Cheap Apartments for Rent in the University Heights Neighborhood of Indianapolis, IN from $400 (49 Rentals)

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Search the lowest-cost Apartments available for rent right now in the University Heights area of Indianapolis.

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One Somerset
Rent Specials
$775 - $975
Total Monthly Price

Total Monthly Price

Base Rent
$775 - $975
Total Monthly Price
Varies
2 Bedroom Apartments Available Now

One Somerset

3761 S State AveIndianapolis, IN 46227
Student Housing
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Red Maple Grove
1 to 4 Bedroom Apartments

Red Maple Grove

2901 E Tabor StIndianapolis, IN 46203
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Rosedale Hills
Studio to 3 Bedroom Apartments

Rosedale Hills

2139 E Hanna AveIndianapolis, IN 46227
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Garfield Place
2 Bedroom Apartments

Garfield Place

2236 Ransdell StIndianapolis, IN 46225
  • Utilities Included
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Stone Lake
1 to 2 Bedroom Apartments

Stone Lake

2913 E Hanna AveIndianapolis, IN 46227

Find Your Indy Home: A Guide to Indianapolis Apartment Rentals and Neighborhoods

Discover the heart of the Midwest! Learn about popular Indianapolis neighborhoods to rent like Speedway and Eagledale, plus top universities and can't-miss places to eat.

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Spicewood
Studio to 2 Bedroom Apartments

Spicewood

354 Spicewood DrIndianapolis, IN 46227
Senior Living
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Ninth Avenue Apartments
Studio to 3 Bedroom Apartments

Ninth Avenue Apartments

4651 Mimi DrIndianapolis, IN 46237
Corporate Housing

University Heights - One of the Best Affordable Neighborhoods in Indianapolis

Named as one of the Best Affordable Neighborhoods to rent in Indianapolis by our Local Expert Wendy Melton. See how it ranks!

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CrossRoads @ Southgreen
1 to 2 Bedroom Apartments

CrossRoads @ Southgreen

5030 Southgreen DrIndianapolis, IN 46227
  • Utilities Included

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Francis Apartments
1 to 2 Bedroom Apartments

Francis Apartments

1819 Main StBeech Grove, IN 46107
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The U
1 to 3 Bedroom Apartments

The U

2425 Albany StBeech Grove, IN 46107
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Showing Results 1-49, Page 1 of 1

University Heights, Indianapolis, IN Local Guide

Cheapest Available University Heights Apartments for Rent

 

The cheapest available apartment rental in the University Heights area of Indianapolis, IN is a Studio unit found at Spicewood priced from $759. Brookwood Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $769. Here are the most affordable University Heights apartments for rent in Indianapolis, IN:

Apartment ListingModel NameBed/BathPriced From
SpicewoodStudioStudio,1BA$759
Brookwood Apartments1 Bedroom 1 Bathroom1BR,1BA$769
One SomersetOne Somerset - 1 Bed/1 Bath2BR,1BA$775
Garfield Park Village1/1 Renovated1BR,1BA$799
Cherry GlenStudioStudio,1BA$809
Sawmill Apartments1 Bed 1 Bath Small1BR,1BA$849
Capital PlaceTwo Bedroom One Bath2BR,1BA$849
Thompson Village ApartmentsOne Bedroom Apartment1BR,1BA$850
Parc Bordeaux ApartmentsStudioStudio,1BA$850
Pine Glen1x1 Classic Watilist1BR,1BA$870

Best Value Apartments for Rent in University Heights, IN

As of July 29, 2026 the best value apartment in the University Heights area is the $1.30 price per square foot 3 Bedroom 1.5 Bath Model at Brookwood Apartments in the in the Shelby Street-Epler Avenue neighborhood starting from $1,284. The second greatest value University Heights apartment is the The Lily Model at Ninth Avenue Apartments starting at $1,224 with a $1.35 price per square foot in the Shelby Street-Epler Avenue neighborhood. Here is today’s list of the best values for University Heights apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Brookwood Apartments3 Bedroom 1.5 Bath3BR,1.5BA$1.30
Ninth Avenue ApartmentsThe Lily2BR,1BA$1.35
Capital PlaceTwo Bedroom One Bath TH2BR,1BA$1.30
CrossRoads @ Madison ParkCrossRoads @ Madison Park - 012BR,1BA$1.10
Strawbridge GreenEmerson2BR,1BA$1.11
CrossRoads @ SouthgreenCrossRoads @ Southgreen - 615-1...2BR,1BA$1.20
Sherman VillageGarden Apt1BR,1BA$1.28
Dawson Village2 Bedroom Flat - Updated Floors/Appliances2BR,1BA$1.36
Sawmill Apartments1 Bed 1 Bath Small1BR,1BA$1.31
Thompson Village ApartmentsOne Bedroom Apartment1BR,1BA$1.38

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 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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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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How much rent can you afford?

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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Lifestyle Ratings

Our team of engineers and researchers is happy to bring you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals in areas across the United States and customized analysis for South Indianapolis, IN. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including rankings of the best places for proximity to parks, luxury amenities, multifamily communities for the kids, raising pets, transit options, and other valuable search options. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap University Heights Apartments

What is the price of a cheap apartment in University Heights?

The cheapest apartment in University Heights is Brookwood Apartments which is listed at $769, while the average apartment in University Heights costs $1,300.

What types of apartments are the cheapest in University Heights?

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 30 regular apartments in University Heights 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 University Heights?

Cheap apartments in University Heights have an average cost of $163 which is $1,137 cheaper than the average rent for all rentals in University Heights.

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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