Cheap Apartments for Rent near Melbourne, IA from $395 (58 Rentals)

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Search the lowest-cost Apartments available for rent right now in Melbourne.

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Stella Townhomes
1 to 4 Bedroom Apartments

Stella Townhomes

1236 Bliss StreetGrinnell, IA 50112
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17 E Howard St
1 Bedroom Apartments

17 E Howard St

17 E Howard StColfax, IA 50054
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The Tallcorn
1 to 2 Bedroom Apartments

The Tallcorn

134 E Main StMarshalltown, IA 50158
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312 Sycamore St
Studio to 3 Bedroom Apartments

312 Sycamore St

312 Sycamore StCambridge, IA 50046
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309 N 3rd St
1 Bedroom Apartments

309 N 3rd St

309 N 3rd StMarshalltown, IA 50158
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425 McClellan St
1 to 2 Bedroom Apartments

425 McClellan St

425 McClellan StTama, IA 52339
  • Utilities Included

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Newton Park Apartments
1 to 2 Bedroom Apartments

Newton Park Apartments

1425 N 11th Ave ENewton, IA 50208
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South View
2 Bedroom Apartments

South View

209-227 S 5th StAmes, IA 50010
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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Showing Results 1-50, Page 1 of 2

Melbourne, IA Local Guide

Cheapest Available Melbourne Apartments for Rent and Nearby

 

The cheapest available apartment rental in Melbourne, IA is a 1 Bed unit found at Hubbard Maple Street Apartments priced from $460. The Reserves at South Lake in the East Gate Estates neighborhood has the second lowest priced unit, which is a 3 Beds apartment currently listed from $536. Here is today’s list of the most affordable Melbourne apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Hubbard Maple Street Apartments1 BR/1 BA1BR, 1BA$460
The Reserves at South Lake3B2B3BR, 2BA$536
Copper Beech3BR/3BA3BR, 3BA$640
The Grove3BR/3BA Upgraded3BR, 3BA$650
110 N Maple St2-bedroom2BR, 1BA$700
Courtyard ApartmentsB12BR, 1BA$700
Newton Park Apartments1BR - 30% Gross Income1BR, 1BA$742
Hotel Maytag Apartments1 bedroom A1BR, 1BA$750
Parkside Luxury ApartmentsS1 AvaStudio, 1BA$750
Southern HillsA11BR, 1BA$759

Best Value Apartments for Rent in Melbourne, IA and Nearby

As of September 22, 2026 the best value apartment in the Melbourne area is the $0.96 price per square foot D1 - 60 - Income Restricted Model at Hawthorne Pointe in the Altoona Meadows neighborhood starting from $1,421. The second greatest value Melbourne apartment is the A - 3x3 Model at The Quarters Ames in the South Ames neighborhood starting at $499 with a $0.44 price per square foot. Here is today’s list of the best values for Melbourne apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Hawthorne PointeD1 - 60 - Income Restricted4BR, 2BA$0.96
The Quarters AmesA - 3x33BR, 3BA$0.44
Hunters RunC13BR, 2BA$0.88
Mapleview Villa Apartments2 Bed 1 bath2BR, 1BA$0.81
The Grove2BR/2BA Upgraded2BR, 2BA$0.81
Olive Terrace ApartmentsB12BR, 1BA$0.98
Hotel Maytag Apartments1 bedroom A1BR, 1BA$0.93
The Reserves at South Lake2B1B2BR, 1BA$0.59
110 N Maple St2-bedroom2BR, 1BA$0.88
Hubbard Maple Street Apartments1 BR/1 BA1BR, 1BA$0.71

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Melbourne, IA Rentals by Map

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Frequently Asked Questions about Cheap Melbourne Apartments

How much is rent for a Cheap One Bedroom Melbourne Apartment?

The lowest price for a Cheap One Bedroom Melbourne Apartment is $460 at Hubbard Maple Street Apartments.

What is the lowest price for a Cheap Two Bedroom Melbourne Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Melbourne is starting from $700 at Courtyard Apartments.

What is the most affordable Melbourne Three Bedroom Apartment?

The best deal on a cheap Melbourne Three Bedroom Apartment rental is at The Reserves at South Lake and starts from $536.

Expert Rental Resources

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

Articles, How-To's, and Tips

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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How Commercial-to-Residential Property Conversions Help the Housing Crisis

Written by: Robin Stewart

Many housing markets throughout America share a common complaint: a lack of affordable rental properties.

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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.