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apartments under 500
Last updated September 21 2019 at 3:33 AM

11 Apartments under $500 for rent in Indianapolis, IN

Verified
Last updated September 21 at 06:12am
Garden City
82 Units Available
Westlake Apartments
6000 Westlake Dr, Indianapolis, IN
Studio
$449
454 sqft
1 Bedroom
$549
623 sqft
2 Bedrooms
$669
972 sqft
Conveniently located close to Lucas Oil Stadium, Indy 500 Speedway, Indianapolis International Airport and downtown Indianapolis. One- through three-bedroom units available. Residents have access to clubhouse, internet cafe, media room, pool and tennis courts.
Last updated September 20 at 07:28am
Near Westside
1 Unit Available
1332 Medford Ave
1332 Medford Avenue, Indianapolis, IN
1 Bedroom
$500
630 sqft
1332 Medford Ave Indianapolis IN 46222 CENTER TOWNSHIP: W 16th St & Tibbs Ave Single Family home has 1 bedroom, 1 bathroom Living Room Other Features include: Washer/Dryer hook-up, unfinished basement APPLIANCES: Refrigerator, Stove/Oven CENTRAL
Last updated September 20 at 07:28am
Near Southeast
1 Unit Available
276 S Dearborn St
276 S Dearborn St, Indianapolis, IN
1 Bedroom
$495
528 sqft
CENTER TOWNSHIP: S Sherman & English has 1 bedroom, 1 bathroom Living Room, APPLIANCES: Refrigerator, Stove/Oven SECTION 8: NO CENTRAL AIR: NO LEASE TERMS: 12 month lease required PET POLICY: YES (Refer to Pet Policy) UTILITIES: Electric
Last updated September 21 at 06:18am
Near Westside
1 Unit Available
1109 Medford Avenue
1109 Medford Ave, Indianapolis, IN
1 Bedroom
$445
1260 sqft
Looking for a cozy 1 bedroom 1 bath home...well you've found the perfect spot. You will be delighted with the hardwood floors, the upgraded kitchen and bath, the newly painted interior and modern feel this home offers.
Last updated September 21 at 06:18am
Near Eastside
1 Unit Available
2825 East BROOKSIDE Avenue
2825 Brookside Ave, Indianapolis, IN
1 Bedroom
$445
1232 sqft
This cozy home has been kept very clean and very nice. There are hardwood floors, high energy windows, steel doors and its move-in ready. This 1 bedroom 1 bath seems very large and you will be surprised once you are inside your new space.
Last updated September 21 at 06:18am
Near Eastside
1 Unit Available
2706 East NEW YORK Street
2706 East New York Street, Indianapolis, IN
1 Bedroom
$499
672 sqft
Looking for a 1 bedroom 1 bath move in ready space that is cool and modern...welcome home. Here you will enjoy New carpet, New paint, and upgrades throughout the home. The fridge and the range will be placed at the time of rental.
Last updated September 21 at 06:18am
Near Eastside
1 Unit Available
2708 East NEW YORK Street
2708 East New York Street, Indianapolis, IN
1 Bedroom
$495
672 sqft
This cozy duplex has a large front porch that invites you into a Large 1 bedroom 1 bath home. With lots of updated and a modern feel, you will love that your new space is move in ready.
Last updated September 21 at 06:18am
Near Northwest - Riverside
1 Unit Available
1150 EUGENE Street
1150 Eugene Street, Indianapolis, IN
2 Bedrooms
$495
1052 sqft
Lovely home, Ready for its new tenant. Lovely 2 bedroom 1 bath home with New carpet, really clean, and updated throughout the home. This home will rent fast so be sure to put it at the top of your list.
Last updated September 21 at 06:43am
Martindale - Brightwood
1 Unit Available
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 September 21 at 06:18am
Near Eastside
1 Unit Available
3625 East 10th Street
3625 East 10th Street, Indianapolis, IN
2 Bedrooms
$475
1086 sqft
This 2 story home has lots to offer. There is hardwood floors, new paint, upgraded light fixtures, updated kitchen, and bath just to get started. This is definitely a must see 2 bedroom 1 bath home.
Results within 1 mile of Indianapolis
Verified
Last updated September 21 at 06:42am
Cumberland
3 Units Available
Elmtree Park Apartments
11023 Elmtree Park Drive, Cumberland, IN
Studio
$485
288 sqft
1 Bedroom
$585
576 sqft
2 Bedrooms
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Welcome home to Elmtree Park Apartments! We are located on the East side of Indianapolis in the desirable Warren Township area! We are within a few minutes to Cumberland, Greenfield, New Palestine, Beech Grove and downtown Indianapolis! We are near

September 2019 Indianapolis Rent Report

Welcome to the September 2019 Indianapolis Rent Report. Indianapolis rents remained steady over the past month. In this report, we'll evaluate trends in the Indianapolis rental market, including comparisons to cities throughout the state and nation.

View full Rent Report

September 2019 Indianapolis Rent Report

Welcome to the September 2019 Indianapolis Rent Report. Indianapolis rents remained steady over the past month. In this report, we'll evaluate trends in the Indianapolis rental market, including comparisons to cities throughout the state and nation.

Indianapolis rents held steady over the past month

Indianapolis rents have remained flat over the past month, however, they are up slightly by 1.8% year-over-year. Currently, median rents in Indianapolis stand at $704 for a one-bedroom apartment and $871 for a two-bedroom. Indianapolis' year-over-year rent growth leads the state average of 1.4%, as well as the national average of 1.5%.

    Rents rising across cities in Indiana

    Throughout the past year, rent increases have been occurring not just in the city of Indianapolis, but across the entire state. Of the largest 10 cities that we have data for in Indiana, all of them have seen prices rise. The state as a whole logged rent growth of 1.4% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

    • Looking throughout the state, Carmel is the most expensive of all Indiana's major cities, with a median two-bedroom rent of $1,248; of the 10 largest Indiana cities that we have data for, all have seen rents rise year-over-year, with Carmel experiencing the fastest growth (+2.1%).
    • Fishers, Indianapolis, and South Bend have all experienced year-over-year growth above the state average (1.8%, 1.8%, and 1.7%, respectively).

    Indianapolis rents more affordable than many comparable cities nationwide

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

    • Indianapolis' median two-bedroom rent of $871 is below the national average of $1,191. Nationwide, rents have grown by 1.5% over the past year compared to the 1.8% rise in Indianapolis.
    • While Indianapolis' rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Dallas (+2.0%), and New York (+1.7%).
    • Renters will find more reasonable prices in Indianapolis than most comparable cities. For example, San Francisco has a median 2BR rent of $3,133, which is more than 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 price
    Median 2BR price
    M/M price change
    Y/Y price change
    Indianapolis
    $700
    $870
    0
    1.8%
    Carmel
    $1,010
    $1,250
    1%
    2.1%
    Fishers
    $980
    $1,220
    -0.1%
    1.8%
    Noblesville
    $860
    $1,060
    -0.7%
    4.6%
    Greenwood
    $760
    $940
    0.8%
    4.1%
    Plainfield
    $810
    $1,010
    0.2%
    4.3%
    Brownsburg
    $760
    $950
    -0.4%
    -0.1%
    Beech Grove
    $630
    $780
    -2.3%
    1.2%
    Zionsville
    $1,290
    $1,590
    -0.2%
    1.9%
    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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