Cheap Apartments for Rent in Waterloo, IL from $400 (24 Rentals)

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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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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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Pevely Pointe
1 to 3 Bedroom Apartments

Pevely Pointe

1001 Pevely Pointe DrPevely, MO 63070
  • Utilities Included
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THE OAKS AT SOUTH COUNTY
1 to 3 Bedroom Apartments

THE OAKS AT SOUTH COUNTY

1194 Casa Brazilia DrSt. Louis, MO 63129
  • 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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Waterloo, IL Local Guide

Cheapest Neighborhoods for Apartments in Waterloo, IL

Pricing Updated: 01/19/2026

Current apartment rentals in the Waterloo, IL 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
Outlying Monroe County$1,850$9502

Cheapest Available Waterloo Apartments for Rent and Nearby

 

The cheapest available apartment rental in Waterloo, IL is a 1 Bed unit found at Trolley Circle in the East Saint Louis neighborhood priced from $414. Brookside Apartments in the Sullivan Manors neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $730. Here is today’s list of the most affordable Waterloo apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Trolley CircleOne Bedroom1BR,1BA$414
Brookside Apartments1 Bedroom Main Street1BR,1BA$730
Southfield Apartments1 BR/ 1 BA1BR,1BA$825
Jefferson TownhomesOne Bedroom Garden1BR,1BA$830
Telegraph CrossingOne Bedroom Standard1BR,1BA$845

Best Value Apartments for Rent in Waterloo, IL and Nearby

As of January 19, 2026 the best value apartment in the Waterloo area is the $1.38 price per square foot Strata Model at Canyon Creek in the in the River Breeze Estates neighborhood starting from $1,485. The second greatest value Waterloo apartment is the B9 Model at Lyon Apartments starting at $1,276 with a $1.24 price per square foot in the Princeton Heights neighborhood. 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.
Canyon CreekStrata2BR,1.5BA$1.38
Lyon ApartmentsB92BR,2BA$1.24
Hunters Ridge STLAspen2BR,2BA$1.39
Lakewood Apartments2A2BR,2BA$1.24
Greenway Trail ApartmentsSave up to $500 off Move In Costs with your EXC...1BR,1BA$1.20
Southfield Apartments1 BR/ 1 BA1BR,1BA$1.18
Trolley CircleOne Bedroom1BR,1BA$0.60
Tuscany Village Apartments1 Bedroom 1 Bath 1BR,1BA$1.35
Brookside Apartments1 Bedroom Updated Main Street1BR,1BA$1.30
Jefferson TownhomesOne Bedroom Garden1BR,1BA$1.36

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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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 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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Best Local Schools in
Waterloo, IL

School data provided by Great Schools

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Waterloo, IL Rentals by Map

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Frequently Asked Questions about Cheap Waterloo Apartments

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

The lowest price for a Cheap One Bedroom Waterloo Apartment is $414 at Trolley Circle.

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

Today's best deal for a Cheap Two Bedroom Apartment in Waterloo is starting from $481 at Trolley Circle.

What is the most affordable Waterloo Three Bedroom Apartment?

The best deal on a cheap Waterloo Three Bedroom Apartment rental is at Jefferson Townhomes and starts from $1,180.

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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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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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!