Cheap Apartments for Rent in the Downtown Waterloo Neighborhood of Waterloo, IA from $400 (31 Rentals)

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

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Marsh Place Apartments
1 to 2 Bedroom Apartments

Marsh Place Apartments

627 Sycamore StWaterloo, IA 50703
  • Utilities Included

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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. 1224-1282 W Mullan Ave has the second lowest priced unit, which is a 3 Beds apartment currently listed from $775. Here are the most affordable Downtown Waterloo apartments for rent in Waterloo, IA:

Apartment ListingModel NameBed/BathPriced From
Russell LamsonStudioStudio,1BA$675
1224-1282 W Mullan Ave3 BR/ 1 BA3BR,1BA$775
Leavitt Park Apartments - Waterloo, IAStandard Unit2BR,1BA$920
Park Avenue LoftsStudio - AVAILABLE NOW!Studio,1BA$1,100
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 September 14, 2025 the best value apartment in the Downtown Waterloo area is the $0.70 price per square foot 3 BR/ 1 BA Model at 1224-1282 W Mullan Ave in the in the Downtown Waterloo neighborhood starting from $775. 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.
1224-1282 W Mullan Ave3 BR/ 1 BA3BR,1BA$0.70
Riverwalk Residences1st Month Free2BR,2BA$1.23
900 W Parker St, Unit B900 W Parker St2BR,1BA$0.97
The Grand CrossingCorner Loft @ Grand Crossing1BR,1BA$1.88
Leavitt Park Apartments - Waterloo, IAStandard Unit2BR,1BA$1.31
Park Avenue LoftsLoft - AVAILABLE NOW!1BR,1BA$2.09
Russell LamsonStudioStudio ,1BA$1.67
Art BlocStudioStudio ,1BA$3.04

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Pet Friendly Lifestyle
Downtown Waterloo, Waterloo, IA

Ranked #1

Among cities in Iowa 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 $1,250.

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 4 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 $255 which is $995 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 Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.