Cheap Apartments for Rent in Waters, MI from $400 (48 Rentals)

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

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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property at 107 Cass St

$1,195

Total Monthly Price

Total Monthly Price

Base Rent
$1,195
Total Monthly Price
$1,195

1 Bedroom, 1 Bath Condo for Rent

Available Now

107 Cass St, Unit Condo 2

107 Cass St
Traverse CityMI49684
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

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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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.

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property at 1788 St Joseph St

$1,595

Total Monthly Price

Total Monthly Price

Base Rent
$1,595
Total Monthly Price
$1,595

2 Bedroom, 1.5 Bath Townhome for Rent

Available Jul 1

1788 St Joseph St

Traverse CityMI49696
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Victories Square
Studio to 2 Bedroom Apartments

Victories Square

1899 Migizi WayPetoskey, MI 49770
  • Utilities Included
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Stargate Motel
2 to 3 Bedroom Apartments

Stargate Motel

4646 S Straits HwyIndian River, MI 49749
  • Utilities Included
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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
  • Utilities Included

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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Inland Lakes Motel
1 to 2 Bedroom Apartments

Inland Lakes Motel

1225 S Grandview Beach RdIndian River, MI 49749
Corporate Housing
  • Utilities Included
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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
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Brookside Commons
1 to 3 Bedroom Apartments

Brookside Commons

4155 Sprucewood DrTraverse City, MI 49684
  • Utilities Included
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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

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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Manitou Woods
1 to 3 Bedroom Apartments

Manitou Woods

1021 Manitou DrTraverse City, MI 49686
  • Utilities Included
Showing Results 1-48, 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 EstatesD32BR,1BA$675
Oak Terrace1 BEDROOM1BR,1BA$796
Mackinaw ApartmentsTwo Bedroom2BR,1BA$835
Cadillac Lofts1-Bedroom1BR,1BA$1,138
Sawmill Lofts1 Bedroom - 1 Bath1BR,1BA$1,150
Aspen VillageNew Double-Wide3BR,1BA$1,200
Brookside CommonsTwo Bedroom2BR,1BA$1,227
Pine Hills and Cedar Hills Apartments1 Bedroom 1 Bath1BR,1BA$1,300

Best Value Apartments for Rent in Waters, MI and Nearby

As of June 16, 2026 the best value apartment in the Waters area is the $1.52 price per square foot 3BD/2.5BA Model at Manitou Woods in the starting from $2,025. The second greatest value Waters apartment is the Birch Model at Pines45 Apartments starting at $1,635 with a $1.47 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.
Manitou Woods3BD/2.5BA3BR,2.5BA$1.52
Pines45 ApartmentsBirch2BR,2BA$1.47
Townhouse LaneTownhouse Ln2BR,1.5BA$1.29
Brookside CommonsTwo Bedroom2BR,1BA$1.20
Village Glen ApartmentsTwo Bed Two Bath2BR,2BA$1.36
Harrison Estates Mobile Home CommunityLot 132BR,1BA$0.69
Mackinaw ApartmentsTwo Bedroom2BR,1BA$1.09
Thunder Bay EstatesD32BR,1BA$0.94
Presque Isle Estates15202BR,1BA$1.04
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

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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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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

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.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.