Cheap Apartments for Rent in the Downtown Waterloo Neighborhood of Waterloo, IA from $400 (36 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Waterloo area of Waterloo.

property at 227 Allen St

227 Allen St

WaterlooIA50701

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Showing Results 1-36, Page 1 of 1

Downtown Waterloo, Waterloo, IA Local Guide

Cheapest Available Downtown Waterloo Apartments for Rent

 

The cheapest available apartment rental in the Downtown Waterloo area of Waterloo, IA is a Studio unit found at Russell Lamson priced from $675. Edgemont Park Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $795. Here are the most affordable Downtown Waterloo apartments for rent in Waterloo, IA:

Apartment ListingModel NameBed/BathPriced From
Russell LamsonStudioStudio,1BA$675
Edgemont Park Apartments1 Bedroom Efficiency @ Edgemont ParkStudio,1BA$795
Leavitt Park Apartments - Waterloo, IAStandard Unit2BR,1BA$895
Union at North Crossing1 Bed 1 Bath1BR,1BA$900
Park Avenue LoftsStudio - AVAILABLE NOW!Studio,1BA$1,100
Prairie Rapids2 Bed 1 Bath2BR,1BA$1,125
Art BlocStudioStudio,1BA$1,200
The Grand CrossingLofts @Grand Crossing1BR,1BA$1,300
Riverwalk Residences1st Month Free2BR,2BA$1,300

Best Value Apartments for Rent in Downtown Waterloo, IA

As of June 12, 2025 the best value apartment in the Downtown Waterloo area is the $0.65 price per square foot 918 W 4th St Model at 918 W 4th St, Unit 918 in the in the Downtown Waterloo neighborhood starting from $750. The second greatest value Downtown Waterloo apartment is the 1st Month Free Model at Riverwalk Residences starting at $1,300 with a $1.23 price per square foot in the Downtown Waterloo neighborhood. Here is today’s list of the best values for Downtown Waterloo apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
918 W 4th St, Unit 918918 W 4th St1BR,1BA$0.65
Riverwalk Residences1st Month Free2BR,2BA$1.23
Prairie Rapids2 Bed 1 Bath2BR,1BA$1.11
The Grand CrossingCorner Loft @ Grand Crossing1BR,1BA$1.88
Leavitt Park Apartments - Waterloo, IAStandard Unit2BR,1BA$1.28
Union at North Crossing1 Bed 1 Bath1BR,1BA$1.30
Edgemont Park ApartmentsOne Bedroom Apartment With Poolside Balcony At ...1BR,1BA$1.34
Park Avenue LoftsLoft - AVAILABLE NOW!1BR,1BA$2.09
Russell LamsonStudioStudio ,1BA$1.67
Art BlocStudioStudio ,1BA$3.04

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Downtown Waterloo, Waterloo, IA

Ranked #1

Among neighborhoods in Waterloo, IA for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Getting Around the Downtown Waterloo Neighborhood in Waterloo, IA

Walk Score®

75 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

77 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

35 / 100

Some Transit

A few nearby public transportation options

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.

Frequently Asked Questions about Cheap Downtown Waterloo Apartments

What is a cheap apartment in Downtown Waterloo?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Waterloo is under $1,300.

What is the price of a cheap apartment in Downtown Waterloo?

The cheapest apartment in Downtown Waterloo is Russell Lamson which is listed at $800, while the average apartment in Downtown Waterloo costs $1,233.

What types of apartments are the cheapest in Downtown Waterloo?

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 18 regular apartments in Downtown Waterloo 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 Downtown Waterloo?

Cheap apartments in Downtown Waterloo have an average cost of $428 which is $805 cheaper than the average rent for all rentals in Downtown Waterloo.

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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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.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.