Cheap Apartments for Rent in Waco, TX from $509 (74 Rentals)

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

property at 615 N 5th St

$825

1 Bedroom Rentals

Available Sep 2

615 N 5th St

WacoTX76701

Waco's Best Affordable Neighborhoods

Learn about Waco and the best places to live with original content written by our Texas Local Expert Rhonda R Fletcher

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The Cove on 21st
$918 - $1,308
Total Monthly Price

Total Monthly Price

Base Rent
$918 - $1,308
Total Monthly Price
$918 - $1,308
1 to 3 Bedroom Apartments Available Now

The Cove on 21st

2425 S 21st StWaco, TX 76706
Corporate Housing
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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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The Commodores
1 Bedroom Apartments

The Commodores

1326 S 11th StWaco, TX 76706
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1400 Woodbine St
1 Bedroom Apartments

1400 Woodbine St

1400 Woodbine StWaco, TX 76705
  • Utilities Included

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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Lake Air
1 to 3 Bedroom Apartments

Lake Air

1625 Wooded Acres DrWaco, TX 76710
Senior Living
  • Utilities Included
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The Belmont Lofts
1 to 2 Bedroom Apartments

The Belmont Lofts

625 S 5th StWaco, TX 76706
  • Utilities Included
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South Terrace
1 to 4 Bedroom Apartments

South Terrace

2616 S 12th StWaco, TX 76706
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Tanglewood Garden
1 to 3 Bedroom Apartments

Tanglewood Garden

4500 N 19th StWaco, TX 76708
  • Utilities Included
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St. James Place
2 Bedroom Apartments

St. James Place

1226 James AveWaco, TX 76706
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Legacy Ridge
1 to 2 Bedroom Apartments

Legacy Ridge

2506 Hilltop DrWaco, TX 76710
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Ambassador Residence
1 Bedroom Apartments

Ambassador Residence

508 N 38th StWaco, TX 76710
Senior Living
  • 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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Showing Results 1-50, Page 1 of 2

Waco, TX Local Guide

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Local Guide Expert

Cheapest Neighborhoods for Apartments in Waco, TX

Pricing Updated: 08/24/2026

Current apartment rentals in the Waco, TX area range in price from $509 to $4,027 with an overall median price of $1,257. The three Waco neighborhoods with the lowest median rent pricing are Brookview at $1,019, Oakwood at $1,026, and Heart of Texas at $1,080. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Waco Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Brookview$1,019$90019
Oakwood$1,026$73918
Heart of Texas$1,080$79568
Landon Branch$1,080$64975
Parkdale$1,095$79564
Timbercrest$1,163$73945
North End$1,168$64943
North Waco$1,168$50945
Carver$1,188$509111
Brook-Oaks$1,209$50999

Cheapest Available Waco Apartments for Rent

 

The cheapest available apartment rental in Waco, TX is a 1 Bed unit found at University Club Apartments in the Carver neighborhood priced from $649. South Terrace in the South End neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $697. Here is today’s list of the most affordable Waco apartments for rent:

Apartment ListingModel NameBed/BathPriced From
University Club ApartmentsOne Bedroom1BR,1BA$649
South Terrace1x11BR,1BA$697
University Edge WacoPlan E4BR,4BA$745
Rambler Heights1 Bedroom1BR,1BA$750
LL Sams ApartmentsStandard Loft - 4 BDR, 2 BTH | ONE LEFT4BR,2BA$769
Brazos Park ApartmentsA-1b1bs1BR,1BA$779
The Meadows ApartmentsOne Bedroom1BR,1BA$803
The Edmond Apartments1X11BR,1BA$855
Car Mel Apartments1-1 Standard1BR,1BA$865
Prime Properties Waco1Bed-1Bath1BR,1BA$875

Best Value Apartments for Rent in Waco, TX

As of August 24, 2026 the best value apartment in the Waco area is the $0.58 price per square foot D1 Premium Model at The Den in the in the South End neighborhood starting from $835. The second greatest value Waco apartment is the 2 Bed Townhome Model at Woodway Park Condominiums starting at $1,200 with a $1.00 price per square foot in the Parkdale neighborhood. Here is today’s list of the best values for Waco apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The DenD1 Premium4BR,4BA$0.58
Woodway Park Condominiums2 Bed Townhome2BR,1.5BA$1.00
Lake Air Green Apartments2 Bed, 2 Bath2BR,2BA$1.04
ElevateC13BR,3BA$0.62
River Park2 Bedroom 2 Bath2BR,2BA$1.12
University Edge WacoPlan B2BR,2BA$0.82
LL Sams ApartmentsStandard Loft - 2 BDR, 1 BTH | VERY LIMITED2BR,1BA$0.95
Rambler Heights1 Bedroom1BR,1BA$1.10
South Terrace1x11BR,1BA$1.10
University Club ApartmentsOne Bedroom1BR,1BA$1.11

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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Top Neighborhoods to Rent Near Major Colleges and Universities in Waco

A Local Experts Guide to The Neighborhoods for Student Housing near Colleges and Universities in Waco. Find your perfect Waco apartment, condo, or rental home today at ApartmentHomeliving.com

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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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Waco Overview

Waco, Texas is known as the state’s heartland—and with good reason. It’s a populous area and a great central location with over 81% of the state’s residents living within a 200-mile radius. Located in McLennan County, the city offers an array of outdoor sports and recreational activities, a lively arts scene, and great historic sites like the Texas Sports Hall of Fame. With many options for great apartmens in Waco available to locals, finding your new home here is a cinch!

Why live in Waco, TX?

Warm and inviting, Waco is emblematic of the Texas heartland. Outdoor enthusiasts enjoy everything from hiking to fishing, and the area’s flourishing arts scene includes the historic Hippodrome Theatre. The equally historic River Square Center is a charming alternative to traditional shopping centers, which you’ll also find in equal abundance in town. Waco has grown in diversity, and it’s a prime spot for growing families and those seeking an authentic Texas experience.

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

Explore Waco, TX Rentals by Map

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See the most popular apartments and homes in Waco, TX

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Waco, TX Area Reviews

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Rhonda

February 25, 2025

I have spent a lot of time in Waco over the years. It is a great place to start a family or retire for a quieter lifestyle.

Frequently Asked Questions about Cheap Waco Apartments

What is a cheap apartment in Waco?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Waco is under $875.

What is the price of a cheap apartment in Waco?

The cheapest apartment in Waco is University Club Apartments which is listed at $649, while the average apartment in Waco costs $1,257.

What types of apartments are the cheapest in Waco?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 593 regular apartments in Waco that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Waco?

Cheap apartments in Waco have an average cost of $443 which is $814 cheaper than the average rent for all rentals in Waco.

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

decorative image for Top Neighborhoods to Rent Near Major Colleges and Universities in Waco article

Top Neighborhoods to Rent Near Major Colleges and Universities in Waco

Written by: Rhonda R Fletcher

Hi, I'm Rhonda, your ApartmentHomeLiving.com Local Expert for Waco, Texas. Waco is a fun town (even for Longhorns). There are some great diners and beautiful landmarks.

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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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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.

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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.