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Apartments for Rent in Indianapolis, IN under $500 – 38 Rentals available

  • Apartment
    10101 E Montery Rd, Indianapolis, IN 46235
    $497 - $933
    • Studio-2 Beds
    • 1 Bath
    Available Today!
    (833) 558-7461
  • Apartment
    5505 Scarlet Drive, Indianapolis, IN 46224
    $480 - $885
    • Studio-3 Beds
    • 1 Bath
    Available Today!
    (833) 354-1970
  • Apartment
    11023 Elmtree Park Drive, Indianapolis, IN 46229
    $475 - $575
    • Studio-2 Beds
    • 1-2 Baths
    Available Today!
    (317) 947-4234
  • Apartment
    5984 Heathmoore Drive, Indianapolis, IN 46237
    $485 - $765
    • Studio-2 Beds
    • 1-2 Baths
    Available Today!
    (317) 429-9767
  • Apartment
    4800 North Post Road, Indianapolis, IN 46226
    $464 - $619
    • 1-2 Beds
    • 1 Bath
    Available Today!
    (317) 898-3900
  • Apartment
    6430 Maidstone Road, Indianapolis, IN 46254
    $485 - $1,104
    • Studio-3 Beds
    • 1-2 Baths
    Available Today!
    (844) 445-8296
  • Apartment
    3615 Sherman Forest Drive, Indianapolis, IN 46205
    $359 - $999
    • Studio-4 Beds
    • 1-2.5 Baths
    (855) 736-8223

Popular Searches

Indianapolis, IN Demographics

  • Total Population853,431
  • Female 411,970
    Male 441,461
  • Median Age34.1

Average Rent in Indianapolis, IN

  • Indianapolis, IN Average Rental Price, April 2019$848/mo

Indianapolis, IN Apartment Rent Ranges

  • < $5003%
  • $501-$70030%
  • $701-$1,00048%
  • $1,001-$1,50016%
  • $1,501-$2,0002%
  • > $2,0001%

Indianapolis, IN Rent Trends

Average Rent Jan / 2016 May / 2016 Sept / 2016 Jan / 2017 May / 2017 Sept / 2017 Jan / 2018 May / 2018 Apr / 2019
Indianapolis, IN $759 $777 $787 $796 $807 $815 $819 $820 $848
National $1,290 $1,319 $1,334 $1,329 $1,354 $1,366 $1,366 $1,381 $1,396
/

Average rent is projected to grow by 3% in 2018 compared to 2017.

Please note that projected rent growth is calculated at city level.

Average rent values on this page are aggregated from data from the following zip codes: 461074618346201462024620346204462054620846214462164621746218462194622046221462224622446225462264622746228462294623146234462354623646237462394624046241462504625446256462594626046268462784628046290

Check out the average rent prices in Indianapolis by neighborhood.

Indianapolis, IN Households

  • Total Number of Households333,316
  • Family 186,185
    Non-family 147,131
  • Children 97,007
    No Children 236,309
  • Average People Per Household2.51
  • Median Household Income$44,709
  • Median Housing Costs Per Month$879

Indianapolis, IN Education Statistics

  • No High School4%
  • Some High School38%
  • Some College24%
  • Associate Degree6%
  • Bachelor Degree18%
  • Graduate Degree9%

Renting apartments in Indianapolis, IN under $500

Searching for apartments for rent in Indianapolis, IN under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RENTCafé can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away. In Indianapolis, IN, where the average rent is $659 per month, there are 26 units available for less than $500. Click on any of these units to see pictures, floor plans, amenities and more. After you have picked your favorite, you can contact the property to check availability. Considering that you are trying to spend as little as possible, looking at 1 bedroom apartments and studio apartments might be a good idea.

We’ll help you find the cheapest rental near you

Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Indianapolis, IN. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition. With the cheapest apartments in Indianapolis, IN going for $359 per month, there are great deals waiting to be discovered. Feeling lucky? Expand your search to 2 bedroom apartments and 3 bedroom apartments as well for more space.

Finding a home nearby is easier than you think. Check out our Apartments Near Me page and take your pick!