Cheap Apartments for Rent in Underwood, IN from $400 (8 Rentals)

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

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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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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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. Willow Run in the Southern Indiana neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $749. 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
Willow RunStudioStudio,1BA$749
Stonebrook of ScottsburgA11BR,1BA$750

Best Value Apartments for Rent in Underwood, IN and Nearby

As of July 23, 2025 the best value apartment in the Underwood area is the $0.89 price per square foot Koehler Springs II Model at Koehler Springs in the in the Southern Indiana neighborhood starting from $1,200. The second greatest value Underwood apartment is the WITH Storage Model at Williams Crossing Townhomes starting at $1,400 with a $1.04 price per square foot in the Crystal Springs 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.
Koehler SpringsKoehler Springs II3BR,2.5BA$0.89
Williams Crossing TownhomesWITH Storage3BR,2.5BA$1.04
Forest Edge ApartmentsThe Sequoia2BR,2BA$1.12
Rivers Edge Residences2 Beds, 2 baths2BR,2BA$1.10
Lakeview Apartments2 BEDROOM 2 BATHROOM B2BR,2BA$1.12
Holmans Crossing Apartments2Bedroom/2Bathroom 1084 sqft2BR,2BA$1.10
Plaza Square Apartments2x12BR,1BA$1.00
281 E Main StOne Bed, One Bath1BR,1BA$0.97
Water's EdgeOne Bedroom Reservation List1BR,1BA$1.10
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$0.34

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Pet Friendly Lifestyle

Ranked #

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

Pet Friendliness Lifestyle Score

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Location, Location, Location!

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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 $929 at Water's Edge.

What is the most affordable Underwood Three Bedroom Apartment?

The best deal on a cheap Underwood Three Bedroom Apartment rental is at Water's Edge and starts from $1,006.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

decorative image for The Art of the Rental Viewing: What to look for during a property tour article

The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.