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apartments under 500
Last updated July 8 2020 at 9:37 PM

10 Apartments under $500 for rent in Indianapolis, IN

Verified
Last updated July 8 at 09:35pm
2 Units Available
St. Vincent - Greenbriar
Dogwood Glen Apartments
2390 Woodglen Drive, Indianapolis, IN
Studio
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1 Bedroom
$612
576 sqft
2 Bedrooms
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Dogwood Glen Apartments invites you to live life on your own terms. Our community has several home, community, and location advantages.
Last updated July 8 at 09:36pm
1 Unit Available
Near Westside
1316 Medford Avenue
1316 Medford Avenue, Indianapolis, IN
1 Bedroom
$500
630 sqft
This is a 1 bedroom/1 bath duplex home located in Center Township. The home comes with a refrigerator and stove/oven! Pets are welcome. This home does not accept Section 8. LEASE TERMS: 12 months.
Last updated July 8 at 07:30am
1 Unit Available
Martindale - Brightwood
2049 Roosevelt Ave
2049 Roosevelt Avenue, Indianapolis, IN
1 Bedroom
$445
573 sqft
This is a 1 bedroom/1 bath duplex home located in Center Township. The home comes with a refrigerator and stove/oven! Pets are welcome. This home does not accept Section 8. LEASE TERMS: 12 months. UTILITIES: All Electric.
Last updated June 25 at 05:37pm
1 Unit Available
Martindale - Brightwood
2047 Roosevelt Avenue
2047 Roosevelt Avenue, Indianapolis, IN
1 Bedroom
$445
573 sqft
This is a 1 bedroom/1 bath duplex home located in Center Township. The home comes with a refrigerator and stove/oven! Pets are welcome. This home does not accept Section 8. LEASE TERMS: 12 months. UTILITIES: All Electric.
Last updated July 8 at 09:15pm
1 Unit Available
Martindale - Brightwood
1702 E. 25th St. - 1704
1702 East 25th Street, Indianapolis, IN
2 Bedrooms
$475
576 sqft
Great income producing double. Solid built duplex with 2 bed/1 bath on each side. Great location and near the busline and park. Both sides occupied.
Last updated July 8 at 05:02pm
1 Unit Available
Martindale - Brightwood
2357 North Dearborn Street
2357 North Dearborn Street, Indianapolis, IN
2 Bedrooms
$445
528 sqft
This is a beautiful 2 bedroom and 1 bath duplex that is Move In Ready..waiting for your family. Here you have New Paint, New Carpet, New Flooring, Updated bathroom, and kitchen.
Last updated July 8 at 05:02pm
1 Unit Available
Near Eastside
3511 East 10th Street
3511 East 10th Street, Indianapolis, IN
1 Bedroom
$425
931 sqft
This Large 1 bedroom 1 bath home is so nice! You will love the updates, and how clean it is. There is easy access to all stores, schools, and shopping. There are nice wood-like floors and an open kitchen for you to enjoy.
Last updated July 8 at 05:02pm
1 Unit Available
Broad Ripple
711 East 65th Street
711 East 65th Street, Indianapolis, IN
Studio
$400
Professional office suites starting at $400/month. Recently updated with new carpet & paint, off street park at your door convenience, Full service sublease includes utilities, internet, access to copier/scanner, conference rooms, kitchen.
Results within 1 mile of Indianapolis
Last updated July 8 at 09:36pm
1 Unit Available
8820 East 45th Street
8820 East 45th Street, Lawrence, IN
1 Bedroom
$480
454 sqft
Don't miss this 1 bed, 1 bath Duplex Apartment for rent on Eastside. Completely remodeled. All new paint, carpet, flooring, blinds, and stove. Very open but cozy 1 bedroom floor plan on quiet street. Unit does not include central A/C.
Results within 10 miles of Indianapolis
Last updated July 8 at 09:15pm
1 Unit Available
984 Logan Street, Suite #201
984 Logan Street, Noblesville, IN
Studio
$480
355 sqft
2nd floor office space This is a second floor commercial space. All utilities are included. Free secure WIFI in the space.

July 2020 Indianapolis Rent Report

Welcome to the July 2020 Indianapolis Rent Report. Indianapolis rents increased over the past month. In this report, we'll evaluate trends in the Indianapolis rental market, including comparisons to cities throughout the metro, state, and nation.

View full Rent Report

July 2020 Indianapolis Rent Report

Welcome to the July 2020 Indianapolis Rent Report. Indianapolis rents increased over the past month. In this report, we'll evaluate trends in the Indianapolis rental market, including comparisons to cities throughout the metro, state, and nation.

Indianapolis rents increased slightly over the past month

Indianapolis rents have increased 0.2% over the past month, and are up slightly by 1.2% in comparison to the same time last year. Currently, median rents in Indianapolis stand at $711 for a one-bedroom apartment and $880 for a two-bedroom. This is the second straight month that the city has seen rent increases after a decline in April. Indianapolis' year-over-year rent growth leads the state average of 0.9%, as well as the national average of 0.2%.

    Rents rising across the Indianapolis Metro

    Throughout the past year, rent increases have been occurring not just in the city of Indianapolis, but across the entire metro. Of the largest 10 cities that we have data for in the Indianapolis metro, 9 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

    • Beech Grove has the least expensive rents in the Indianapolis metro, with a two-bedroom median of $848; the city has also experienced the fastest rent growth in the metro, with a year-over-year increase of 3.2%.
    • Over the past year, Fishers is the only city in the metro that has seen rents fall, with a decline of 5.9%. Median two-bedrooms there cost $1,147, while one-bedrooms go for $926.
    • Zionsville has the most expensive rents of the largest cities in the Indianapolis metro, with a two-bedroom median of $1,620; rents increased 0.2% over the past month and 2.3% over the past year.

    Indianapolis rents more affordable than many comparable cities nationwide

    As rents have increased slightly in Indianapolis, other large cities nationwide have seen rents grow more quickly. Indianapolis is still more affordable than most other large cities across the country.

    • Although rents across cities in Indiana have been slightly on the rise, the state's growth as a whole has held steady over the past year. For example, rents have grown by 1.7% in Fort Wayne and 1.2% in Evansville.
    • Indianapolis' median two-bedroom rent of $880 is below the national average of $1,192. Nationwide, rents have held steady over the past year.
    • While Indianapolis' rents rose slightly over the past year, the city of Phoenix also saw an increase of 1.9%.
    • Renters will find more reasonable prices in Indianapolis than most similar cities. For example, San Francisco has a median 2BR rent of $3,035, which is nearly three-and-a-half times the price in Indianapolis.

    For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.

    City
    Median 1BR Rent
    Median 2BR Rent
    M/M Rent Growth
    Y/Y Rent Growth
    Indianapolis
    $710
    $880
    0.2%
    1.2%
    Carmel
    $990
    $1,230
    -0.2%
    0.8%
    Fishers
    $930
    $1,150
    0.3%
    -5.9%
    Noblesville
    $890
    $1,100
    0.9%
    3%
    Greenwood
    $750
    $930
    -0.2%
    0.8%
    Plainfield
    $820
    $1,020
    0.2%
    2.8%
    Brownsburg
    $770
    $960
    0
    0.4%
    Greenfield
    $760
    $940
    0.5%
    1.2%
    Beech Grove
    $690
    $850
    0
    3.2%
    Zionsville
    $1,310
    $1,620
    0.2%
    2.3%
    Avon
    $1,000
    $1,240
    0.4%
    2.9%
    See More

    Methodology - Recent Updates:

    Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

    Read more about our new methodology below, or see a more detailed post here.

    Methodology:

    Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

    Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

    Read more about our methodology here.

    About Rent Reports:

    Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

    We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.

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