18 Apartments under 500 for rent in Indianapolis, IN

Last updated September 23 at 6:44PM
4725 Madison Ave
Indianapolis, IN
Updated September 23 at 9:50AM
4035 Windhill Dr
Indianapolis, IN
Updated August 14 at 9:39AM
2 Bedrooms
3410 E 36th St
Indianapolis, IN
Updated September 22 at 1:40AM
1 Bedroom
58 S Addison St
Near Westside
Indianapolis, IN
Updated September 23 at 5:36PM
1 Bedroom
48 North Emerson Avenue
Greenwood, IN
Updated September 11 at 11:10AM
Westfield, IN
Updated September 21 at 2:49AM
2401 N A St
Elwood, IN
Updated September 22 at 1:41AM
Results within 1 miles of Indianapolis, IN
2413 North Parker Avenue
Martindale - Brightwood
Indianapolis, IN
Updated September 20 at 2:46AM
1 Bedroom
144 N Arsenal Ave
Near Eastside
Indianapolis, IN
Updated September 22 at 7:11PM
Results within 10 miles of Indianapolis, IN
4012 N Wittfield St
Indianapolis, IN
Updated September 23 at 9:57AM
1 Bedroom
Results within 20 miles of Indianapolis, IN
2321 North COLLEGE Avenue
Near Northside
Indianapolis, IN
Updated September 14 at 10:18AM
1 Bedroom
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Rent Report

September 2017 Indianapolis Rent Report

Welcome to the September 2017 Indianapolis Rent Report. In this report, we'll evaluate trends in the Indianapolis rental market, including comparisons to similar cities nationwide.

Indianapolis rents increased marginally over the past month

Indianapolis rents have increased 0.1% over the past month, and are up moderately by 2.4% in comparison to the same time last year. Currently, median rents in Indianapolis stand at $680 for a one-bedroom apartment and $850 for a two-bedroom. This is the eighth straight month that the city has seen rent increases after a decline in December of last year. Indianapolis' year-over-year rent growth leads the state average of 2.0%, but trails the national average of 3.0%.

Indianapolis rents more affordable than many similar cities nationwide

Rent growth in Indianapolis has been relatively stable over the past year - some other large cities have seen more substantial increases. Indianapolis is still more affordable than most comparable cities across the country.

  • Other cities across the state have seen rents increase, with Indiana as a whole logging rent growth of 2.0% over the past year.
  • Indianapolis' median two-bedroom rent of $850 is below the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 2.4% rise in Indianapolis.
  • While rents in Indianapolis remained moderately stable this year, similar cities saw increases, including Seattle (+5.4%), Phoenix (+4.9%), and Denver (+3.0%); note that median 2BR rents in these cities go for $1,710, $1,020, and $1,350 respectively.
  • Renters will find more reasonable prices in Indianapolis than most other large cities. For example, San Francisco has a median 2BR rent of $3,070, 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 $680 $850 0.1% 2.4%
Carmel $960 $1,180 -0.4% 1.7%
Fishers $960 $1,190 -0.7% 0.6%
Noblesville $780 $960 -0.2% 0.8%
Greenwood $710 $880 -0.2% 2.6%
Zionsville $1,250 $1,550 0.2% 1.6%

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.


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.