
Cheap Apartments for Rent in Salem, IN from $400 (57 Rentals)
Search the lowest-cost Apartments available for rent right now in Salem.


701-709 Etzler Dr

Parkview Apartments

Aspen Meadows

Yellowwood Terrace Affordable Senior Housing

Stonebrook of Scottsburg

Valley Ridge

Brookview Glen

Knobs Pointe Apartments

Courtyard Apartments
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.

Stone Creek Apartments I & II

Locust Grove Apartments

Gaslight Square Apartments

Huntley Ridge New Albany

Total Monthly Price
Kingsfield Luxury Apartments

The Monroe

Meadows at Green Tree

Glenview Apartments

Ashby

Charlestown Flats
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.

Total Monthly Price
Plaza Square Apartments

Nicholas Landing

Sheffield Square

Heritage Springs Rentals

Heritage Square

Klerner Lane Apartments

St. James Place - 1/2 Off First and Last Month's Rent!

The Bend

Renaissance Park Apartments

Adelyn Apartments
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.

Total Monthly Price
Greenbrier Apartments

Silver Creek Commons East & West

Villas at Green Valley

Grove Park

Foxtail Pointe

Water's Edge

112 Boston Ct

3416 W Main St

4435 Parker Ave

Arbor Place Apartments
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.

High Peaks

High Park Apartments

312 Apple Tree Ln

812 Culbertson Ave

127 Boston Ct

353 N 27th St

4235 Mel Smith Rd

1108 State St

219 N 37th St

2830-2834 Charlestown Rd
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.
Salem, IN Local Guide

How much does it cost to rent an apartment in Salem?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Salem Studio Apartments | $719 | $719 | $719 |
| Salem 1 Bedroom Apartments | $930 | $200 | $1,200 |
| Salem 2 Bedroom Apartments | $1,211 | $859 | $1,725 |
| Salem 3 Bedroom Apartments | $1,375 | $806 | $1,950 |
Browse Top Apartments in Salem
See all Apartments in SalemExplore Salem
Salem, IN Local Guide
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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 Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Yellowwood Terrace Affordable Senior Housing | Standard | 1BR,1BA | $200 |
| Mason Manor Apartments | 1 | 1BR,1BA | $595 |
| Stonebrook of Scottsburg | One Bedroom, One Bath, 650 Sq Ft | 1BR,1BA | $699 |
| Brookview Glen | Studio | Studio,1BA | $719 |
| Courtyard Apartments | 1.1B | 1BR,1BA | $740 |
| The Monroe | 1 Bedroom and 1 Bathroom | 1BR,1BA | $899 |
| 701-709 Etzler Dr | 2 Bedroom | 2BR,1BA | $900 |
| Glenview Apartments | 1 Bedroom | 1BR,1BA | $909 |
| Huntley Ridge New Albany | Willow | 2BR,1BA | $935 |
| Ashby | 1 Bedroom 1 Bathroom - Small | 1BR,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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Lochwood | 2BR/1.5BA | 2BR,1.5BA | $1.06 |
| Heritage Springs Rentals | Villas of Heritage Springs Townhomes | 3BR,1.5BA | $1.00 |
| Adelyn Apartments | 4235-8 | 2BR,2BA | $1.03 |
| Huntley Ridge New Albany | Willow | 2BR,1BA | $0.94 |
| Plaza Square Apartments | 2x1 | 2BR,1BA | $1.00 |
| Valley Ridge | Two Bedroom Townhome | 2BR,1BA | $1.03 |
| 701-709 Etzler Dr | 2 Bedroom | 2BR,1BA | $1.00 |
| Courtyard Apartments | 1.1B | 1BR,1BA | $1.07 |
| Stonebrook of Scottsburg | One Bedroom, One Bath, 650 Sq Ft | 1BR,1BA | $1.08 |
| Yellowwood Terrace Affordable Senior Housing | Standard | 1BR,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.
Read ArticleReal 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.
Read ArticleQuick 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.
Best Local Schools in Salem, IN
School data provided by Great Schools
Remember the 3 Rules of Real Estate:Location, Location, Location!
Explore Salem, IN Rentals by Map
See the most popular apartments and homes in Salem, IN
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

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.

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.

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.

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.