Cheap Apartments for Rent in Waco, TX from $500 (73 Rentals)

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

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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The Commodores
1 Bedroom Apartments

The Commodores

1326 S 11th StWaco, TX 76706

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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1400 Woodbine St
1 Bedroom Apartments

1400 Woodbine St

1400 Woodbine StWaco, TX 76705
  • Utilities Included
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CarMel
1 Bedroom Apartments

CarMel

3638 W Waco DrWaco, TX 76710
  • Utilities Included

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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St. James Place
2 Bedroom Apartments

St. James Place

1226 James AveWaco, TX 76706
  • Utilities Included
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Waco, TX Local Guide

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Written By:
Staff Writer
Local Guide Expert

Cheapest Neighborhoods for Apartments in Waco, TX

Pricing Updated: 06/13/2025

Current apartment rentals in the Waco, TX area range in price from $599 to $4,519 with an overall median price of $1,593. The three Waco neighborhoods with the lowest median rent pricing are Brookview at $695, Parkdale at $795, and Carver at $659. 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$1,375$69575
Parkdale$1,495$795103
Carver$1,517$659119
North Waco$1,517$67584
Brook-Oaks$1,549$675113
East Riverside$1,549$599119
North End$1,549$67586
Oakwood$1,549$599124
South End$1,549$59991
Timbercrest$1,549$59983

Cheapest Available Waco Apartments for Rent

 

The cheapest available apartment rental in Waco, TX is a 1 Bed unit found at South Terrace in the South End neighborhood priced from $658. University Club Apartments in the Carver neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $699. Here is today’s list of the most affordable Waco apartments for rent:

Apartment ListingModel NameBed/BathPriced From
South Terrace1x11BR,1BA$658
University Club ApartmentsOne Bedroom1BR,1BA$699
Historic Lofts at Waco High1 Bedroom1BR,1BA$750
The Meadows ApartmentsOne Bedroom1BR,1BA$795
The EdmondThe Baylor1BR,1BA$795
Eleven06 on 35 Apartments1 Bedroom, 1 Bath1BR,1BA$798
Heritage SquareA1BR,1BA$798
The Colony ApartmentsUnit AStudio,1BA$885
Legacy Ridge1x11BR,1BA$895

Best Value Apartments for Rent in Waco, TX

As of June 14, 2025 the best value apartment in the Waco area is the $1.24 price per square foot C1 Wrangler Model at The Residence at CTM in the in the Alta Vista neighborhood starting from $1,574. The second greatest value Waco apartment is the Townhome Model at MeadowPark starting at $1,250 with a $1.14 price per square foot in the West Waco 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 Residence at CTMC1 Wrangler3BR,2BA$1.24
MeadowParkTownhome2BR,2.5BA$1.14
The BruinB2-R2BR,2.5BA$1.21
Legacy Ridge1x11BR,1BA$1.05
Historic Lofts at Waco High1 Bedroom1BR,1BA$0.94
The EdmondThe Baylor1BR,1BA$1.04
Brookview Hills1 Bedroom, 1 Bathroom1BR,1BA$1.23
2528 McFerrin Ave, Unit A2528 McFerrin Ave1BR,1BA$1.10
South Terrace1x11BR,1BA$1.07
University Club ApartmentsOne Bedroom1BR,1BA$1.19

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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.

Pet Friendly Lifestyle
Waco, TX

Ranked #105

Among cities in Texas for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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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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Getting Around Waco, TX

Walk Score®

45 / 100

Car-Dependent

Most errands require a car

Bike Score®

42 / 100

Somewhat Bikeable

Minimal bike infrastructure

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Waco, TX Area Reviews

  • Parks
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  • Cost of Living
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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 $895.

What is the price of a cheap apartment in Waco?

The cheapest apartment in Waco is South Terrace which is listed at $658, while the average apartment in Waco costs $1,593.

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 577 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 $466 which is $1,127 cheaper than the average rent for all rentals in Waco.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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A Texas Local Experts Guide to 10 Top Affordable Neighborhoods for Renting in Waco, TX

Written by: Rhonda R Fletcher

Hi, I'm Rhonda, your ApartmentHomeLiving.com Local Expert for Waco, Texas. I've lived in Central Texas for over 25 years and have seen a lot of change and growth in the Waco area.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.