Average Rent in Waterloo, IA↑ Rents rising 5.6% YoY🔺 11th priciest in IA

Waterloo, IA has rental prices ranging from $684/month to $1,674/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $760/month — 46% below the national average of $1,400/month. With a median household income of $68,916/year, spending $760/month on a 1-bedroom represents 13% of gross income — within the recommended 30% threshold.

How Waterloo Compares

With an average 2-bedroom rent of $997/month, Waterloo ranks #11 most expensive of the 94 cities tracked in Iowa — pricier than 64% of all US cities in our data.

The Waterloo Rental Market

The Waterloo, IA area has a population of about 168,163 and 31% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Waterloo, IA have risen by $53/month (5.6%) over the past year, from $944 to $997. This modest growth is consistent with broader inflationary trends seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Waterloo, IA without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $30,400. The local median household income of $68,916 exceeds that threshold by $38,516, making Waterloo relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Waterloo, IA is $148,985, giving a price-to-rent ratio of 12.5. The break-even point between renting and buying is roughly 12 years — renting offers more flexibility for shorter stays, while buying makes more sense for long-term residents.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Waterloo's neighborhoods. Among the highest-value areas are Franklin Gateway ($74,946 median home value), Roosevelt ($75,007 median home value), Church Row Historic ($77,959 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Waterloo, IA Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Waterloo?

Break-even analysis and mortgage estimates based on local market data.

Living in Waterloo

Cost of living, job market, crime rates, and moving cost estimates.