Cheap Apartments for Rent in Salem, IN from $400 (57 Rentals)

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

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Parkview Apartments
1 Bedroom Apartments

Parkview Apartments

817 Parkview DrSalem, IN 47167
  • Utilities Included
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Aspen Meadows
1 to 4 Bedroom Apartments

Aspen Meadows

1105 Aspen DrSalem, IN 47167
  • Utilities Included

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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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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Foxtail Pointe
2 to 3 Bedroom Apartments

Foxtail Pointe

8810 Old Highway 60Sellersburg, IN 47172
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Water's Edge
1 to 3 Bedroom Apartments

Water's Edge

20 Red Oak WayAustin, IN 47102
  • Utilities Included
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Arbor Place Apartments
1 to 2 Bedroom Apartments

Arbor Place Apartments

200 Arbor PlNew 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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High Peaks
2 Bedroom Apartments

High Peaks

9815 US-150Greenville, IN 47124

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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Salem, IN Local Guide

Cheapest Available Salem Apartments for Rent and Nearby

 

The cheapest available apartment rental in Salem, IN is a 1 Bed unit found at Yellowwood Terrace Affordable Senior Housing in the Southern Indiana neighborhood priced from $200. Mason Manor Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $595. Here is today’s list of the most affordable Salem apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$200
Mason Manor Apartments11BR,1BA$595
Stonebrook of ScottsburgOne Bedroom, One Bath, 650 Sq Ft1BR,1BA$699
Brookview GlenStudioStudio,1BA$719
Courtyard Apartments1.1B1BR,1BA$740
The Monroe1 Bedroom and 1 Bathroom1BR,1BA$899
701-709 Etzler Dr2 Bedroom2BR,1BA$900
Glenview Apartments1 Bedroom1BR,1BA$909
Huntley Ridge New AlbanyWillow2BR,1BA$935
Ashby1 Bedroom 1 Bathroom - Small1BR,1BA$937

Best Value Apartments for Rent in Salem, IN and Nearby

As of June 08, 2026 the best value apartment in the Salem area is the $1.06 price per square foot 2BR/1.5BA Model at Lochwood in the in the Southern Indiana neighborhood starting from $1,275. The second greatest value Salem apartment is the Villas of Heritage Springs Townhomes Model at Heritage Springs Rentals starting at $1,150 with a $1.00 price per square foot . Here is today’s list of the best values for Salem apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Lochwood2BR/1.5BA2BR,1.5BA$1.06
Heritage Springs RentalsVillas of Heritage Springs Townhomes3BR,1.5BA$1.00
Adelyn Apartments4235-82BR,2BA$1.03
Huntley Ridge New AlbanyWillow2BR,1BA$0.94
Plaza Square Apartments2x12BR,1BA$1.00
Valley RidgeTwo Bedroom Townhome2BR,1BA$1.03
701-709 Etzler Dr2 Bedroom2BR,1BA$1.00
Courtyard Apartments1.1B1BR,1BA$1.07
Stonebrook of ScottsburgOne Bedroom, One Bath, 650 Sq Ft1BR,1BA$1.08
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$0.34

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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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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Salem, IN

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Remember the 3 Rules of Real Estate:
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Frequently Asked Questions about Cheap Salem Apartments

How much is rent for a Cheap One Bedroom Salem Apartment?

The lowest price for a Cheap One Bedroom Salem Apartment is $200 at Yellowwood Terrace Affordable Senior Housing.

What is the lowest price for a Cheap Two Bedroom Salem Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Salem is starting from $863 at Courtyard Apartments.

What is the most affordable Salem Three Bedroom Apartment?

The best deal on a cheap Salem Three Bedroom Apartment rental is at Valley Ridge and starts from $1,138.

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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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.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.

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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.