of Indianapolis, IN is a Studio unit found at Spanish Oaks priced from $725. Franklin Studios has the second lowest priced unit, which is a Studio apartment currently listed from $725. Here are the most affordable Towne and Terrace apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
Spanish OaksStudioStudio,1BA$725
Franklin StudiosStudioStudio,1BA$725
Autumn Trails ApartmentsThe MapleStudio,1BA$749
M Club ApartmentsS1Studio,1BA$767
Willowood EastStudioStudio,1BA$775

Best Value Apartments for Rent in Towne and Terrace, IN

As of March 14, 2026 the best value apartment in the Towne and Terrace 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 Towne and Terrace apartment is the 2x1.5 1111 TH Model at Willow Glen East starting at $1,330 with a $1.20 price per square foot in the Southeast Indianapolis neighborhood. Here is today’s list of the best values for Towne and Terrace 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
Willow Glen East2x1.5 1111 TH2BR,1.5BA$1.20
Carriage House East3 Bedroom Townhome Empowerment3BR,1.5BA$1.37
Country Lake TownhomesThe Prince2BR,1.5BA$1.35
Apartments @ Marten Court2x1 with washer/dryer2BR,1BA$1.23
Jamestowne Apartments2/12BR,1BA$1.39
CrosswindsEarhart2BR,1BA$1.28
Bristol Square1 Bedroom Loft1BR,1.5BA$1.13
The Lenox Apartment HomesThe Andover - Renovated1BR,1BA$1.37
The Life at Harrison Trails1 BED 1 BATH A (LOFT)1BR,1BA$1.26

Frequently Asked Questions about Cheap Towne and Terrace Apartments

What is a cheap apartment in Towne and Terrace?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Towne and Terrace is under $910.

What is the price of a cheap apartment in Towne and Terrace?

The cheapest apartment in Towne and Terrace is Spanish Oaks which is listed at $829, while the average apartment in Towne and Terrace costs $1,850.

What types of apartments are the cheapest in Towne and Terrace?

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 26 regular apartments in Towne and Terrace 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 Towne and Terrace?

Cheap apartments in Towne and Terrace have an average cost of $612 which is $1,238 cheaper than the average rent for all rentals in Towne and Terrace.

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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