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Apartments Under $500 in Indianapolis, IN

1 - 16 of 16 Results
22
3D Tour
$325
PER
ROOM
Goldenrod Drive Charmer with Large Backyard Oasis
Deal
1252 Goldenrod Dr Indianapolis, IN
1 BR | Available Now
Contact
Heat Included
House
In Unit Laundry
21
3D Tour
$355
PER
ROOM
Charming Indianapolis Bungalow Near Garfield Park
Deal
701 W Hanna Ave Indianapolis, IN
1 BR | May. 18, 2026
Contact
Heat Included
House
In Unit Laundry
22
3D Tour
$350
PER
ROOM
Tranquil Perry Township Home on a Quiet Cul-de-Sac
Deal
8109 Johnstown Ct Indianapolis, IN
1 BR | Available Now
Contact
Heat Included
House
In Unit Laundry
21
3D Tour
$325 - 370
PER
ROOM
Eastwind Court Haven with Modern Updates & Space to Grow
Deal
3321 Eastwind Ct Indianapolis, IN
1 BR | Available Now
Contact
Heat Included
House
In Unit Laundry
22
3D Tour
$435
PER
ROOM
Charming Indianapolis home close to Fort Harrison State Park and trails
Deal
8027 N Richardt Ave Indianapolis, IN
1 BR | Jun. 5, 2026
Contact
Heat Included
House
In Unit Laundry
20
3D Tour
$370 - 475
PER
ROOM
Inviting urban haven with vintage charm and modern touches
Deal
1043 N Holmes Ave Indianapolis, IN
1 BR | Available Now
Contact
Heat Included
House
In Unit Laundry
18
3D Tour
$355 - 375
PER
ROOM
Vibrant Indianapolis haven with retro charm and contemporary updates
Deal
6115 Redcoach Ln Indianapolis, IN
1 BR | Available Now
Contact
Heat Included
House
In Unit Laundry
25
$458
The Enclave At Meridian Apartments
3.2
3777 N Meridian St Indianapolis, IN
Studio | Available Now
Income Restricted
Fitness Center
Dishwasher
1
$ Ask - 1,179
Historic Irvington Flats
222 S Downey Ave Indianapolis, IN
1 BR | Available Now
Contact
Cat Friendly
Storage
Disability Access
4
$300
1635 Draper St
Indianapolis, IN
Studio | Available Now
Contact
9
$ Ask - 1,145
920 North Alabama
Indianapolis, IN
1 BR | Available Now
Contact
Old Northside
9
$ Ask - 1,230
Madison Lofts
1430 & 1420 Madison Ave. Indianapolis, IN
1 - 2 BR | Available Now
Contact
Dog Friendly
Cat Friendly
Air Conditioning
In Unit Laundry
Balcony/Deck/Patio
29
$ Ask - 950
Duke Manor
311 S Lasalle St Santa Barbara, IN
1 BR | Available Now
Contact
Dog Friendly
Cat Friendly
Luxury
In Unit Laundry
Fitness Center
12
3D Tour
$449 - 489
Lakeside Point At Nora
Deal
9000 N College Avenue Indianapolis, IN
Studio | Available Now
Contact
Dog Friendly
Cat Friendly
Balcony/Deck/Patio
Pool
12
$ Ask - 863
Scarborough Lake Apartments
6430 Maidstone Road Indianapolis, IN
1 BR | Available Now
Contact
Dog Friendly
Cat Friendly
Fitness Center
Pool
19
$ Ask - 1,689
Country Lake Townhomes
2910 A White Knight Blvd Indianapolis, IN
2 - 3 BR | Available Now
Contact
Dog Friendly
Cat Friendly
Townhome
Air Conditioning
Balcony/Deck/Patio
1 - 16 of 16 Results
  1. Home
  2. Indianapolis
  3. Apartments Under $500
Frequently Asked Questions

How many apartments under $500 are available in Indianapolis, IN on Rentable.co?

There are 16 apartments under $500 in Indianapolis currently available for rent on Rentable.co.

How many studio apartments under $500 are available in Indianapolis?

Rentable.co has 63 studio apartments under $500 available for rent in Indianapolis.

How many one-bedroom apartments under $500 are available in Indianapolis?

Rentable.co has 873 one-bedroom apartments under $500 available for rent in Indianapolis.

How many two-bedroom apartments under $500 are available in Indianapolis?

Rentable.co has 786 two-bedroom apartments under $500 available for rent in Indianapolis.

Can I afford a apartment under $500 in Indianapolis, IN?

To comfortably afford a apartment under $500 in Indianapolis based on average rent prices, a household would need an annual income of $18,000.

Which neighborhoods have the most apartments under $500 for rent in Indianapolis, IN?

  1. Upper Canal
  2. Herron Morton
  3. Fletcher Place
  4. Downtown Indianapolis

Apartments Under $500 in Indianapolis, IN: May Rental Information

Welcome to the May 2026 Indianapolis Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 2026 key findings and figures for the Indianapolis rental landscape.

Our experts analyze the inventory trends for apartments under $500 — overall market rent-distribution, availability by bedroom count, and month-over-month comparisons — in Indianapolis and surrounding areas. This summary also provides insight into available features and amenities, as well as location options for apartments under $500 in Indianapolis.

If you're searching for an affordable apartment in Indianapolis, this report will provide you with valuable information and help you make an informed decision. Whether you're a student looking for a budget-friendly studio near a university or a young professional seeking an affordable one-bedroom in a vibrant neighborhood, the Rentable Apartment Report has got you covered. Stay tuned for the latest data and trends in the Indianapolis rental market.
0 22 45 67 90 <$700 $740 $820 $900 $980 $1,060 $1,140 $1,220 $1,300 $1,380 $1,460 $1,540 >$1,620
This month, the typical cost to rent a one-bedroom apartment in Indianapolis stands at $1,100, with the majority falling between $740 and $1,570. Out of the 8,529 one-bedroom apartments currently on the market in Indianapolis, 5 are priced below $500, accounting for 0% of the total available one-bedroom units in Indianapolis.

Available Apartments Under $500: Indianapolis vs. Surrounding Areas

Indianapolis, IN
31
Welcome to Rentable's "Apartments Under $500 in Indianapolis, IN" page. Here, you can find a comprehensive overview of the availability and rent prices of apartments in Indianapolis, IN, and the surrounding areas. As of May 2026, the chart above displays the number of available apartments priced under $500 in Indianapolis, IN, as well as the neighboring cities of Westfield, Speedway, Whiteland, Cumberland, Avon, Danville, Plainfield, McCordsville, Meridian Hills, Brownsburg, Fishers, Carmel, Noblesville, Greenfield, Lawrence, Greenwood, Lebanon, Bargersville, Camby, Cicero, North Salem, Whitestown, Zionsville, Fortville, Ingalls, Hendricks, Beech Grove, Pittsboro, and New Palestine. In the entire Indianapolis, IN metro area, there are a total of 34 apartments currently available within this price range.

Apartments Under $500 Now vs. Last Month: Indianapolis and Surrounding Areas

City Apartments Under $500 in May M/M % Change
Indianapolis, IN 31 +1.04%
Noblesville, IN 1 +0.67%
Greenwood, IN 1 +1.0%

Looking for Apartments Under $500 in Indianapolis?

Available apartments under $500 1,811
Top amenities Fitness Center, In Unit Laundry, Refrigerator, Microwave, High Speed Internet
Deals 41
Pet friendly 37
Utilities included 12
Studio 15
1 Bedroom 38
2 Bedroom 28

Where are Indianapolis Apartments Under $500?

Top Neighborhoods Upper canal, Herron morton, Fletcher place, Downtown indianapolis
Upper Canal 4
Herron Morton 2
Fletcher Place 2
Downtown Indianapolis 1
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