Cheap Apartments for Rent in the Downtown Waterloo Neighborhood of Waterloo, IA from $400 (35 Rentals)

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

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

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Marsh Place Apartments
1 to 2 Bedroom Apartments

Marsh Place Apartments

627 Sycamore StWaterloo, IA 50703
  • Utilities Included

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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Russell Lamson
Studio to 3 Bedroom Apartments

Russell Lamson

209 W 5th StWaterloo, IA 50701
  • Utilities Included

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

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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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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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 2 Beds unit found at Leavitt Park Apartments - Waterloo, IA priced from $895. Park Avenue Lofts has the second lowest priced unit, which is a Studio apartment currently listed from $1,100. Here are the most affordable Downtown Waterloo apartments for rent in Waterloo, IA:

Apartment ListingModel NameBed/BathPriced From
Leavitt Park Apartments - Waterloo, IAStandard Unit2BR,1BA$895
Park Avenue LoftsStudio - AVAILABLE NOW!Studio,1BA$1,100
Art BlocStudioStudio,1BA$1,200
Riverwalk Residences1st Month Free2BR,2BA$1,250
The Grand CrossingLofts @Grand Crossing1BR,1BA$1,300

Best Value Apartments for Rent in Downtown Waterloo, IA

As of December 14, 2025 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 Corner Loft @ Grand Crossing Model at The Grand Crossing starting at $1,400 with a $1.88 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
The Grand CrossingCorner Loft @ Grand Crossing1BR,1BA$1.88
Leavitt Park Apartments - Waterloo, IAStandard Unit2BR,1BA$1.28
Park Avenue LoftsLoft - AVAILABLE NOW!1BR,1BA$2.09
Art BlocStudioStudio ,1BA$3.04

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

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Quick Rent Budget Calculator

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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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 the Cheapest Studio apartment in Downtown Waterloo?

Currently the most affordable Cheap Studio Apartment in Downtown Waterloo is at Park Avenue Lofts listed at $1,100.

How much is rent for a Cheap One Bedroom Downtown Waterloo Apartment?

The lowest price for a Cheap One Bedroom Downtown Waterloo Apartment is $1,150 at Park Avenue Lofts.

What is the lowest price for a Cheap Two Bedroom Downtown Waterloo Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Downtown Waterloo is starting from $895 at Leavitt Park Apartments - Waterloo, IA.

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

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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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.