Cheap Homes for Rent in Downtown Waterloo Neighborhood of Waterloo, IA from $500 (12 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

Search the lowest-cost Homes 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.

Read Article

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.

Read Article
Showing Results 1-12, 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. 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

Best Value Apartments for Rent in Downtown Waterloo, IA

As of August 30, 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
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

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.

decorative image of people with a giant lease agreement

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

decorative image of woman handing cat to small boy

Frequently Asked Questions about Downtown Waterloo

What type of rentals are currently available in Downtown Waterloo?

There are currently 72 Apartments for Rent in Downtown Waterloo, IA with pricing that ranges from $615 to $2,500. There are also 53 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Waterloo ranging from $550 to $1,800.

What is the current price range for Rental Homes in Downtown Waterloo?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Waterloo ranges from $550 to $1,800 with an average monthly rent of $924.

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.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

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.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

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.

decorative image for Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting article

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.

decorative image for Roommate Matching: Finding the Right Fit and Avoiding Pitfalls article

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.