Cheap Apartments for Rent near Underwood, IN from $400 (57 Rentals)

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

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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The Laurel
$1,234 - $1,939
Total Monthly Price

Total Monthly Price

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$1,234 - $1,939
Total Monthly Price
$1,234 - $1,939
1 to 3 Bedroom Apartments Available Now

The Laurel

3498 Jefferson Ridge DrJeffersonville, IN 47130
Corporate Housing
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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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281 E Main St
1 Bedroom Apartments

281 E Main St

281 E Main StHanover, IN 47243
  • 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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Highland Glen
1 to 3 Bedroom Apartments

Highland Glen

725 S Mansfield DrScottsburg, IN 47170
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Koehler Springs
2 to 3 Bedroom Apartments

Koehler Springs

2012 Payne Koehler RdSellersburg, IN 47172
  • 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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Underwood, IN Local Guide

Cheapest Available Underwood Apartments for Rent and Nearby

 

The cheapest available apartment rental in Underwood, IN is a 1 Bed unit found at Yellowwood Terrace Affordable Senior Housing in the Clarksville neighborhood priced from $200. The Monroe in the New Albany neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $849. Here is today’s list of the most affordable Underwood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$200
The Monroe1 Bedroom and 1 Bathroom1BR,1BA$849
701-709 Etzler Dr2 Bedroom2BR,1BA$900
Ashby1 Bedroom 1 Bathroom - Small1BR,1BA$937
Stonebridge ApartmentsFirst Floor 1Bed/1Bath1BR,1BA$995
Silver Creek Commons East & West2 Bedroom East2BR,2BA$995
Charlestown FlatsOne Bedroom Flat1BR,1BA$995
Plaza Square Apartments2x12BR,1BA$1,000
Clarksville Lofts1 br small1BR,1BA$1,025
Nicholas LandingOne Bedroom1BR,1BA$1,031

Best Value Apartments for Rent in Underwood, IN and Nearby

As of July 28, 2026 the best value apartment in the Underwood area is the $0.96 price per square foot The Arbor Model at Arbor Place Apartments in the in the New Albany neighborhood starting from $1,150. The second greatest value Underwood apartment is the Two Bed Model at Plum Ridge Apartments starting at $1,200 with a $1.05 price per square foot in the Southern Indiana neighborhood. Here is today’s list of the best values for Underwood apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Arbor Place ApartmentsThe Arbor2BR,1.5BA$0.96
Plum Ridge ApartmentsTwo Bed2BR,2BA$1.05
Rivers Edge Residences2 Beds, 2 baths2BR,2BA$1.10
Adelyn Apartments4229-92BR,2BA$1.03
Lakeview2 Bedroom 2 Bath - B2BR,2BA$1.07
Carrington Place2 Bedroom 1 Bath2BR,1BA$1.04
Plaza Square Apartments2x12BR,1BA$1.00
701-709 Etzler Dr2 Bedroom2BR,1BA$1.00
The Monroe1 Bedroom and 1 Bathroom1BR,1BA$1.06
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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Underwood, IN Rentals by Map

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Frequently Asked Questions about Cheap Underwood Apartments

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

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

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

Today's best deal for a Cheap Two Bedroom Apartment in Underwood is starting from $900 at 701-709 Etzler Dr.

What is the most affordable Underwood Three Bedroom Apartment?

The best deal on a cheap Underwood Three Bedroom Apartment rental is at Charlestown Flats and starts from $1,384.

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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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.