Cheap Apartments for Rent near Melbourne, IA from $300 (49 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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Newton Park Apartments
1 to 2 Bedroom Apartments

Newton Park Apartments

1425 N 11th Ave ENewton, IA 50208
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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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property at 919 6th St

$725 - $850

1 Bedroom Rentals

Available Now

919 6th St

NevadaIA50201

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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Walnut Pointe
2 to 3 Bedroom Apartments

Walnut Pointe

1702-1798 W 4th St NNewton, IA 50208
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South View
2 Bedroom Apartments

South View

209-227 S 5th StAmes, IA 50010
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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 The Reserves at South Lake in the East Gate Estates neighborhood priced from $395. Hubbard Maple Street Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $460. Here is today’s list of the most affordable Melbourne apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Reserves at South Lake1B1B1BR,1BA$395
Hubbard Maple Street Apartments1 BR/1 BA1BR,1BA$460
The Grove3BR/3BA Upgraded3BR,3BA$599
110 N Maple St2-bedroom2BR,1BA$700
Woodland Heights1 Bed 1 Bath1BR,1BA$710
Hotel Maytag Apartments1 bedroom A1BR,1BA$725
Hunters RunB22BR,1BA$775
Walnut Creek Apartments2 BD Legacy2BR,1BA$795
Brick Towne Ames1 Bedroom1BR,1BA$800
SUNDANCE NEWTON APARTMENTS2 Bedroom 2 Bathroom2BR,2BA$805

Best Value Apartments for Rent in Melbourne, IA and Nearby

As of August 05, 2026 the best value apartment in the Melbourne area is the $0.45 price per square foot C1 - 3x3 Model at The Landing Ames in the in the South Ames neighborhood starting from $600. The second greatest value Melbourne apartment is the A - 3x3 Model at The Quarters Ames starting at $499 with a $0.44 price per square foot in the South Ames neighborhood. 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.
The Landing AmesC1 - 3x33BR,3BA$0.45
The Quarters AmesA - 3x33BR,3BA$0.44
THE ARBORS APARTMENTS2 Bedroom 1 Bathroom - Large2BR,1BA$0.78
The Grove2BR/2BA Upgraded2BR,2BA$0.73
Walnut Creek Apartments2 BD Legacy2BR,1BA$0.94
Hunters RunB22BR,1BA$0.91
Hotel Maytag Apartments1 bedroom A1BR,1BA$0.90
110 N Maple St2-bedroom2BR,1BA$0.88
The Reserves at South Lake1B1B1BR,1BA$0.61
Hubbard Maple Street Apartments1 BR/1 BA1BR,1BA$0.75

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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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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Quick Rent Budget Calculator

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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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See the most popular apartments and homes in Melbourne, IA

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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 $395 at The Reserves at South Lake.

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 $470 at The Reserves at South Lake.

What is the most affordable Melbourne Three Bedroom Apartment?

The best deal on a cheap Melbourne Three Bedroom Apartment rental is at The Grove and starts from $599.

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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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

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

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.