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Apartments under $500 for Rent in Waterloo, IA

12 Rentals
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  2. Building Photo - Elevate Apartments
    4 BEDS
    $525
    Total Monthly Price Total Monthly Price New
    Base Rent$450
    Required Monthly Fees$75
    Total Monthly Price$525

    Elevate Apartments

    6025 Donegal Cir, Waterloo, IA 50701
    (319) 349-4157
  3. Building Photo - 1009 W 22nd St
    1 BED, 2 BATHS
    $420
    Total Monthly Price Total Monthly Price New
    Base Rent$420
    Required Monthly FeesNone
    Total Monthly Price$420

    1009 W 22nd St

    1009 W 22nd St, Cedar Falls, IA 50613

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Living & Renting in Waterloo

Waterloo at a Glance

Average Rent

$832
(All bedrooms and property types)
Learn more about
Average Rent in Waterloo
3

School Rating

out of 10 Rating
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Schools in Waterloo

Waterloo, IA Apartments for Rent

Waterloo, the "Factory City," has been home to John Deere agricultural machinery manufacturing for over 100 years, with the Cedar River running right through Iowa's eighth-largest city. Looking for apartments in Waterloo? You'll love the affordable housing market here, with average rents around $800 monthly—way below what you'd pay in other Midwestern cities. The manufacturing sector keeps pumping out solid job opportunities, while the Cedar Valley setting brings that perfect mix of natural beauty and laid-back living.

Waterloo apartments work great for budget-minded renters who want outdoor fun, entertainment, and all the conveniences close by. Check out established neighborhoods like Downtown Waterloo and Conger Park, where apartment communities sit near great green spaces like George Wyth State Park and Hartman Reserve Nature Area. The Museum District puts galleries and cultural spots within walking distance, and Lost Island Theme Park brings the summer thrills. Plus, with the University of Northern Iowa campus right next door in Cedar Falls, it's super convenient for students and university staff. Between major employers like John Deere and local healthcare facilities, jobs are plentiful—and when you want more shopping and dining variety, Cedar Rapids is just an hour away.

Why Waterloo?

  • Waterloo is home to Hawkeye Community College and it is just minutes from the University of Northern Iowa in Cedar Falls.
  • Hockey! Waterloo is home of the USHL Black Hawks, who play at the Young Arena.
  • There are several museums and historic sites in Waterloo, including the 1862 Victorian Home and Carriage House Museum.
  • Waterloo features family-friendly attractions such as Phelps Youth Pavilion, a hands-on children’s museum.
  • Gorgeous parks in Waterloo include the vast Black Hawk Park which offers camping, fishing, hiking, and boat ramps.
  • The Cedar Valley Paddlers Trail is a 10-mile water trail offering fishing, boating, and wildlife viewing.

Renting in Waterloo

Average Rental Rates and Apartment Sizes

Top Budget-Friendly Neighborhoods in Waterloo

(For 1 bedroom apartments)

Education

Private University
Public University
Public University
Private University
GreatSchools Rating
West High School

Public High School

Public
Grades 9-12
1,652 Students
GreatSchools Rating
East High School

Public High School

Public
Grades 9-12
1,002 Students
GreatSchools Rating
Hoover Middle School

Public Middle School

Public
Grades 6-8
883 Students
GreatSchools Rating
George Washington Carver Academy

Public Middle School

Public
Grades 6-8
424 Students
GreatSchools Rating
Central Middle School

Public Middle School

Public
Grades 6-8
431 Students
GreatSchools Rating
Kingsley Elementary School

Public Elementary School

Public
Grades K-5
343 Students
GreatSchools Rating
Lou Henry Elementary School

Public Elementary School

Public
Grades K-5
478 Students

Data provided by GreatSchools.org 2025 © 2025. All rights reserved.

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