379-379 Erb St. W
WaterlooONN2L 1W7
Cheap Apartments for Rent in Waterloo, ON from C$500 (21 Rentals)
Search the lowest-cost Apartments available for rent right now in Waterloo.
271-271 Lester St
WaterlooONN2L 3W6
261 Lester St
WaterlooONN2L 3W6
253-253 Lester St
WaterlooONN2L 3W6
392 Albert St
WaterlooONN2L 3V1
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C$830 - C$6,0003 to 6 Bedroom Apartments Available Now
King Street Towers - Student Living
333-339 King St NWaterloo, ON N2J 0C5
275 Larch St
WaterlooONN2L 0J5
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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C$1,225 - C$6,4505 Bedroom Apartments Available Now
MyRez On Lester - Student Living
181 Lester StWaterloo, ON N2L 3W3
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2 to 6 Bedroom Apartments
University Place - 50 University Ave E
50 University Ave EWaterloo, ON N2J 2V9
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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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159 Victoria St N
KitchenerONN2H 5C5
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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.
Showing Results 1-21, Page 1 of 1
Waterloo, ON Local Guide
How much does it cost to rent an apartment in Waterloo?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Cheap Waterloo Studio Apartments | C$1,101 | C$750 | C$1,560 |
| Cheap Waterloo 1 Bedroom Apartments | C$2,020 | C$575 | C$2,795 |
| Cheap Waterloo 2 Bedroom Apartments | C$2,291 | C$1,350 | C$4,505 |
| Cheap Waterloo 3 Bedroom Apartments | C$2,641 | C$2,050 | C$4,365 |
| Cheap Waterloo 4 Bedroom Apartments | C$2,912 | C$830 | C$5,400 |
| Waterloo 5 Bedroom Apartments | C$3,270 | C$750 | C$6,450 |
Browse Top Apartments in Waterloo
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Waterloo, ON Local Guide
- Waterloo Neighborhoods
- Nearby Cities
Cheapest Neighborhoods for Apartments in Waterloo, ON
Pricing Updated: 10/21/2025Current 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:
| Neighborhood | Median Price | Min Price | Available Units |
|---|---|---|---|
| Waterloo Uptown | C$2,250 | C$575 | 77 |
| Waterloo North East | C$2,307 | C$750 | 96 |
| Waterloo North West | C$2,559 | C$575 | 111 |
| Waterloo University | C$3,207 | C$575 | 107 |
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 Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| 261 Lester St | 0 Beds, 2 Baths | Studio,2BA | C$750 |
| Spring Village | 1 Bedroom Shared Accommodation | 1BR,1BA | C$785 |
| King Street Towers - Student Living | 4 Bedroom/ 3 Bath | 4BR,3BA | C$830 |
| MyRez On Lester - Student Living | 5 Bedroom, 2.5 Bath | 5BR,2BA | C$1,225 |
| Preston House - Student Living | 5 Bedroom, 5 Bath | 5BR,5BA | C$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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| MyRez On Lester - Student Living | 5 Bedroom, 2.5 Bath | 5BR,2.5BA | C$0.81 |
| Sunnydale | 3 Bedroom(s) and 1.5 Bathroom(s) | 3BR,1.5BA | C$1.77 |
| 250 Frederick St | Two Bedroom | 2BR,1BA | C$1.73 |
| Preston House - Student Living | 5 Bedroom, 5 Bath | 5BR,5BA | C$1.27 |
| Bridgeport House - Student Living | 5 Bedroom, 5 Bath | 5BR,5BA | C$1.22 |
| Fergus House - Student Living | 4 Bedroom 4 Bathroom | 4BR,4BA | C$1.37 |
| Spurline Flats, Midtown Waterloo | 2 Bedroom(s) and 1 Bathroom(s) | 2BR,1BA | C$1.97 |
| Hespeler House - Student Living | 4 Bedroom 4 Bathroom | 4BR,4BA | C$1.46 |
| Quiet Place | Two Bedroom | 2BR,1BA | C$1.97 |
| Westheights Place | 1 Bedroom Premium | 1BR,1BA | C$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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See the most popular apartments and homes in Waterloo, ON
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.
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.
How to Negotiate Your Apartment Lease and Save Money
Written by: Christine Leonard, Esq.
Everything is a negotiation in real estate!
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.
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.