3

Elwood, IN Homes for Rent

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  • /35

    Starting at $1,005 Per Month

    • 1 - 2 Beds

    9401 Frans Way, Elwood, IN 46036

    Traditional apartment living on golf course - Whoa! stop by and see what golf course living looks like. Bring your pets and view nature close by wildlife, stream, woods and sunsets. Frisbee golf close by. Garages available across the street for extra storage. Choose a patio or elevated deck to enjoy the outdoors. This unique rental community offers a variety of living options for

    Bison Ridge Estates

    (765) 754-9127

    9401 Frans Way, Elwood, IN 46036
  • /20

    Starting at $1,250 Per Month

    • 2 Beds

    209 S 16th St, Elwood, IN 46036

    Your first month is free here at The Tin Plate Apartments At Veteran's Park! Building 1 is filling up and we have a few units left. Buildings 2 and 3 are available now as well! Brand new construction with brand new appliances included. Don't be afraid to drive past for a quick look at Veteran's park in the middle of the complex with the memorial and flags to honor current and former military

    Tin Plate Apartments

    (765) 508-4313

    209 S 16th St, Elwood, IN 46036
  • /5

    $675

    Total Monthly Price

    • Studio
    • 1 Bath
    • 400 Sq Ft
    • Condo for Rent

    902 S Anderson St Unit 1, Elwood, IN 46036

    902 S Anderson St Unit 1, Elwood, IN 46036

Why Live in Elwood

Elwood, Indiana, known as the "Heart of Hoosierland," is a small city offering a family-friendly atmosphere within a 30-minute drive of Fishers and Noblesville. With a population of around 8,500, many residents commute for work, although local employment opportunities exist with companies like Elsa Automotive and Red Gold. The city has a mix of century-old homes, including gablefront and Craftsman-inspired styles, alongside newer traditional builds in subdivisions. Elwood Community Schools serve the area, with Elwood Elementary School receiving a high rating. The city features several parks, such as Callaway Park, and is home to the Elwood Golf Course. A new aquatic center is also in development. Downtown Elwood hosts locally owned restaurants like The Tin Plate and the Opera House Eatery, offering a nod to the city's industrial past. Annual events like the Elwood Glass Festival and the Red Gold Chili Cook-off highlight the community's heritage and spirit. While there is no public transportation, major routes like 28 and 13 facilitate travel, and Ascension St. Vincent Mercy Hospital provides local healthcare. The presence of Norfolk Southern trains adds a unique aspect to the city, with tracks running through the center of C Street.

Frequently Asked Questions

How much does it cost to rent a home in Elwood, IN?
The median rent for a home in Elwood, IN is $675 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option while single-family homes are currently more expensive.
How much do you need to make to afford rent in Elwood, IN?
To comfortably afford the median rent in Elwood, IN, a household needs to earn roughly $27,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $675 per month in Elwood, IN, renters typically need to show $2,025 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Elwood, IN?
In Elwood, IN, the price-to-rent ratio is 19.8, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Elwood, IN are best for renting a home?
The best neighborhood for renting in Elwood, IN depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include West Noblesville, Downtown Kokomo and Bon Air, each with its own character and price range.

Rental Home Trends in Elwood, IN

Rental Home Trends

Number of Homes for Rent
3
Median Rent
$675
Median Single Family Home Rent
$995
Median Condo Rent
$675
How to Rent a Home