Canal Square
359 N West St,
Indianapolis, IN 46202
$1,174 - $2,304
Studio - 2 Beds
The Canal
Indianapolis, IN
The Canal - Indianapolis, IN
Area Guide
Discover the history and excitement of Indy's Central Canal
Walkable
•
Bike-Friendly
•
Downtown
•
Canal
•
Waterfront
•
River
•
Constructed around 1830, Indianapolis' Central Canal brings an old-world charm to Downtown Indy. The neighborhood that surrounds this historic waterway is simply referred to as "the Canal." The Canal offers great shops, restaurants, the Downtown Canal Walk, and a lively scene that includes gondolas, pedal boats, and surreys. The neighborhood is close to Butler University, providing a student vibe to the community as well. Other nearby attractions include White River State Park, the Indianapolis Museum of Art, and the Indiana Historical Society.
In the early 1800s, the residents of Indiana -- who up to this point relied on horses to transport goods -- were inspired by the construction of the Erie Canal in New York. When construction started in 1836, the plan was to extend the canal 296 miles. Three years later, the state faced bankruptcy and the project was halted. But while only eight of the dug miles were operational, the canal brought a variety of workers and industries to the area, helping the city to grow. Today, the canal is an American Water Landmark.
Rent Trends
As of September 2025, the average apartment rent in The Canal is $1,500 for a studio, $1,378 for one bedroom, $1,733 for two bedrooms, and $3,000 for three bedrooms. Apartment rent in The Canal has decreased by -1.3% in the past year.
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Studio
-
692 sq ft
Average Sq Ft
-
$1,500/month
Average Rent
-
1 BR
-
732 sq ft
Average Sq Ft
-
$1,378/month
Average Rent
-
2 BR
-
1,121 sq ft
Average Sq Ft
-
$1,733/month
Average Rent
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3 BR
-
1,244 sq ft
Average Sq Ft
-
$3,000/month
Average Rent
Transportation
78
Very Walkable
out of 100 WalkScore® Rating
If you enjoy walking, you’ll enjoy renting in this area! It’s a very walkable neighborhood.
57
Good Transit
out of 100 TransitScore® Rating
The area around this property has good transit with many nearby transportation options.
93
Biker's Paradise
out of 100 BikeScore® Rating
Do you prefer to get around on two wheels? You’ll love living in this neighborhood, which is considered a biker’s paradise.
Points of Interest
Shopping Centers
Parks and Recreation
- Indiana State Museum
- White River State Park
- White River Gardens
- Indianapolis Zoo
- University Park
Commuter Rail
Airports
- Indianapolis International
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in September 2025.