Cheap Apartments for Rent in Underwood, IN from $400 (54 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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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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Plum Ridge Apartments
Rent Specials
$1,375 - $1,475
Total Monthly Price

Total Monthly Price

Base Rent
$1,375 - $1,475
Total Monthly Price
$1,375 - $1,475
2 Bedroom Apartments Available Now

Plum Ridge Apartments

8500 Westmont DrSellersburg, IN 47172
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  • Utilities Included
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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
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281 E Main St
1 Bedroom Apartments

281 E Main St

281 E Main StHanover, IN 47243
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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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The Commons Apartments
1 to 2 Bedroom Apartments

The Commons Apartments

818 Hausfeldt LnNew Albany, IN 47150
Corporate Housing
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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

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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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. 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 Underwood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$200
Mason Manor Apartments31BR,1BA$595
Stonebrook of ScottsburgOne Bedroom, One Bath, 650 Sq Ft1BR,1BA$699
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 ApartmentsSecond Floor 1Bed/1Bath1BR,1BA$995
Charlestown FlatsOne Bedroom Flat1BR,1BA$995
Plaza Square Apartments2x12BR,1BA$1,000

Best Value Apartments for Rent in Underwood, IN and Nearby

As of June 13, 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 Southern Indiana neighborhood starting from $1,150. 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.
Arbor Place ApartmentsThe Arbor2BR,1.5BA$0.96
Rivers Edge Residences2 Beds, 2 baths2BR,2BA$1.10
Adelyn Apartments4229-82BR,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
Yellowwood Terrace Affordable Senior HousingStandard1BR,1BA$0.34
Mason Manor Apartments31BR,1BA$1.08

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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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

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.

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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.