Cheap Apartments for Rent in Lafayette, IN from $400 (211 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 1115 Main St

$700 - $750

1 To 2 Bedroom Rentals

Available Now

1115 Main St

LafayetteIN47901
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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property at 404 N 6th St

$775 - $800

Studio Rentals

Available Jul 22

404 N 6th St

LafayetteIN47901

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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property at 1606 Grove St

$850

Total Monthly Price

Total Monthly Price

Base Rent
$850
Total Monthly Price
$850

1 Bedroom, 1 Bath Townhome for Rent

Available Now

1606 Grove St

LafayetteIN47905

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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property at 803 Highland Ave

$859 - $1,469

Studio To 3 Bedroom Rentals

Available Jul 16

803 Highland Ave

LafayetteIN47905

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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Lafayette, IN Local Guide

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Local Guide Expert

Cheapest Neighborhoods for Apartments in Lafayette, IN

Pricing Updated: 07/13/2026

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$2,089$56586

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
800-806 N 8th / 718 Union0BR/1.0BAStudio,1BA$695
911 N 9th Street1BR/1.0BA1BR,1BA$725
Armory Loft1 Bdr Triplex1BR,1BA$760
Monon Place2 Bedroom 1 Bath2BR,1BA$760
Waterford CourtStandard One Bedroom (SN1)1BR,1BA$775
Historic Downtown Apartments II2x12BR,1BA$800

Best Value Apartments for Rent in Lafayette, IN

As of July 13, 2026 the best value apartment in the Lafayette area is the $0.47 price per square foot 204 S 6th St Model at 204 S 6th St, Unit Upstairs Unit in the in the Downtown Lafayette neighborhood starting from $1,400. The second greatest value Lafayette apartment is the 122 N 3rd St Model at 122 N 3rd St starting at $1,800 with a $0.84 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.
204 S 6th St, Unit Upstairs Unit204 S 6th St2BR,1BA$0.47
122 N 3rd St122 N 3rd St2BR,1BA$0.84
631 S 16th St, Unit 631631 S 16th St3BR,1BA$1.14
3974 Amelia Ave2 Bedroom, 1.5 Bath Townhouse2BR,1.5BA$1.10
Ashley Oaks Apartments2BR1.5BR2BR,1.5BA$1.18
Victory on Salisbury3BR/1BA3BR,1BA$1.07
Monon Place2 Bedroom 1 Bath2BR,1BA$1.00
1006 N 10th St, Unit A1006 N 10th St2BR,1BA$1.10
Windsor West Apartments Homes2 Bedroom 1 Bath2BR,1BA$0.90
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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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 $800.

What is the price of a cheap apartment in Lafayette?

The cheapest apartment in Lafayette is 911 N 9th Street which is listed at $725, while the average apartment in Lafayette costs $2,089.

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 45 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 $1,127 which is $962 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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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.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.