Cheap Apartments for Rent in the Downtown Waterloo Neighborhood of Waterloo, IA from $400 (30 Rentals)

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Marsh Place Apartments
1 to 2 Bedroom Apartments

Marsh Place Apartments

627 Sycamore StWaterloo, IA 50703
  • Utilities Included

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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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

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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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 $920. Park Avenue Lofts The Temple 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, IA***FIRST MONTH FREE!*** 2 Bed 1 Bath | Leavitt ...2BR,1BA$920
Park Avenue Lofts The TempleStudio W/O LaundryStudio,1BA$1,100
Art BlocArt Bloc - 1 MONTH FREE WITH A 12 MONTH LEASE!!!!Studio,1BA$1,110
Riverwalk Residences1st Month Free2BR,2BA$1,250
Grand Crossing2 Bed - 1 Bath (2B)2BR,1BA$1,700

Best Value Apartments for Rent in Downtown Waterloo, IA

As of April 30, 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 TempleFurnished - Studio W/O LaundryStudio ,1BA$3.18

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 The Temple 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 $1,410 at Art Bloc.

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 $920 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

decorative image for Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

decorative image for 18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property article

18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.