Cheap Homes for Rent in Waterloo, IA from $500 (55 Rentals)

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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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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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Waterloo, IA Local Guide

Cheapest Neighborhoods for Apartments in Waterloo, IA

Pricing Updated: 06/12/2025

Current apartment rentals in the Waterloo, IA area range in price from to with an overall median price of . Here is today’s list neighborhoods with the lowest median pricing for Waterloo Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Downtown Waterloo$1,233$55052

Cheapest Available Waterloo Apartments for Rent

 

The cheapest available apartment rental in Waterloo, IA is a 4 Beds unit found at Residences on College Hill in the Downtown Cedar Falls neighborhood priced from $295. Russell Lamson in the Downtown Waterloo neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $675. Here is today’s list of the most affordable Waterloo apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Residences on College HillPrivate 1-Bedroom Apartment in a Spacious 4-Bed...4BR,1BA$295
Russell LamsonStudioStudio,1BA$675
Meadow Ridge Apartments1 BR/ 1 BA1BR,1BA$675
2321 Iowa St - Cedar Falls1BR/1.0BA1BR,1BA$750
University Manor1 BR/ 1 BA (Sept'25 )1BR,1BA$770
Cobblestone Circle ApartmentSpacious 2 Bedroom 1Bath Apartment in Secure Bu...2BR,1BA$775
Edgemont Park Apartments1 Bedroom Efficiency @ Edgemont ParkStudio,1BA$795
124 Earl St2BR/1.0BA2BR,1BA$795
1150 Home Park Blvd2BR/1.0BA2BR,1BA$800

Best Value Apartments for Rent in Waterloo, IA

As of June 12, 2025 the best value apartment in the Waterloo area is the $0.65 price per square foot 918 W 4th St Model at 918 W 4th St, Unit 918 in the in the Downtown Waterloo neighborhood starting from $750. The second greatest value Waterloo apartment is the 2 BR/ 2 BA Model at 3714 Ravenwood Cir starting at $1,150 with a $1.10 price per square foot . Here is today’s list of the best values for Waterloo apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
918 W 4th St, Unit 918918 W 4th St1BR,1BA$0.65
3714 Ravenwood Cir2 BR/ 2 BA2BR,2BA$1.10
2116 Olive St, Unit 22116 Olive St2BR,1BA$0.96
Prairie Rapids2 Bed 1 Bath2BR,1BA$1.11
Hawkeye Towers3/2.003BR,2BA$0.50
Kinsale CondominiumsTwo Bedroom w/ Garage2BR,1BA$1.00
Le Chateau2BR/1.5BA2BR,1.5BA$0.90
Cobblestone Circle ApartmentSpacious 2 Bedroom 1Bath Apartment in Secure Bu...2BR,1BA$0.92
1150 Home Park Blvd2BR/1.0BA2BR,1BA$1.03
Meadow Ridge Apartments1 BR/ 1 BA1BR,1BA$1.11

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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Frequently Asked Questions about Waterloo

What type of rentals are currently available in Waterloo?

There are currently 195 Apartments for Rent in Waterloo, IA with pricing that ranges from $295 to $3,433. There are also 114 Single Family Homes for rent, Condos, and Townhome rentals currently available in Waterloo ranging from $525 to $3,433.

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

Today's rental pricing for Homes for Rent, Condos and Townhomes in Waterloo ranges from $525 to $3,433 with an average monthly rent of $1,181.

How much are larger Three and Four Bedroom Rentals in Waterloo?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Waterloo range from $800 to $1,950, while Three Bedroom Homes, Condos, and Townhomes for rent range from $725 to $2,290. Four Bedroom Single-Family rentals are also available starting from $900 and Four Bedroom Apartments start at $295.

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 Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.