Cheap Apartments for Rent near Waters, MI from $400 (39 Rentals)

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

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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property at 2276 S M-37

$1,200

1 Bedroom, 1 Bath Townhome for Rent

Available Now

2276 S M-37, Unit B

2276 S M-37
Traverse CityMI49685

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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Victories Square
Studio to 2 Bedroom Apartments

Victories Square

1899 Migizi WayPetoskey, MI 49770
  • Utilities Included
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Annika Place
1 to 2 Bedroom Apartments

Annika Place

947 S Garfield AveTraverse City, MI 49686
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Brookside Commons
1 to 3 Bedroom Apartments

Brookside Commons

4155 Sprucewood DrTraverse City, MI 49684
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Ruth Park
1 to 3 Bedroom Apartments

Ruth Park

520 Wellington StTraverse City, MI 49686
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Stargate Motel
2 to 3 Bedroom Apartments

Stargate Motel

4646 S Straits HwyIndian River, MI 49749
  • Utilities Included

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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Mackinaw Apartments
1 to 2 Bedroom Apartments

Mackinaw Apartments

1327 Mackinaw AveCheboygan, MI 49721
Corporate Housing
  • Utilities Included
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Lighthouse Village
2 to 3 Bedroom Apartments

Lighthouse Village

400 Duncan AveCheboygan, MI 49721
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Inland Lakes Motel
1 to 2 Bedroom Apartments

Inland Lakes Motel

1225 S Grandview Beach RdIndian River, MI 49749
Corporate Housing
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Cheboygan Shores
1 Bedroom Apartments

Cheboygan Shores

328 Duncan AveCheboygan, MI 49721
Senior Living
  • Utilities Included
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Garfield Oaks
1 to 2 Bedroom Apartments

Garfield Oaks

3011 Garfield Rd NTraverse City, MI 49686
  • Utilities Included

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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Liv Arbors
1 to 5 Bedroom Apartments

Liv Arbors

2955 Leggett DrTraverse City, MI 49685
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Totem Lodges
1 to 3 Bedroom Apartments

Totem Lodges

4846 S Straits HwyIndian River, MI 49749
  • Utilities Included
Showing Results 1-39, Page 1 of 1

Waters, MI Local Guide

Cheapest Available Waters Apartments for Rent and Nearby

 

The cheapest available apartment rental in Waters, MI is a 2 Beds unit found at Presque Isle Estates priced from $575. Harrison Estates Mobile Home Community in the Allendale neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $625. Here is today’s list of the most affordable Waters apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Presque Isle Estates14122BR,1BA$575
Harrison Estates Mobile Home CommunityLot 132BR,1BA$625
Thunder Bay EstatesC222BR,1BA$675
Oak Terrace1 BEDROOM1BR,1BA$796
Brookside Commons2 Bedroom B2BR,1BA$816
Mackinaw ApartmentsTwo Bedroom2BR,1BA$845
Cadillac Lofts1-Bedroom1BR,1BA$1,138
Lighthouse Gardens Apartments1Br1BR,1BA$1,146
Sawmill Lofts1 Bedroom - 1 Bath1BR,1BA$1,150
Riverview Terrace1 Bedroom R1BR,1BA$1,156

Best Value Apartments for Rent in Waters, MI and Nearby

As of August 01, 2026 the best value apartment in the Waters area is the $1.60 price per square foot Empire Model at Liv East Bay in the starting from $3,065. The second greatest value Waters apartment is the Townhouse Ln Model at Townhouse Lane starting at $1,395 with a $1.29 price per square foot . Here is today’s list of the best values for Waters apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Liv East BayEmpire4BR,2.5BA$1.60
Townhouse LaneTownhouse Ln2BR,1.5BA$1.29
Brookside Commons2 Bedroom A2BR,1BA$1.27
Village Glen ApartmentsTwo Bed Two Bath2BR,2BA$1.46
Harrison Estates Mobile Home CommunityLot 132BR,1BA$0.69
Mackinaw ApartmentsTwo Bedroom2BR,1BA$1.11
Lighthouse Gardens Apartments2Br2BR,1BA$1.83
Presque Isle Estates15202BR,1BA$1.04
Thunder Bay EstatesC222BR,1BA$1.01
Oak Terrace1 BEDROOM1BR,1BA$1.38

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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Quick Rent Budget Calculator

How much rent can you afford?

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

Explore Waters, MI Rentals by Map

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See the most popular apartments and homes in Waters, MI

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Frequently Asked Questions about Cheap Waters Apartments

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

The lowest price for a Cheap One Bedroom Waters Apartment is $796 at Oak Terrace.

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

Today's best deal for a Cheap Two Bedroom Apartment in Waters is starting from $575 at Presque Isle Estates.

What is the most affordable Waters Three Bedroom Apartment?

The best deal on a cheap Waters Three Bedroom Apartment rental is at Presque Isle Estates and starts from $750.

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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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

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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.