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Monticello, IN Homes for Rent

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    $1,500 Per Month

    • 2 Beds
    • 1 Bath
    • 816 Sq Ft
    • House for Rent

    5188 S Gingrich Ct, Monticello, IN 47960

    Property Id: 2543337LAKE FREEMAN LAKE LEVEL COTTAGE FOR RENT. 2 Bedroom, 1 Bath, Open kitchen/living room with fireplace. Two heating systems, burn wood in the Buck Stove Insert or heat and air with the with the Mitsubishi Mini Split System. Knotty Pine Walls, Lake Level (NO STEPS TO THE LAKE), Shore Station for your boat. 1 Year Lease $1500/mo. includes sewer and mowing. Available Now.

    (517) 348-0428

    5188 S Gingrich Ct, Monticello, IN 47960
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    $1,500

    Total Monthly Price

    • 3 Beds
    • 1 Bath
    • 936 Sq Ft
    • House for Rent

    216 Heritage Rd, Monticello, IN 47960

    This 3 bedroom 1 bath home is in a quiet neighborhood on the edge of town and features a washer and dryer and a gas oven!

    216 Heritage Rd, Monticello, IN 47960

Why Live in Monticello

Monticello, IN, offers a blend of lakefront living and small-town charm, attracting both year-round residents and summer tourists. The city is known for its high-end lake homes, ranging from traditional ranch-style to contemporary and cabin-inspired designs, often featuring outdoor decks and private docks. Inland, the housing market includes vintage Victorians, new constructions, and buildable lots. Monticello's attractions include the Indiana Beach Amusement & Water Park on Lake Shafer, which draws over a million visitors annually with roller coasters, water slides, and summer concerts. Outdoor activities like boating and fishing are popular on Lakes Shafer and Freeman, complemented by seven city-run parks, including Bluewater Beach Park. Dining options such as Oak and Barrel and Riverside Restaurant & Lounge offer diverse menus, with the latter providing waterfront seating. The Twin Lakes School Corporation offers early college opportunities through Advanced Placement courses and dual enrollment with Ivy Tech Community College. Monticello is conveniently located about 115 miles from Chicago and less than 90 miles from Indianapolis, with access via Interstate 65 and U.S. Route 24. Annual events like the Fourth of July fireworks, Monticello Spirit Festival, and a lighted Christmas parade foster a strong sense of community.

Frequently Asked Questions

How much does it cost to rent a home in Monticello, IN?
The median rent for a home in Monticello, IN is $1,500 per month, though prices vary by neighborhood, size, and property type. As of May 2026, single-family homes tend to be the most affordable option.
How much do you need to make to afford rent in Monticello, IN?
To comfortably afford the median rent in Monticello, IN, a household needs to earn roughly $60,000 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 $1,500 per month in Monticello, IN, renters typically need to show $4,500 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 Monticello, IN?
In Monticello, IN, the price-to-rent ratio is 11.6, 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.

Rental Home Trends in Monticello, IN

Rental Home Trends

Number of Homes for Rent
2
Median Rent
$1,500
Median Single Family Home Rent
$1,500
How to Rent a Home