Low Income Apartments and Affordable Housing For Rent in Waterloo, IA

Discover affordable housing in Waterloo where there are 75+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Cedar River Renewal

106 East 3rd Street, Waterloo, Iowa 50703

bed 1
switch_access_shortcut Short Wait
accessibility Accessible

Crossroads Square

1820 E Ridgeway Avenue, Waterloo, Iowa 50702

bed 1
payment Subsidized

Camelot Apartments

1650 Camelot Dr, Waterloo, Iowa 50702

bed 1
payment Subsidized

Hotel President Senior Apartments

500 Sycamore Street, Waterloo, Iowa 50703

bed Studio-1
switch_access_shortcut Short Wait
payment Subsidized
accessibility Accessible

Greenridge Family Apartments

1650 Camelot Dr, Waterloo, Iowa 50702

bed 2
payment Subsidized

Heritage Apartments

1306 W Donald St, Waterloo, Iowa 50703

payment Subsidized
accessibility Accessible

Liberty Manor

1119 Kent Cir, Waterloo, Iowa 50701

switch_access_shortcut Short Wait
real_estate_agent Accepts Vouchers
accessibility Accessible

Ridge Village

1261 Downing Court, Waterloo, Iowa 50701

payment Subsidized

Mt Village II Apartments

540 W Louise St, Waterloo, Iowa 50703

switch_access_shortcut Short Wait

Renaissance Park Apartments

610 E 4th St, Waterloo, Iowa 50703

switch_access_shortcut Short Wait

Russell Lamson

209 W 5th St, Waterloo, Iowa 50701

bed Studio-3
payment $625-1100/mo.
switch_access_shortcut Short Wait
accessibility Accessible

Legacy Manor of Waterloo

1050 Flammang Dr, Waterloo, Iowa 50702

switch_access_shortcut Short Wait
real_estate_agent Accepts Vouchers
payment Income Based
accessibility Accessible

Leavitt Park Apartments - Building 1008

1008-1024 Leavitt St, Waterloo, Iowa 50702

bed 2
payment $900/mo.

908 W 3rd St

908 W 3rd St, Waterloo, Iowa 50701

bed 5
payment $900/mo.

905 Leavitt St

905 Leavitt St, Waterloo, Iowa 50702

bed 2
payment $900/mo.

1121 Patton Ave

1121 Patton Ave, Waterloo, Iowa 50702

bed 3
payment $1150/mo.

203 Lambeth Rd

203 Lambeth Rd, Waterloo, Iowa 50701

bed 2
payment $900/mo.

700 Cottage St

700 Cottage St, Waterloo, Iowa 50703

bed 2
payment $800/mo.

717 Kern St

717 Kern St, Waterloo, Iowa 50703

bed 2
payment $875/mo.

255 Madison St

255 Madison St, Waterloo, Iowa 50703

bed 2
payment $800/mo.

How To Identify Affordable Housing in Waterloo, Iowa

Look for program and preference badges on affordable apartment listings. These badges can help you identify the types of low income housing each apartment offers and if you may be eligbile for rental assistance or reduced rents.

Badge Description
switch_access_shortcut Short Wait
Low income apartments with no or short waiting lists.
payment Subsidized
Low income housing where the rent is subsidized and the renter pays only a portion of total rent.
real_estate_agent Accepts Vouchers
Apartments that accept Section 8 vouchers near you
elderly Senior
Rental housing for seniors who are 55 (or sometimes 62) and older.
payment Income Based
Affordable apartments where the rent paid is based on renter income.
accessibility Accessible
Meets Accessibilty Requirements of the Fair Housing Act, the ADA, or HUD policy.
accessible_forward Disability
Apartments for individuals or families with disabilities.
real_estate_agent Naturally Affordable
Naturally Occuring Affordable Housing - or NOAH - is any housing unit that offers affordable rent without participating in a rent subsidy program.
Open Until Further Notice
calendar_month

Reported On February 23rd, 2024 by Vanea Gardner

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Waterloo, Iowa
$17.88/hour
$10.63 (+147%) more than Iowa minimum wage and $10.63 (+147%) more than the Federal minimum wage.
Learn More About Waterloo, Iowa Affordable Housing ↓

What HUD offices serve Waterloo, Iowa?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Waterloo, Iowa.

Go to the Iowa Public Housing and Low-Income Apartments Waiting Lists page for openings near Waterloo.

How many renters live in Waterloo, Iowa?

The City of Waterloo has people living in households.

There are renters living in renter households in this City. Renters make up 36.04 percent of the population living in Waterloo.

What is the rental market like in Waterloo, Iowa?

There are an estimated housing units in the Waterloo area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Waterloo, Iowa, there are 1.18 rental units.

What is the vacancy rate for rentals in Waterloo?

The rental vacancy rate in Waterloo is 4 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Waterloo for each bedroom size?

Occupied Rental Units by Size in Waterloo
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
464 2,946 5,312 2,140 439
Occupied Rental Units by Size in Waterloo

A large number of apartments in Waterloo have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How Much Is Rent in Waterloo

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $640 to $1,602. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $640
One BR $737
Two BR $944
Three BR $1,250
Four BR $1,602
2024 Fair Market Rents in Waterloo, Iowa

How many units are rented at Fair Market Rent (FMR) in Waterloo?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 229 49 percent
One BR 2,008 68 percent
Two BR 3,005 57 percent
Rental Units Below FMR in Waterloo, Iowa

How many affordable rental units are in Waterloo?

There are a variety of federal affordable housing programs serving households in Waterloo, Iowa including the following:

Federal Program Unit Count
Low Income Housing Tax Credit
Public Housing
Section 8 Project-Based Rental Assistance
Tracked Units by Federal Program in Waterloo, Iowa

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Waterloo, Iowa

Waterloo features 731 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Waterloo, Iowa

There are 547 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Waterloo.

Housing Choice Vouchers in Waterloo, Iowa

On average, Section 8 Housing Choice vouchers pay Waterloo landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Waterloo.

The maximum amount a voucher would pay on behalf of a low-income tenant in Waterloo, Iowa for a two-bedroom apartment is between $850 and $1,038.

Sourced from federal housing data and AffordableHousingOnline.com research.