Cheap Apartments for Rent in Underwood, IN from $400 (53 Rentals)

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

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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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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281 E Main St
1 Bedroom Apartments

281 E Main St

281 E Main StHanover, IN 47243
  • Utilities Included

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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Arbor Place Apartments
1 to 2 Bedroom Apartments

Arbor Place Apartments

200 Arbor PlNew Albany, IN 47150
  • Utilities Included
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Koehler Springs
2 to 3 Bedroom Apartments

Koehler Springs

2012 Payne Koehler RdSellersburg, IN 47172
  • Utilities Included
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The Commons Apartments
1 to 2 Bedroom Apartments

The Commons Apartments

818 Hausfeldt LnNew Albany, IN 47150
Corporate Housing

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

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 Southern Indiana neighborhood priced from $200. Stonebrook of Scottsburg has the second lowest priced unit, which is a 1 Bed apartment currently listed from $699. 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
Stonebrook of ScottsburgOne Bedroom, One Bath, 650 Sq Ft1BR,1BA$699
Mason Manor Apartments51BR,1BA$850
Clarksville Lofts1 br small1BR,1BA$899
The Monroe1 Bedroom and 1 Bathroom1BR,1BA$899
701-709 Etzler Dr2 Bedroom2BR,1BA$900
Ashby1 Bedroom 1 Bathroom - Small1BR,1BA$937
Lakeview1 Bedroom 1 Bath1BR,1BA$942
Stonebridge ApartmentsFirst Floor 1Bed/1Bath1BR,1BA$995
Charlestown FlatsOne Bedroom Flat1BR,1BA$995

Best Value Apartments for Rent in Underwood, IN and Nearby

As of April 29, 2026 the best value apartment in the Underwood area is the $1.10 price per square foot Two Bed Model at Plum Ridge Apartments in the in the Southern Indiana neighborhood starting from $1,250. The second greatest value Underwood apartment is the 2 Beds, 2 baths Model at Rivers Edge Residences starting at $1,250 with a $1.10 price per square foot in the Harrods Creek 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.
Plum Ridge ApartmentsTwo Bed2BR,2BA$1.10
Rivers Edge Residences2 Beds, 2 baths2BR,2BA$1.10
Adelyn Apartments72BR,2BA$1.03
Carrington Place2 Bedroom 1 Bath2BR,1BA$1.04
Plaza Square Apartments2x12BR,1BA$1.00
Klerner Lane ApartmentsTwo Bed 9702BR,2BA$1.13
701-709 Etzler Dr2 Bedroom2BR,1BA$1.00
The Monroe1 Bedroom and 1 Bathroom1BR,1BA$1.12
Mason Manor Apartments51BR,1BA$1.13
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$0.34

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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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Underwood, IN Rentals by Map

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See the most popular apartments and homes in Underwood, IN

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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

decorative image for Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

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.

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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.