Cheap Apartments for Rent in Waterloo, IL from $300 (44 Rentals)

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Search the lowest-cost Apartments 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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Pevely Pointe
1 to 3 Bedroom Apartments

Pevely Pointe

1001 Pevely Pointe DrPevely, MO 63070
  • 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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Waterloo, IL Local Guide

Cheapest Neighborhoods for Apartments in Waterloo, IL

Pricing Updated: 07/23/2026

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$1,300$1,3001

Cheapest Available Waterloo Apartments for Rent and Nearby

 

The cheapest available apartment rental in Waterloo, IL is a Studio unit found at Taravue Park Apartments in the Green Park neighborhood priced from $710. Brookside Apartments in the Belleville 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
Taravue Park ApartmentsCumberlandStudio,1BA$710
Brookside Apartments1 Bedroom Main Street1BR,1BA$730
Jefferson TownhomesOne Bedroom Garden1BR,1BA$775
Covington Place Apartments1 Bedroom and 1 Bathroom1BR,1BA$831
Telegraph CrossingOne Bedroom Deluxe1BR,1BA$850
722 Abend St1 Bed, 1 bath1BR,1BA$895
Southfield Apartments1Bd/1Ba1BR,1BA$950
500 E A St1 Bed, 1 bath1BR,1BA$950
Suson PinesELM1BR,1BA$955
Tuscany Village Apartments2 Bedroom 1 Bath 2BR,1BA$1,030

Best Value Apartments for Rent in Waterloo, IL and Nearby

As of July 23, 2026 the best value apartment in the Waterloo area is the $1.03 price per square foot 2BR/2.0BA Model at Lyon School Apartments in the in the Princeton Heights neighborhood starting from $1,517. The second greatest value Waterloo apartment is the Standard Third Floor Model at Bridgewater Apartments starting at $1,175 with a $1.12 price per square foot in the River Breeze Estates 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.
Lyon School Apartments2BR/2.0BA2BR,2BA$1.03
Bridgewater ApartmentsStandard Third Floor2BR,2BA$1.12
Lakewood Apartments2A2BR,2BA$1.24
Grant's TrailOne Bedroom - One Bath1BR,2BA$1.35
Black Forest ApartmentsTwo Bedroom2BR,1BA$1.30
Tuscany Village Apartments2 Bedroom 1 Bath 2BR,1BA$1.25
Southfield Apartments1Bd/1Ba1BR,1BA$1.36
Covington Place Apartments1 Bedroom and 1 Bathroom1BR,1BA$1.28
Brookside Apartments1 Bedroom Updated Main Street1BR,1BA$1.30
Jefferson TownhomesOne Bedroom Garden1BR,1BA$1.27

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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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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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, 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 $730 at Brookside Apartments.

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 $905 at Covington Place Apartments.

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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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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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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

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

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.