Cheap Apartments for Rent in the Downtown Lafayette Neighborhood of Lafayette, IN from $400 (81 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Lafayette area of 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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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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Showing Results 1-50, Page 1 of 2

Downtown Lafayette, Lafayette, IN Local Guide

Cheapest Available Downtown Lafayette Apartments for Rent

 

The cheapest available apartment rental in the Downtown Lafayette area of Lafayette, IN is a Studio unit found at Stonecrest Apartments priced from $625. Downtown Lafayette Living! has the second lowest priced unit, which is a Studio apartment currently listed from $750. Here are the most affordable Downtown Lafayette apartments for rent in Lafayette, IN:

Apartment ListingModel NameBed/BathPriced From
Stonecrest ApartmentsStudioStudio,1BA$625
Downtown Lafayette Living!StudioStudio,1BA$750
Where Comfort Meets Value1 Bedroom1BR,1BA$795
Historic Downtown Apartments II2x12BR,1BA$800
Monon Place2 Bedroom 2 Bath2BR,2BA$830
The Luna FlatsLuna Flats - Individual Lease - 2bed (Private R...2BR,2BA$850
Vantage Pointe Apartments1x1 R1BR,1BA$955
CNC Leasing Group1 Bedroom - Updated1BR,1BA$995

Best Value Apartments for Rent in Downtown Lafayette, IN

As of April 16, 2026 the best value apartment in the Downtown 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 Downtown Lafayette apartment is the 2BR/2.5BA Model at Brownstone Condominiums starting at $2,100 with a $1.19 price per square foot in the Downtown Lafayette neighborhood. Here is today’s list of the best values for Downtown 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
Brownstone Condominiums2BR/2.5BA2BR,2.5BA$1.19
102 N 3rd Street2BR/2.5BA2BR,2.5BA$1.16
The Press1BR/1.0BA1BR,1BA$0.77
315 N 10th St, Unit North Street315 N 10th St3BR,1.5BA$0.80
2115 Main St, Unit 21152115 Main St2BR,1BA$1.05
631 S 16th St, Unit 631631 S 16th St3BR,1BA$1.14
CNC Leasing Group1 Bedroom - Classic1BR,1BA$1.21
Monon Place2 Bedroom 2 Bath2BR,2BA$1.07
Where Comfort Meets Value1 Bedroom1BR,1BA$1.14

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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Pet Friendly Lifestyle
Downtown Lafayette, Lafayette, IN

Ranked #1

Among cities in Indiana for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Frequently Asked Questions about Cheap Downtown Lafayette Apartments

What is a cheap apartment in Downtown Lafayette?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Lafayette is under $995.

What is the price of a cheap apartment in Downtown Lafayette?

The cheapest apartment in Downtown Lafayette is Downtown Lafayette Living! which is listed at $795, while the average apartment in Downtown Lafayette costs $1,989.

What types of apartments are the cheapest in Downtown 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 Downtown 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 Downtown Lafayette?

Cheap apartments in Downtown Lafayette have an average cost of $737 which is $1,252 cheaper than the average rent for all rentals in Downtown 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.