Cheap Apartments for Rent in Indianapolis, IN
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NEW - 1 DAY AGOPET FRIENDLY$629 - $829/mo
Studio-1 Bed
1-2 BathsMeridian Towers | 3710 N Meridian St #809,
Indianapolis, IN 46208
PET FRIENDLY$639 - $975/moStudio-2 Beds1 BathAutumn Trails | 7975 Red Mill Dr #3dac4b8fb,
Indianapolis, IN 46226
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NEW - 1 DAY AGOPET FRIENDLY$659 - $1,359/moStudio-3 Beds1-2 BathsThe Stratford Apartments | 3201 Watergate Rd #W5220A12,
Indianapolis, IN 46224
$665 - $1,199/moStudio-2 Beds1-2 BathsParkway Apartments | 3707 N Meridian St #ba283824c,
Indianapolis, IN 46208
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SPECIAL OFFER$671 - $755/moStudio-1 Bed1 BathBalsam Avenue Apartments - The Courts | 3605-3610 Balsam Ave #3609-105,
Indianapolis, IN 46205
NEW - 15 HRS AGO
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PET FRIENDLY$679 - $1,529/moStudio-3 Beds1-3 BathsThe Meridian North and South | 2085 Waterford Pl,
Indianapolis, IN 46260
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Average Rent Trends in Indianapolis, IN
Rent in Indianapolis, IN varies by number of bedrooms and home type. Use these charts to quickly see how rent changes.
Average rent stayed about the same in May 2026 compared to the previous month. Rent previously peaked in Jul 2025.
| Month | Average rent |
|---|---|
| Jun 2025 | $1,533 |
| Jul 2025 | $1,549 |
| Aug 2025 | $1,507 |
| Sep 2025 | $1,525 |
| Oct 2025 | $1,500 |
| Nov 2025 | $1,499 |
| Dec 2025 | $1,475 |
| Jan 2026 | $1,480 |
| Feb 2026 | $1,472 |
| Mar 2026 | $1,490 |
| Apr 2026 | $1,500 |
| May 2026 | $1,500 |
Average Rent By Bedroom and Home Type
In May 2026, Apartments and Condos were the most affordable home type to rent compared with Townhomes and Houses.
| 1 bed | 2 beds | 3 beds | 4 beds | All | |
|---|---|---|---|---|---|
| All home types | $1,045 | $1,318 | $1,741 | $2,100 | $1,500 |
| Townhomes | $1,100 | $1,500 | $1,800 | $3,288 | $1,750 |
| Apartments and Condos | $1,000 | $1,300 | $1,575 | $2,200 | $1,250 |
| Houses | $895 | $1,295 | $1,779 | $2,111 | $1,799 |
Frequently Asked Questions about Rentals in Indianapolis, IN
- What is the average rent of an apartment in Indianapolis, IN?The average rent of an apartment in Indianapolis, IN is $1,202 per month. This is about 38% lower than the national average.
- What is the average rent of a house in Indianapolis, IN?The average rent of a house in Indianapolis, IN is $1,799 per month. This is about 7% lower than the national average.
- What is the average rent of a townhome in Indianapolis, IN?The average rent of a townhome in Indianapolis, IN is $1,750 per month. This is about 9% lower than the national average.
- When is the average rent cheapest in Indianapolis, IN?In the last year, the average rent in Indianapolis, IN was lowest in Jan 2025 when it was $1,400 per month.
- When is the average rent most expensive in Indianapolis, IN?In the last year, the average rent in Indianapolis, IN was highest in Jul 2025 when it was $1,549 per month.
- How does the rent of a 1 bedroom apartment compare to a studio apartment in Indianapolis, IN?The average rent of a 1 bedroom apartment in Indianapolis, IN is $1,045 per month. That is about $30 more than the cost of a studio apartment.
- How many available rental listings are in Indianapolis, IN?There are 2,289 available rental listings in Indianapolis, IN.
- What colleges and universities are in Indianapolis, IN?Colleges and universities in Indianapolis, IN include: Indiana University Indianapolis, University of Indianapolis.
- What are some neighborhoods in Indianapolis, IN?Some neighborhoods in Indianapolis, IN include: Far Eastside, Chapel Hill-Ben Davis, Near Eastside, Snacks-Guion Creek, East Warren.
- What are some zip codes in Indianapolis, IN?
- What are some cities near Indianapolis, IN?Some nearby cities include: Beech Grove, Speedway, Southport, Lawrence, Cumberland. These cities may have more rental options to explore.