Rents are right about where Waterloo's 10-year trend predicts.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $909 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in Waterloo usually run 0.6% below trend in December and 0.6% above it in July, about $11 a month apart at today's median. Based on 5 years of data.
Rent in Waterloo is at its highest level since Zillow's records here began in January 2021.
Rent in Waterloo changed +5.5% over the year to September 2026. Across the 26 Iowa cities Zillow tracks, the typical change was +4.5%.
Rent has risen 16 months in a row, and rose in 12 of the last 12 months.
30% of the median household income ($57,480) is $1,437 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($1,267); a 4-bedroom is $1,630.
The priciest of 3 ZIP codes in Waterloo, 50701 ($1,014/mo), costs 18% more than the cheapest, 50702 ($861/mo).
From Zillow's monthly rent index (ZORI) for Waterloo. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Waterloo, IA is majority owner-occupied, has a median income below the national average, 21.8% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Waterloo, IA has changed in 5 years
The median rent in Waterloo, IA stood at $693 in 2021 and currently runs about $909, reflecting a 31.2% increase over the period. On the earnings side, the typical household in Waterloo, IA now reports about $57,480, up from $49,430 in 2021. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 1.0% since 2021, moving from about 67,695 residents to roughly 67,008. Renters now make up 37.9% of households, compared with 39.9% five years ago. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and Waterloo, IA reflects that arc in its own way.
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Can you afford rent in Waterloo on your salary?
At $909/mo, how Waterloo rent compares to typical pay (30% rule).
Waterloo rent by bedroom count
Median rent for each apartment size in Waterloo. Click any size for full breakdown.
Tips for renters in Waterloo
Last updated: October 17, 2026
The median rent in Waterloo is $909/mo as of October 2026. A studio apartment averages $663/mo while a 2-bedroom runs $970/mo. One-bedroom apartments average $740/mo and 3-bedroom units go for $1,267/mo.
At 19% of local median household income ($57,480/yr), Waterloo ranks as affordable compared to the national benchmark of 30%. Rents have increased 5.5% over the past year.
Frequently asked questions
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How does Waterloo rent compare to other cities in Iowa?
At $909/mo, rent takes ~19% of Waterloo's median household income ($57,480/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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