Cheap Apartments for Rent in the Downtown Waterloo Neighborhood of Waterloo, IA from $400 (39 Rentals)

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

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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Marsh Place Apartments
1 to 2 Bedroom Apartments

Marsh Place Apartments

627 Sycamore StWaterloo, IA 50703
  • Utilities Included

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

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

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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 $695. Leavitt Park Apartments - Waterloo, IA has the second lowest priced unit, which is a 2 Beds apartment currently listed from $920. Here are the most affordable Downtown Waterloo apartments for rent in Waterloo, IA:

Apartment ListingModel NameBed/BathPriced From
Russell LamsonStudioStudio,1BA$695
Leavitt Park Apartments - Waterloo, IA***FIRST MONTH FREE!*** 2 Bed 1 Bath | Leavitt ...2BR,1BA$920
Park Avenue Lofts The TempleStudio W/O LaundryStudio,1BA$1,100
Riverwalk Residences1st Month Free2BR,2BA$1,250
Grand Crossing1 Bed - 1 Bath - Larger (1B)1BR,1BA$1,410

Best Value Apartments for Rent in Downtown Waterloo, IA

As of July 29, 2026 the best value apartment in the Downtown Waterloo area is the $1.19 price per square foot 1st Month Free Model at Riverwalk Residences in the in the Downtown Waterloo neighborhood starting from $1,250. The second greatest value Downtown Waterloo apartment is the 2bed - 2 Bath - Smaller (2C1) Model at Grand Crossing starting at $1,750 with a $1.70 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.
Riverwalk Residences1st Month Free2BR,2BA$1.19
Grand Crossing2bed - 2 Bath - Smaller (2C1)2BR,2BA$1.70
Leavitt Park Apartments - Waterloo, IA***FIRST MONTH FREE!*** 2 Bed 1 Bath | Leavitt ...2BR,1BA$1.31
Park Avenue Lofts The TempleStudio W/O LaundryStudio ,1BA$2.29
Russell LamsonStudioStudio ,1BA$1.72

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 $1,410.

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

The cheapest apartment in Downtown Waterloo is Russell Lamson which is listed at $825, while the average apartment in Downtown Waterloo costs $1,355.

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.

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 Rent According to Income: A Look at Income-Restricted Rentals article

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.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

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.

decorative image for Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

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.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.