Cheap Apartments for Rent in the Downtown New Albany Neighborhood of New Albany, IN from $600 (55 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown New Albany area of New Albany.

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 508 Vincennes St

$895 - $1,120

1 To 3 Bedroom Rentals

Available Now

508 Vincennes St

New AlbanyIN47150
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1743 Culbertson Ave
1 Bedroom Apartments

1743 Culbertson Ave

1743 Culbertson AveNew Albany, IN 47150
  • Utilities Included

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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St Edward Court
1 to 3 Bedroom Apartments

St Edward Court

701 E Spring StNew Albany, IN 47150
  • Utilities Included

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 421 S 27th St

$850

Total Monthly Price

Total Monthly Price

Base Rent
$850
Total Monthly Price
$850

2 Bedroom, 1 Bath Home for Rent

Available Now

421 S 27th St

LouisvilleKY40212
property at 2722 Portland Ave

$950

Total Monthly Price

Total Monthly Price

Base Rent
$950
Total Monthly Price
$950

1 Bedroom, 1 Bath Home for Rent

Available Now

2722 Portland Ave

LouisvilleKY40212

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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St. Cecilia Apartments
1 Bedroom Apartments

St. Cecilia Apartments

2530 Slevin StLouisville, KY 40212
Senior Living
  • Utilities Included
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Rowan Place
1 to 2 Bedroom Apartments

Rowan Place

2132 Rowan StLouisville, KY 40212
Senior Living
  • Utilities Included

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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Downtown New Albany, New Albany, IN Local Guide

Cheapest Available Downtown New Albany Apartments for Rent

 

The cheapest available apartment rental in the Downtown New Albany area of Louisville, IN is a Studio unit found at Brookview Glen priced from $699. Willow Grove Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $795. Here are the most affordable Downtown New Albany apartments for rent in Louisville, IN:

Apartment ListingModel NameBed/BathPriced From
Brookview GlenStudioStudio,1BA$699
Willow Grove Apartments1 Bed, 1 Bath Flat1BR,1BA$795
Jefferson Properties2bd Apartment2BR,1BA$900
Huntley Ridge New Albany2 Bedroom 1 Bathroom2BR,1BA$935
Valley RidgeTwo Bedroom Townhome2BR,1BA$983
Lancaster LoftsB31BR,1BA$1,107
The BreakwaterStarboard1BR,1BA$1,150
The Howard Residence1 Bedroom1BR,1BA$1,200

Best Value Apartments for Rent in Downtown New Albany, IN

As of May 05, 2026 the best value apartment in the Downtown New Albany area is the $1.14 price per square foot Two Bedroom 2.5 Bath Townhome Ridge Model at Sheffield Square in the in the Downtown New Albany neighborhood starting from $1,255. The second greatest value Downtown New Albany apartment is the 3 Bedroom, 2 Bath Model at Montgomery Apartments starting at $1,295 with a $1.20 price per square foot in the Portland neighborhood. Here is today’s list of the best values for Downtown New Albany apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Sheffield SquareTwo Bedroom 2.5 Bath Townhome Ridge2BR,2.5BA$1.14
Montgomery Apartments3 Bedroom, 2 Bath3BR,2BA$1.20
Huntley Ridge New Albany2 Bedroom 1 Bathroom2BR,1BA$0.94
Valley RidgeTwo Bedroom Townhome2BR,1BA$1.03
Jefferson Properties3bd Apartment3BR,1BA$1.17
The Howard Residence1 Bedroom1BR,1BA$1.50
The BreakwaterStarboard1BR,1BA$1.50
2614 W Jefferson St, Unit 42614 W Jefferson St2BR,1BA$1.07
2409 Rowan St, Unit 32409 Rowan St1BR,1BA$1.08
Willow Grove Apartments1 Bed, 1 Bath Flat1BR,1BA$1.25

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

Learn the property manager's true secrets to a zero-deduction move-out. Use this step-by-step guide on documentation, cleaning, and lease-reading to reclaim your security deposit.

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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 New Albany, New Albany, IN

Ranked #1

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

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Best Local Schools in
Downtown New Albany, New Albany, IN

School data provided by Great Schools

Frequently Asked Questions about Cheap Downtown New Albany Apartments

What is the price of a cheap apartment in Downtown New Albany?

The cheapest apartment in Downtown New Albany is Willow Grove Apartments which is listed at $795, while the average apartment in Downtown New Albany costs $1,315.

What types of apartments are the cheapest in Downtown New Albany?

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 17 regular apartments in Downtown New Albany 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 New Albany?

Cheap apartments in Downtown New Albany have an average cost of $547 which is $768 cheaper than the average rent for all rentals in Downtown New Albany.

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.

Helpful Local Expert Guides

decorative image for The 10 Best Affordable Neighborhoods for Renting in Louisville, KY article

The 10 Best Affordable Neighborhoods for Renting in Louisville, KY

Written by: Mike Heuer

Louisville, Kentucky, founded in 1778, has grown to be the largest city in Kentucky and is a terrific city situated right along the south bank of the Ohio River.

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The Official Expert's Guide to the Top Neighborhoods in Louisville for College Renters

Written by: Mike Heuer

Louisville is a terrific location to get an advanced education at one of its many great colleges and universities.

decorative image for Mint Juleps and Mile-Saving Commutes: Finding Quality Louisville Apartments Near Major Employers article

Mint Juleps and Mile-Saving Commutes: Finding Quality Louisville Apartments Near Major Employers

Written by: Mike Heuer

Kentucky is a business-friendly commonwealth, and Louisville is its largest city. It also is home to many great employers who pay well, and their workers have lots of great choices in neighborhoods to rent great apartments.

Articles, How-To's, and Tips

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

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.

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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.