Cheap Apartments for Rent in Lafayette, IN from $400 (124 Rentals)

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

property at 1437 Alabama St

$695 - $725

Studio To 1 Bedroom Rentals

Available Aug 5

1437 Alabama St

LafayetteIN47905

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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property at 707 South St

$830 - $1,340

1 To 2 Bedroom Rentals

Available Aug 11

707 South St

LafayetteIN47901

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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1626 Main St
1 Bedroom Apartments

1626 Main St

1626 Main StLafayette, IN 47904

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Lafayette, IN Local Guide

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Cheapest Neighborhoods for Apartments in Lafayette, IN

Pricing Updated: 01/13/2026

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$1,999$495116

Cheapest Available Lafayette Apartments for Rent

 

The cheapest available apartment rental in Lafayette, IN is a Studio unit found at Varsity in the Downtown West Lafaytte neighborhood priced from $599. Stonecrest Apartments in the Downtown Lafayette neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $625. Here is today’s list of the most affordable Lafayette apartments for rent:

Apartment ListingModel NameBed/BathPriced From
VarsityThe Varsity - 109 **Short term Lease**Studio,1BA$599
Stonecrest ApartmentsStudioStudio,1BA$625
Launch3A3BR,3BA$649
Waterford CourtStandard One Bedroom (SN1)1BR,1BA$735
Downtown Lafayette Living!StudioStudio,1BA$750
Escher ApartmentsSpring 2026 Semester Lease Opportunity1BR,1BA$750
Where Comfort Meets Value1 Bedroom1BR,1BA$795
Historic Downtown Apartments II2x12BR,1BA$800

Best Value Apartments for Rent in Lafayette, IN

As of January 13, 2026 the best value apartment in the Lafayette area is the $1.17 price per square foot 518 N 5th St Model at 518 N 5th St, Unit 518 N 5th in the in the Downtown Lafayette neighborhood starting from $1,850. The second greatest value Lafayette apartment is the 3 bed 2 bath Renovated Model at Windemere Apartments starting at $1,400 with a $1.10 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.
518 N 5th St, Unit 518 N 5th518 N 5th St3BR,2.5BA$1.17
Windemere Apartments3 bed 2 bath Renovated3BR,2BA$1.10
Shadeland Estates(Clayton) Shadeland Estates New Large Homes 3bd...3BR,2BA$0.97
2115 Main St, Unit 21152115 Main St2BR,1BA$1.05
Chauncey Village2 Bedroom Townhome2BR,1.5BA$1.11
The Press1BR/1.0BA1BR,1BA$1.01
Mayfair Village3 Bed 1 Bath3BR,1BA$1.03
Monon Place2 Bedroom 2 Bath2BR,2BA$1.07
1006 N 10th St, Unit A1006 N 10th St2BR,1BA$1.03
Where Comfort Meets Value1 Bedroom1BR,1BA$1.14

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 $800.

What is the price of a cheap apartment in Lafayette?

The cheapest apartment in Lafayette is Waterford Court which is listed at $735, while the average apartment in Lafayette costs $1,999.

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 75 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 $1,106 which is $893 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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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.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!