Cheap Apartments Under $1500 in Waterloo, ON

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About Waterloo, ON

Waterloo is a city in Ontario (ON) - the most populous province in Canada that is known for offering a rich mix of urban excitement, natural beauty, and economic opportunity. Every city in Ontario has its own unique culture, history, and attractions to offer visitors and residents alike. For more information, you can refer to our blog to learn more about the cities and neighbourhoods in Ontario.

Renting in Waterloo, ON

Finding cheap apartments under $1500 in Waterloo requires research, communication with landlords & property managers, securing references, and signing a lease. All this can add up to a lengthy endeavour if you’re not familiar with the rental process in Canada. To help you get started, here is a list of resources with tips on renting in Canada.

Average Rent in Waterloo, ON

What is the average rent in Waterloo for cheap apartments under $1500?

The average rent in Waterloo, ON for cheap apartments under $1500 will vary on a month-to-month basis. For the latest stats on average rent in Waterloo, refer to our monthly rent reports.

Finding cheap apartments under $1500 in Waterloo, ON

Finding cheap apartments under $1500 in Waterloo may be a challenge depending on where you’re looking to rent. To increase your chances of finding an affordable home, familiarize yourself with the different neighbourhoods and the average rent in each area. For more information, you can refer to our blog to learn more about the various neighbourhoods in Canada.
In addition to choosing your location, it’s important to know what rental types are available in Waterloo (e.g. 1 bedroom apartments, 2 bedroom apartments, 3 bedroom apartments, studio apartments) and the average rent for each property type. Refer below to figure out your options - ranging from furnished rentals and unfurnished rentals to long term rentals and short term rentals.

Waterloo Rental Types

There are many rental property types you can choose from in Waterloo.

Apartments for rent Waterloo

In Waterloo, apartments are a common form of housing you’ll find. Average rent prices for apartments depend on where you’re looking. Apartments for rent in urban areas are typically more expensive due to higher demand. Apartments generally require much less maintenance than houses, making them ideal for renters who don’t need as much space.

Houses for rent Waterloo

There are plenty of houses for rent in Waterloo for those with a higher budget, need extra space, or who have multiple roommates. Both partial houses and entire houses for rent are common, as well as both new builds and older homes. Some areas, like Toronto and Vancouver, are also known for an abundance of laneway homes and townhomes, making it easy to find a place to rent that suits your needs.

Townhouses for rent Waterloo

Townhouses are another popular form of housing in Waterloo that combine the best qualities of both apartments and whole houses. Typically less expensive than houses, townhouses for rent offer an attractive combination of freedom and space, generally coming with your own private yard and entrance.

Basements for rent Waterloo

For those looking to find affordable rental housing in Waterloo, basements for rent pose an attractive alternative. Since house prices are so expensive, homeowners will sometimes rent out their basements as a way to offset their mortgage payments. This makes it easy for renters to find relatively inexpensive basements for rent in areas throughout the country.

Condos for rent Waterloo

Condos for rent are also a common sight in Waterloo. These types of rental accommodation are perfect for those who like to be in the centre of the action, and don’t need as much space. If you are looking to rent in the city centre though, be prepared for higher-than-average rent prices.

Rooms for rent Waterloo

Sharing a house or apartment is practically essential for those looking for cheap rent in Waterloo. Rooms for rent are a great way to experience wherever you’re living on a budget, and can offer you the opportunity to live in neighbourhoods that would otherwise be unaffordable.

Special Waterloo Rental Types

In addition to choosing your property type, there are also specific rental types you can look into.

Pet friendly rentals in Waterloo

Though not every landlord is keen on allowing pets, there are a good number of pet-friendly rentals in Waterloo for those with furry friends. Both dog-friendly and cat-friendly rental units are available, as well as properties where both are allowed. Try searching for pet-friendly units using search filters on your rental platform to find units that match your needs.

Furnished rentals in Waterloo

If you’re new to town or just haven’t had a chance to pick up furniture of your own yet, not to worry – there are plenty of furnished rentals available in Waterloo. Renters seeking furnished units should search for these units using filters, but do be prepared to pay more in rent. There are pros and cons to renting furnished units compared to unfurnished units, so deciding whether it’s worth it to buy furniture when moving is a good first step.

Short term rentals in Waterloo

Waterloo has plenty of work opportunities and excellent academic institutions, making it a popular place for those renting on a short-term basis. Short-term rentals are exceedingly popular in most cities, particularly during the summer months and at the beginning of school semesters. The added flexibility is an appealing prospect for many renters, and a key factor in deciding whether or not short-term rentals are right for you.

Cheap rentals in Waterloo

If you’re looking for cheap rentals in Waterloo, ON, try finding a roommate or two and explore shared housing; or search for rooms for rent. It’s worth noting that in Waterloo, there are neighbourhoods where rent is considerably cheaper, so exploring these options is a good idea as well.

Waterloo Amenities

When you’re searching for cheap apartments under $1500 in Waterloo, make sure to look at what amenities are offered. For instance, check to see if the rental includes utilities like air conditioning, cable and internet or features such as dishwasher, parking, balcony and fridge.
Tip: When looking at listings on, scroll down to the "Amenities" section to see what utilities and features are included with the rental.

Living in Waterloo, ON

People from around the world look to Canada as a safe haven, and Waterloo is one of those cities that truly has something for everyone.
If you’re not sure that Waterloo is the right city for you, check out some of these resources comparing the different cities.

Popular Neighbourhoods in Waterloo

Waterloo is made up of smaller neighbourhoods with their own distinct features. For more information, you can check out the blog to learn about the different neighbourhoods in Waterloo.

Local Landmarks in Waterloo

Canada is known for its impressive natural beauty and diverse culture from coast-to-coast. You can find a full list of cultural landmarks and attractions in Waterloo on

Cheap apartments under $1500 Waterloo

Search for condos, townhouses, rooms, and houses for rent in Waterloo, ON on Finding cheap apartments under $1500 near you has never been easier. Filter your search by price range (great for finding cheap apartments for rent), unfurnished or furnished apartments for rent, pet-friendly rentals, availability, and housing type. Options range from studio apartments and suites for rent to 1 or 2 bedroom apartment and 3+ bedrooms for rent.
Our Waterloo rental listings are updated in real-time and are current as of Dec 9, 2023.