Cheap Apartments for Rent in Waterloo, ON from C$500 (21 Rentals)

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Search the lowest-cost Apartments available for rent right now in Waterloo.

property at 261 Lester St

261 Lester St

WaterlooONN2L 3W6

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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308 Hawthorn St
Studio Apartments

308 Hawthorn St

308 Hawthorn StWaterloo, ON N2L 3N4
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261 Lester St
Studio to 1 Bedroom Apartments

261 Lester St

261 Lester StWaterloo, ON N2L 3W6
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Linden Village
5 Bedroom Apartments

Linden Village

203 Lester StWaterloo, ON N2L 0B5
Student Housing
  • Utilities Included
  • Smoke Free
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Spring Village
1 to 2 Bedroom Apartments

Spring Village

208 Sunview StWaterloo, ON N2L 3V6
Furnished
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253 Lester St
Studio Apartments

253 Lester St

253 Lester StWaterloo, ON N2L 3W6
Student Housing

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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251 Lester St
1 to 2 Bedroom Apartments

251 Lester St

251 Lester StWaterloo, ON N2L 3W6
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118 Fife Ave
1 to 2 Bedroom Apartments

118 Fife Ave

118 Fife AveKitchener, ON N2B 3C1
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110 Fife Ave
1 to 2 Bedroom Apartments

110 Fife Ave

110 Fife AveKitchener, ON N2B 3C1
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Park Manor
1 Bedroom Apartments

Park Manor

521 Park StKitchener, ON N2G 1N8
  • Utilities Included
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65 Roy St
Studio to 2 Bedroom Apartments

65 Roy St

65 Roy StKitchener, ON N2H 4B4

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.

Waterloo, ON Local Guide

Cheapest Neighborhoods for Apartments in Waterloo, ON

Pricing Updated: 10/21/2025

Current apartment rentals in the Waterloo, ON 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
Waterloo UptownC$2,250C$57577
Waterloo North EastC$2,307C$75096
Waterloo North WestC$2,559C$575111
Waterloo UniversityC$3,207C$575107

Cheapest Available Waterloo Apartments for Rent

 

The cheapest available apartment rental in Waterloo, ON is a Studio unit found at 261 Lester St in the Waterloo North East neighborhood priced from C$750. Spring Village in the Waterloo North East neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from C$785. Here is today’s list of the most affordable Waterloo apartments for rent:

Apartment ListingModel NameBed/BathPriced From
261 Lester St0 Beds, 2 BathsStudio,2BAC$750
Spring Village1 Bedroom Shared Accommodation1BR,1BAC$785
King Street Towers - Student Living4 Bedroom/ 3 Bath4BR,3BAC$830
MyRez On Lester - Student Living5 Bedroom, 2.5 Bath5BR,2BAC$1,225
Preston House - Student Living5 Bedroom, 5 Bath5BR,5BAC$1,280

Best Value Apartments for Rent in Waterloo, ON

As of October 21, 2025 the best value apartment in the Waterloo area is the C$0.81 price per square foot 5 Bedroom, 2.5 Bath Model at MyRez On Lester - Student Living in the in the Waterloo North East neighborhood starting from C$1,225. The second greatest value Waterloo apartment is the 3 Bedroom(s) and 1.5 Bathroom(s) Model at Sunnydale starting at C$2,650 with a C$1.77 price per square foot in the Waterloo North West 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.
MyRez On Lester - Student Living5 Bedroom, 2.5 Bath5BR,2.5BAC$0.81
Sunnydale3 Bedroom(s) and 1.5 Bathroom(s)3BR,1.5BAC$1.77
250 Frederick StTwo Bedroom2BR,1BAC$1.73
Preston House - Student Living5 Bedroom, 5 Bath5BR,5BAC$1.27
Bridgeport House - Student Living5 Bedroom, 5 Bath5BR,5BAC$1.22
Fergus House - Student Living4 Bedroom 4 Bathroom4BR,4BAC$1.37
Spurline Flats, Midtown Waterloo2 Bedroom(s) and 1 Bathroom(s)2BR,1BAC$1.97
Hespeler House - Student Living4 Bedroom 4 Bathroom4BR,4BAC$1.46
Quiet PlaceTwo Bedroom2BR,1BAC$1.97
Westheights Place1 Bedroom Premium1BR,1BAC$1.96

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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Remember the 3 Rules of Real Estate:
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Frequently Asked Questions about Cheap Waterloo Apartments

What is the price of a cheap apartment in Waterloo?

The cheapest apartment in Waterloo is Spring Village which is listed at C$785, while the average apartment in Waterloo costs C$2,580.

What types of apartments are the cheapest in Waterloo?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 85 regular apartments in Waterloo that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Waterloo?

Cheap apartments in Waterloo have an average cost of C$2,311 which is C$269 cheaper than the average rent for all rentals in Waterloo.

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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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! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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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.