Cheap Apartments for Rent in Lafayette, IN from $400 (233 Rentals)

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Search the lowest-cost Apartments available for rent right now in Lafayette.

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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property at 2415 N 19th St

$750 - $1,075

Studio To 1 Bedroom Rentals

Available Now

2415 N 19th St

LafayetteIN47904

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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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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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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Lafayette, IN Local Guide

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Cheapest Neighborhoods for Apartments in Lafayette, IN

Pricing Updated: 04/14/2026

Current apartment rentals in the Lafayette, IN area range in price from to with an overall median price of . Here is today’s list neighborhoods with the lowest median pricing for Lafayette Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Downtown Lafayette$1,989$595102

Cheapest Available Lafayette Apartments for Rent

 

The cheapest available apartment rental in Lafayette, IN is a Studio unit found at Stonecrest Apartments in the Downtown Lafayette neighborhood priced from $625. Launch in the Discovery Park neighborhood has the second lowest priced unit, which is a 3 Beds apartment currently listed from $649. Here is today’s list of the most affordable Lafayette apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Stonecrest ApartmentsStudioStudio,1BA$625
Launch3A3BR,3BA$649
VarsityThe Varsity - 109 **Short term Lease**Studio,1BA$699
Downtown Lafayette Living!StudioStudio,1BA$750
Waterford CourtStandard One Bedroom (SN1)1BR,1BA$775
Pheasant RunThe Retriever StudioStudio,1BA$775
Where Comfort Meets Value1 Bedroom1BR,1BA$795
AnandaAnanda - Economy - Unit 47 **Available Now**Studio,1BA$799

Best Value Apartments for Rent in Lafayette, IN

As of April 14, 2026 the best value apartment in the Lafayette area is the $0.84 price per square foot 122 N 3rd St Model at 122 N 3rd St, Unit Unit 230 in the in the Downtown Lafayette neighborhood starting from $1,800. The second greatest value Lafayette apartment is the 1831 N 13th St Model at 1831 N 13th St, Unit Unit A starting at $1,600 with a $0.84 price per square foot . Here is today’s list of the best values for Lafayette apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
122 N 3rd St, Unit Unit 230122 N 3rd St2BR,1BA$0.84
1831 N 13th St, Unit Unit A1831 N 13th St2BR,2BA$0.84
315 N 10th St, Unit North Street315 N 10th St3BR,1.5BA$0.80
2115 Main St, Unit 21152115 Main St2BR,1BA$1.05
633 S 16th St, Unit 633633 S 16th St3BR,1BA$1.07
Chauncey Village2 Bedroom Townhome2BR,1.5BA$1.11
Shadeland Estates(Adventure) Shadeland Estates New Homes 3bd/2bt...3BR,2BA$1.12
Monon Place2 Bedroom 2 Bath2BR,2BA$1.07
Where Comfort Meets Value1 Bedroom1BR,1BA$1.14
Pierce Street Apartments2/12BR,1BA$1.00

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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Quick Rent Budget Calculator

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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Lafayette Overview

One of the top towns for individuals and families alike is Lafayette, IN. This is a town that is known for its pleasant weather, welcoming feel, and delicious food. Those who are looking for Lafayette apartments should know that affordable housing is available in this welcoming city. Anyone who is looking for apartments in Lafayette, IN must know where to live. This city sits in between Indianapolis and Chicago, providing easy access to both. The town of Lafayette, IN is also home to a strong educational system that attracts people from all over the country.

Why live in Lafayette, IN?

There are a few major reasons why people choose to live in Lafayette, IN. First, the weather is relatively stable throughout the year, never getting too hot or too cold. Second, this is an area of the country that is growing quickly, providing strong employment opportunities. Finally, the people in this town are friendly and welcoming to everyone who wants to call Lafayette, IN home.

Best Local Schools in
Lafayette, IN

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Lafayette, IN Rentals by Map

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See the most popular apartments and homes in Lafayette, IN

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Frequently Asked Questions about Cheap Lafayette Apartments

What is a cheap apartment in Lafayette?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Lafayette is under $799.

What is the price of a cheap apartment in Lafayette?

The cheapest apartment in Lafayette is Waterford Court which is listed at $775, while the average apartment in Lafayette costs $1,989.

What types of apartments are the cheapest in Lafayette?

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 67 regular apartments in Lafayette 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 Lafayette?

Cheap apartments in Lafayette have an average cost of $726 which is $1,263 cheaper than the average rent for all rentals in Lafayette.

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.

Articles, How-To's, and Tips

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.