Cheap Apartments for Rent in Waters, MI from $400 (15 Rentals)
Search the lowest-cost Apartments available for rent right now in Waters.

Harrison Estates Mobile Home Community

PARK MEADOW APARTMENTS

Green Meadows Apartments

Hillside Club Apartments

Cadillac Lofts

Harbour Ridge Apartments

Pines45 Apartments
Know Your Rights - How Discrimination Laws Impact Landlords and Tenants
Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.
Waters, MI Local Guide

How much does it cost to rent an apartment in Waters?
Bedroom | Average Rent | Cheapest Rent | Highest Rent |
---|---|---|---|
Waters Studio Apartments | $1,161 | $1,095 | $1,275 |
Waters 1 Bedroom Apartments | $1,506 | $775 | $2,426 |
Waters 2 Bedroom Apartments | $1,867 | $625 | $3,800 |
Waters 3 Bedroom Apartments | $2,147 | $610 | $3,600 |
Browse Top Apartments in Waters
See all Apartments in WatersExplore Waters
Waters, MI Local Guide
- Nearby Cities
- ZIP codes
- Local Counties
- School Districts
Cheapest Available Waters Apartments for Rent and Nearby
 The cheapest available apartment rental in Waters, MI is a 2 Beds unit found at Ruth Park in the Downtown Traverse City neighborhood priced from $405. Thunder Bay Estates 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 Listing | Model Name | Bed/Bath | Priced From |
---|---|---|---|
Ruth Park | Two Bedroom | 2BR,1BA | $405 |
Thunder Bay Estates | D6 | 2BR,1BA | $625 |
Cadillac Lofts | Studio | Studio,1BA | $1,071 |
Sugar Plum Apartments | 1bdm | 1BR,1BA | $1,200 |
Alger Apartments | 2 Bedroom - 1 Bath | 2BR,1BA | $1,260 |
Best Value Apartments for Rent in Waters, MI and Nearby
As of April 21, 2025 the best value apartment in the Waters area is the $1.88 price per square foot Terrace Estates Condos Model at Terrace Bluff Condominiums in the in the Downtown Traverse City neighborhood starting from $2,400. The second greatest value Waters apartment is the Poppa Bear - Lower Model at Bear Creek Meadows - Petoskey, MI starting at $1,675 with a $1.46 price per square foot . Here is today’s list of the best values for Waters apartments based on price per square foot:
Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
---|---|---|---|
Terrace Bluff Condominiums | Terrace Estates Condos | 3BR,2BA | $1.88 |
Bear Creek Meadows - Petoskey, MI | Poppa Bear - Lower | 3BR,2BA | $1.46 |
Ridge45 Apartments | Solstice South (Barrier Free) | 2BR,2BA | $1.63 |
Holiday Village Townhomes | 2 BED/1.5 BATH | 2BR,1.5BA | $1.66 |
Alger Apartments | 2 Bedroom - 2 Bath | 2BR,2BA | $1.44 |
Annika Place | Two Bedroom | 2BR,1BA | $1.42 |
Oak Shore Commons | 2 Bedroom, 1 Bath End Unit | 2BR,1BA | $1.93 |
Ruth Park | Two Bedroom | 2BR,1BA | $0.47 |
Sugar Plum Apartments | 1bdm | 1BR,1BA | $1.83 |
Thunder Bay Estates | D6 | 2BR,1BA | $1.04 |
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.
Remember the 3 Rules of Real Estate:Location, Location, Location!
Explore Waters, MI Rentals by Map
See the most popular apartments and homes in Waters, MI
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 $1,138 at Cadillac Lofts.
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 $405 at Ruth Park.
What is the most affordable Waters Three Bedroom Apartment?
The best deal on a cheap Waters Three Bedroom Apartment rental is at Bear Creek Meadows - Petoskey, MI and starts from $1,675.
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.

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.

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.

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.

Battling the Butts: Your Guide to the Reality of Smoke-Free Renting
Written by: Andrea Lee Negroni, JD
While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.