379-379 Erb St. W
WaterlooONN2L 1W7
Cheap Apartments for Rent in Waterloo, ON from C$500 (23 Rentals)
Search the lowest-cost Apartments available for rent right now in Waterloo.
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C$670 - C$7204 Bedroom Apartments Available Now
University Place - 50 University Ave E
50 University Ave EWaterloo, ON N2J 2V9
253 Lester St
WaterlooONN2L 3W6
261 Lester St
WaterlooONN2L 3W6
86 University Av W
WaterlooONN2L 3C8
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Rent Specials
C$830 - C$6,0003 to 6 Bedroom Apartments Available Now
King Street Towers - Student Living
333-339 King St NWaterloo, ON N2J 0C5
392 Albert St
WaterlooONN2L 3V1
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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185 King St N
WaterlooONN2J 0E1
275 Larch St
WaterlooONN2L 3R2
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Rent Specials
C$1,225 - C$6,4505 Bedroom Apartments Available Sep 1
MyRez On Lester - Student Living
181 Lester StWaterloo, ON N2L 3W3
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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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs
Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.
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Rent Specials
C$1,200 - C$1,300Studio Apartments Available Now
214 York Queen
214 Queen StKitchener, ON N2G 1W3
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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$1,033 | C$725 | C$1,500 |
| Cheap Waterloo 1 Bedroom Apartments | C$1,991 | C$1,200 | C$2,795 |
| Cheap Waterloo 2 Bedroom Apartments | C$2,384 | C$1,350 | C$4,505 |
| Cheap Waterloo 3 Bedroom Apartments | C$3,322 | C$2,050 | C$4,365 |
| Cheap Waterloo 4 Bedroom Apartments | C$2,722 | C$670 | C$5,400 |
| Waterloo 5 Bedroom Apartments | C$3,354 | C$575 | 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: 07/21/2025Current 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$2,645 | C$575 | 77 |
| Waterloo North West | C$3,607 | C$575 | 111 |
| Waterloo North East | C$4,365 | C$670 | 93 |
| Waterloo University | C$4,365 | C$575 | 109 |
Cheapest Available Waterloo Apartments for Rent
The cheapest available apartment rental in Waterloo, ON is a 4 Beds unit found at University Place - 50 University Ave E in the Waterloo North East neighborhood priced from C$670. 261 Lester St in the Waterloo North East neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from C$750. Here is today’s list of the most affordable Waterloo apartments for rent:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| University Place - 50 University Ave E | 4 Beds, 1.5 baths | 4BR,1BA | C$670 |
| 261 Lester St | 0 Beds, 2 Baths | Studio,2BA | C$750 |
| 253 Lester St | 0 Beds, 2 Baths | Studio,2BA | C$795 |
| King Street Towers - Student Living | 4 Bedroom/ 3 Bath | 4BR,3BA | C$830 |
| Spring Village | 1 Bedroom Shared Accommodation | 1BR,1BA | C$973 |
Best Value Apartments for Rent in Waterloo, ON
As of July 22, 2025 the best value apartment in the Waterloo area is the C$2.04 price per square foot 4 Bedroom Townhouse Model at Sunnydale in the in the Waterloo North West neighborhood starting from C$2,850. The second greatest value Waterloo apartment is the 2 Beds, 1 Baths Model at William Apartments starting at C$2,490 with a C$1.98 price per square foot in the Waterloo Uptown 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. |
|---|---|---|---|
| Sunnydale | 4 Bedroom Townhouse | 4BR,2BA | C$2.04 |
| William Apartments | 2 Beds, 1 Baths | 2BR,1BA | C$1.98 |
| University Place - 50 University Ave E | 4 Beds, 1.5 baths | 4BR,1.5BA | C$0.54 |
| 250 Frederick St | Two Bedroom | 2BR,1BA | C$1.73 |
| Beacon Tower | Two Bedroom | 2BR,1BA | C$2.15 |
| Fergus House - Student Living | 4 Bedroom 4 Bathroom | 4BR,4BA | C$1.37 |
| Queen Margaret II | 2 Bedroom | 2BR,1BA | C$1.98 |
| Hespeler House - Student Living | 4 Bedroom 4 Bathroom | 4BR,4BA | C$1.46 |
| Panorama Terrace | 2 Bedroom | 2BR,1BA | C$2.18 |
| Westheights Place | 1 Bedroom Premium | 1BR,1BA | C$2.15 |
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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Frequently Asked Questions about Cheap Waterloo Apartments
What is a cheap apartment in Waterloo?
A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Waterloo is under C$1,405.
What is the price of a cheap apartment in Waterloo?
The cheapest apartment in Waterloo is Spring Village which is listed at C$973, while the average apartment in Waterloo costs C$3,745.
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$2,281 which is C$1,464 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.
Roommate Matching: Finding the Right Fit and Avoiding Pitfalls
Written by: Cheryl Bowman
A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.
The Art of the Rental Viewing: What to look for during a property tour
Written by: Marie Brown
You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.
Know Your Budget: Calculating What You Can Realistically Afford When Renting
Written by: Lauren Harrington
Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.
The Freedom of Short-Term Leases: Exploring the Advantages for Renters
Written by: Bobbi Jackson
If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.