Cheap Apartments for Rent in Lafayette, IN from $499 (252 Rentals)

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

property at 811 N 14th St

$710

Total Monthly Price

Total Monthly Price

Base Rent
$710
Total Monthly Price
$710

2 Bedroom, 1 Bath Home for Rent

Available Now

811 N 14th St

LafayetteIN47904

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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property at 2007 Stillwell St

$725 - $1,225

Studio To 3 Bedroom Rentals

Available Now

2007 Stillwell St

LafayetteIN47904

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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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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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 27 S 15th St

$900

Total Monthly Price

Total Monthly Price

Base Rent
$900
Total Monthly Price
$900

2 Bedroom, 1.5 Bath Townhome for Rent

Available Now

27 S 15th St

LafayetteIN47905
property at 727 S 30th St

$925

Total Monthly Price

Total Monthly Price

Base Rent
$925
Total Monthly Price
$925

2 Bedroom, 1 Bath Home for Rent

Available Now

727 S 30th St

LafayetteIN47904
property at 725 S 30th St

$925

Total Monthly Price

Total Monthly Price

Base Rent
$925
Total Monthly Price
$925

2 Bedroom, 1 Bath Townhome for Rent

Available Now

725 S 30th 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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Lafayette, IN Local Guide

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Local Guide Expert

Cheapest Neighborhoods for Apartments in Lafayette, IN

Pricing Updated: 08/28/2026

Current apartment rentals in the Lafayette, IN area range in price from $535 to $2,547 with an overall median price of $1,214. Here is today’s list neighborhoods with the lowest median pricing for Lafayette Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Downtown Lafayette$1,214$535137

Cheapest Available Lafayette Apartments for Rent

 

The cheapest available apartment rental in Lafayette, IN is a 1 Bed unit found at Southfork Apartments in the Discovery Park neighborhood priced from $499. Leslie Manor Apartments in the Discovery Park neighborhood has the second lowest priced unit, which is a 3 Beds apartment currently listed from $533. Here is today’s list of the most affordable Lafayette apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Southfork Apartments1BR/1.0BA1BR,1BA$499
Leslie Manor Apartments3 Bedroom-Floorplan C3BR,1BA$533
VarsityThe Varsity - E5 SublevelStudio,1BA$599
Uptown WestUptown West - Studio **PROMO PRICING**Studio,1BA$618
Stonecrest ApartmentsStudioStudio,1BA$625
420 S Chauncey Avenue1BR/1.0BA1BR,1BA$649
5002BR/1.0BA2BR,1BA$675
2712 bedroom/1 bath- rent by the room (female & ma...2BR,1BA$675

Best Value Apartments for Rent in Lafayette, IN

As of August 28, 2026 the best value apartment in the Lafayette area is the $1.11 price per square foot 631 S 16th St Model at 631 S 16th St, Unit 631 in the in the Downtown Lafayette neighborhood starting from $1,320. The second greatest value Lafayette apartment is the 122 N 3rd St Model at 122 N 3rd St starting at $1,250 with a $1.06 price per square foot in the Downtown Lafayette neighborhood. 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.
631 S 16th St, Unit 631631 S 16th St3BR,1BA$1.11
122 N 3rd St122 N 3rd St2BR,1BA$1.06
Settlement ApartmentsFour Bedroom, One Bath4BR,1BA$0.80
The Ridge 22 Bed / 1 Bath2BR,1BA$0.96
Salisbury PlaceSalisbury Place - 120 #9 **Offering One Month'...3BR,2BA$0.93
Windsor West Apartments2BR/1.0BA2BR,1BA$1.03
Mayfair Village2 Bed 1 Bath2BR,1BA$1.04
Victory on Salisbury3BR/1BA3BR,1BA$0.98
1102 N 10th St, Unit 41102 N 10th StStudio ,1BA$1.07
2712BR/1.0BA2BR,1BA$1.07

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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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 $675.

What is the price of a cheap apartment in Lafayette?

The cheapest apartment in Lafayette is Southfork Apartments which is listed at $499, while the average apartment in Lafayette costs $1,214.

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 66 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 $620 which is $594 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 Rent According to Income: A Look at Income-Restricted Rentals article

Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

decorative image for Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags article

Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

decorative image for First Apartment Regrets: Real Renters Share What They'd Do Differently article

First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

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

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.