Cheap Apartments for Rent in Lafayette, IN from $400 (260 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 1617 Ferry St

$725 - $1,000

Studio To 3 Bedroom Rentals

Available Aug 1

1617 Ferry St

LafayetteIN47901

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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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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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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Lafayette, IN Local Guide

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Cheapest Neighborhoods for Apartments in Lafayette, IN

Pricing Updated: 05/29/2026

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$2,050$50076

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. Windsor West Apartments Homes in the Discovery Park neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $650. Here is today’s list of the most affordable Lafayette apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Stonecrest ApartmentsStudioStudio,1BA$625
Windsor West Apartments Homes2 Bedroom 1 Bath2BR,1BA$650
Launch3B3BR,3BA$659
VarsityThe Varsity - 109 **Short term Lease**Studio,1BA$699
Pheasant RunThe Retriever StudioStudio,1BA$748
Waterford CourtStandard One Bedroom (SN3)1BR,1BA$781
Historic Downtown Apartments II2x12BR,1BA$800
Bay Pointe ApartmentsThe Cape 1 BR 1 BA1BR,1BA$841

Best Value Apartments for Rent in Lafayette, IN

As of May 29, 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 in the in the Downtown Lafayette neighborhood starting from $1,800. The second greatest value Lafayette apartment is the 3 bed 2 bath Renovated Model at Windemere Apartments starting at $1,550 with a $1.22 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 St122 N 3rd St2BR,1BA$0.84
Windemere Apartments3 bed 2 bath Renovated3BR,2BA$1.22
EVER West Lafayette4BR - D14BR,4BA$1.19
VERVE West Lafayette4BD/4BA - D24BR,4BA$1.20
Ashley Oaks Apartments2BR1.5BR2BR,1.5BA$1.18
624 New York St, Unit B624 New York St3BR,2BA$1.24
Shadeland Estates(Adventure) Shadeland Estates New Homes 3bd/2bt...3BR,2BA$1.20
Hawthorne PropertiesASPEN Duplex1BR,1BA$1.24
Windsor West Apartments Homes2 Bedroom 1 Bath2BR,1BA$0.90
Pierce Street Apartments2/12BR,1BA$1.00

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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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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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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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 $841.

What is the price of a cheap apartment in Lafayette?

The cheapest apartment in Lafayette is Waterford Court which is listed at $781, while the average apartment in Lafayette costs $2,050.

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 41 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 $641 which is $1,409 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

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.

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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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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.