Cheap Homes for Rent in Waterloo, IA from $550 (62 Rentals)

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Search the lowest-cost Homes available for rent right now in 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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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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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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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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Waterloo, IA Local Guide

Cheapest Neighborhoods for Homes in Waterloo, IA

Pricing Updated: 09/18/2026

Current rental homes in the Waterloo, IA area range in price from $550 to $1,300 with an overall median price of $925. Here is today’s list neighborhoods with the lowest median pricing for Waterloo Homes for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Downtown Waterloo$925$55034

Cheapest Available Waterloo Homes for Rent

 

The cheapest available rental home in Waterloo, IA is a 1 Bed home found at 440 Florence St in the Downtown Waterloo neighborhood priced from $550. 1227 Williston Ave in the Downtown Waterloo neighborhood has the second lowest priced home, which is a 3 Beds rental home currently listed from $1,200. Here is today’s list of the most affordable Waterloo homes for rent:

Home ListingModel NameBed/BathPriced From
440 Florence St440 Florence St1BR, 1BA$550
1227 Williston Ave1227 Williston Ave3BR, 1BA$1,200
1204 Madison St1204 Madison St3BR, 1BA$1,675

Best Value Homes for Rent in Waterloo, IA

As of September 19, 2026 the best value rental home in the Waterloo area is the $0.96 price per square foot 2209 Iowa St Model at 2209 Iowa St in the Downtown Cedar Falls neighborhood starting from $2,200. The second greatest value Waterloo rental home is the 303 Post Oak Dr Model at 303 Post Oak Dr starting at $2,375 with a $1.18 price per square foot. Here is today’s list of the best values for Waterloo homes based on price per square foot:

Home ListingModel NameBed/BathPrice Per Sq.Ft.
2209 Iowa St2209 Iowa St5BR, 2.5BA$0.96
303 Post Oak Dr303 Post Oak Dr5BR, 2.5BA$1.18
2004 Merner Ave2004 Merner Ave3BR, 2BA$1.07
1212 Randolph St1212 Randolph St3BR, 1.5BA$0.79
1227 Williston Ave1227 Williston Ave3BR, 1BA$0.89
2010 Upton Ave2010 Upton Ave3BR, 1BA$0.96
1204 Madison St1204 Madison St3BR, 1BA$2.18
440 Florence St440 Florence St1BR, 1BA$1.00

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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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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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Quick Rent Budget Calculator

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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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Waterloo, IA Area Reviews

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K.c • 4+ years in Waterloo

May 24, 2026

I'm sorry, the only reason I haven't moved out of state is because of my grown kids, grandkids and my mom Waterloo isn't very safe at night anywhere...it's really boring.

Frequently Asked Questions about Waterloo

What type of rentals are currently available in Waterloo?

There are currently 256 Apartments for Rent in Waterloo, IA with pricing that ranges from $135 to $2,500. There are also 129 Single Family Homes for rent, Condos, and Townhome rentals currently available in Waterloo ranging from $550 to $2,800.

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 $550 to $2,800 with an average monthly rent of $1,190.

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 $795 to $2,100. Four Bedroom Single-Family rentals are also available starting from $900 and Four Bedroom Apartments start at $1,100.

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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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.

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How Commercial-to-Residential Property Conversions Help the Housing Crisis

Written by: Robin Stewart

Many housing markets throughout America share a common complaint: a lack of affordable rental properties.

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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.