Best Affordable Neighborhoods in Indianapolis, IN
Some of the cheapest neighborhoods in Indianapolis are Forest Manor, University Heights, and Devington. These neighborhoods offer some of the lowest rent prices in Indianapolis, making them ideal for renters on a budget. As of May 12, 2026, the average rent in Indianapolis is $1,124, which is 0% lower than last year. However, it's important to remember that rental prices can vary significantly based on factors such as location, amenities, and floor plans.
Forest Manor
Average Rent
$706/Month
Year-Over-Year Rent Change
0.6%
Units Available
10 Rentals
If you’re looking for a great, affordable neighborhood in Indianapolis, Forest Manor might be the perfect place! It has an average rent price of $706, while the city’s average stands at $1,124. In the last year, prices have increased by 0.6%. Forest Manor is near Windsor Village Park, Butler University, and IU - School of Medicine.
University Heights
Average Rent
$815/Month
Year-Over-Year Rent Change
1.6%
Units Available
24 Rentals
University Heights is a top choice for budget-conscious renters for a variety of reasons. The average rent in University Heights is $815 while the city average is $1,124. This is a 1.6% difference from last year. Residents enjoy convenient access to Garfield Park, Beech Grove Shopping Center, and University of Indianapolis.
Devington
Average Rent
$893/Month
Year-Over-Year Rent Change
1.5%
Units Available
22 Rentals
When you’re looking for a great Indianapolis neighborhood on a budget, check out Devington. The average rent is $893, compared to the city average of $1,124. Rent prices have increased by 1.5%. Devington is convenient to Devington Plaza, Ellenberger Park, and Washington Park.
Arlington Woods
Average Rent
$900/Month
Year-Over-Year Rent Change
0.2%
Units Available
10 Rentals
Arlington Woods is an affordable neighborhood in Indianapolis with an average rent price of $900. Compare this to the city average of $1,124. In the past year, rent prices have decreased by 0.2%. Arlington Woods provides easy access to Eastwood Shopping Center, IU - School of Medicine, and Indianapolis International.
Eastbrooke Meadows
Average Rent
$934/Month
Units Available
18 Rentals
If you’re looking for a great, affordable neighborhood in Indianapolis, Eastbrooke Meadows might be the perfect place! It has an average rent price of $934, while the city’s average stands at $1,124. Eastbrooke Meadows is near Windsor Village Park, Fort Harrison State Park, and IU - Indianapolis.
Bates-Hendricks
Average Rent
$937/Month
Year-Over-Year Rent Change
0.2%
Units Available
23 Rentals
Bates-Hendricks is a top choice for budget-conscious renters for a variety of reasons. The average rent in Bates-Hendricks is $937 while the city average is $1,124. This is a -0.2% difference from last year. Residents enjoy convenient access to IU - School of Medicine, Indianapolis International, and CityWay.
Crooked Creek
Average Rent
$940/Month
Year-Over-Year Rent Change
0.8%
Units Available
116 Rentals
When you’re looking for a great Indianapolis neighborhood on a budget, check out Crooked Creek. The average rent is $940, compared to the city average of $1,124. Rent prices have decreased by 0.8%. Crooked Creek is convenient to Butler University, Marian Univ., Indianapolis, and 69th & Michigan Plaza.
Near Eastside
Average Rent
$956/Month
Year-Over-Year Rent Change
0.7%
Units Available
37 Rentals
Near Eastside is an affordable neighborhood in Indianapolis with an average rent price of $956. Compare this to the city average of $1,124. In the past year, rent prices have increased by 0.7%. Near Eastside provides easy access to Oxford, Christian Park, and IU - Indianapolis.
Southdale
Average Rent
$957/Month
Year-Over-Year Rent Change
1.3%
Units Available
49 Rentals
If you’re looking for a great, affordable neighborhood in Indianapolis, Southdale might be the perfect place! It has an average rent price of $957, while the city’s average stands at $1,124. In the last year, prices have decreased by 1.3%. Southdale is near University of Indianapolis, Ivy Tech Community College, and IU - Indianapolis.
Far Eastside
Average Rent
$972/Month
Year-Over-Year Rent Change
1.4%
Units Available
81 Rentals
Far Eastside is a top choice for budget-conscious renters for a variety of reasons. The average rent in Far Eastside is $972 while the city average is $1,124. This is a 1.4% difference from last year. Residents enjoy convenient access to Plaza Urbana, Raintree Plaza, and Fort Harrison State Park.
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Methodology
Transit Score measures access to public transit. Scores range from 0 (minimal transit) to 100 (rider’s paradise). Learn more about the Transit Score methodology. Rental data is sourced from CoStar Group’s Market Trend reports. As a leading authority in commercial real estate information, analytics, and news, CoStar performs in-depth research to build and sustain an extensive database of commercial real estate insights.
We've combined this data with public records to provide the most current rental information available.