Cheap Apartments for Rent in Waterloo, ON from C$500 (32 Rentals)

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

property at 261 Lester St

261 Lester St

WaterlooONN2L 3W6

Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

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property at 253 Lester St

253 Lester St

WaterlooONN2L 3W6
property at 251 Lester St

251 Lester St

WaterlooONN2L 3W6
property at 392 Albert St

392 Albert St

WaterlooONN2L 3V1
property at 185 King St N

185 King St N

WaterlooONN2J 0E1
property at 275 Larch St

275 Larch St

WaterlooONN2L 3R2
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Uptown Apartments
1 to 2 Bedroom Apartments

Uptown Apartments

154 Erb St EWaterloo, ON N2J 1M4
  • Utilities Included
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Park Manor
1 Bedroom Apartments

Park Manor

521 Park StKitchener, ON N2G 1N8
  • Utilities Included
Showing Results 1-32, Page 1 of 1

Waterloo, ON Local Guide

Cheapest Neighborhoods for Apartments in Waterloo, ON

Pricing Updated: 04/26/2025

Current 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:

NeighborhoodMedian PriceMin PriceAvailable Units
Waterloo UptownC$2,385C$575139
Waterloo North EastC$2,449C$670194
Waterloo North WestC$2,656C$575154
Waterloo UniversityC$3,045C$575150

Cheapest Available Waterloo Apartments for Rent

 

The cheapest available apartment rental in Waterloo, ON is a 6 Beds unit found at University Place - 50 University Ave E in the Kitchener North West 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$795. Here is today’s list of the most affordable Waterloo apartments for rent:

Apartment ListingModel NameBed/BathPriced From
University Place - 50 University Ave E6 Beds, 2 baths6BR,2BAC$670
261 Lester St0 Beds, 2 BathsStudio,2BAC$795
253 Lester St0 Beds, 2 BathsStudio,2BAC$795
Linden Village5 Bedroom Shared Occupancy5BR,2BAC$973
Spring Village1 Bedroom Shared Accommodation1BR,1BAC$988
214 York QueenOne Bedroom1BR,1BAC$1,400
NUVOStudioStudio,1BAC$1,425
Mooregate Apartments0 Bedroom(s) and 1 Bathroom(s)Studio,1BAC$1,435
Davenport Apartments1 Bedroom1BR,1BAC$1,500
265 Lawrence Avenue Townhomes1 Beds, 1 Baths1BR,1BAC$1,550

Best Value Apartments for Rent in Waterloo, ON

As of April 26, 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 Three Bedroom Apartment Model at 520 Parkside Dr starting at C$2,199 with a C$1.94 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 ListingModel NameBed/BathPrice Per Sq.Ft.
Sunnydale4 Bedroom Townhouse4BR,2BAC$2.04
520 Parkside DrThree Bedroom Apartment3BR,1.5BAC$1.94
76 Brybeck Cres2 Bed + Den2BR,1BAC$1.80
Westheights Place2 Bedroom Premium2BR,1BAC$1.92
239 Albert St1 Bedroom plus Dining1BR,1BAC$2.13
University Place - 50 University Ave E2 Beds, 1 bath2BR,1BAC$0.69
250 Frederick StOne Bedroom1BR,1BAC$1.89
Beacon TowerOne Bedroom1BR,1BAC$2.07
Queen Margaret I1 Bedroom1BR,1BAC$2.21
Davenport Apartments1 Bedroom1BR,1BAC$2.27

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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$1,550.

What is the price of a cheap apartment in Waterloo?

The cheapest apartment in Waterloo is Spring Village which is listed at C$988, while the average apartment in Waterloo costs C$2,633.

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 8 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$1,931 which is C$702 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.

decorative image for Understanding Amenity Fees: Know Where You Might Be Able to Save Money article

Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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Rise of Digital Nomads: Remote Work Tips for Apartment Renters

Written by: Brandie Parton

As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.

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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Written by: Christine Leonard, Esq.

Everyone needs a place to live and to call home. For decades, the federal government has established protections to ensure that individuals and families can find housing free from discriminatory barriers.

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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.