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Studio Apartment for Rent in Homer, AK

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    $950 Per Month

    • Studio
    • 1 Bath
    • 250 Sq Ft
    • Condo for Rent

    580 Waddell St Unit Studio, Homer, AK 99603

    Property Id: 2101705 Compact and fully furnished studio in downtown Homer, available for a 6-7 month lease. Rent covers all utilities including high-speed Wi-Fi and winter plowing. Efficient space with everything you need, located steps from local businesses and the waterfront. No smoking. Pets OK with approval and deposit. RENT - all-inclusive. Message to learn more or

    580 Waddell St Unit Studio, Homer, AK 99603

Why Live in Homer

Homer, located on the southwestern coast of Alaska’s Kenai Peninsula, is a small city known for its unique blend of coastal charm and convenience. Housing in Homer includes single-family cabins and ranch-style homes, many with bay views or nestled among spruce-covered hillsides. The Homer Spit, a narrow land extension into Kachemak Bay, has shops, galleries and boardwalks, contributing to the city's vibrant atmosphere. Renowned as the Halibut Fishing Capital of the World, Homer also boasts a rich array of world-class art, food and outdoor recreation. Residents enjoy activities such as hiking, fishing and kayaking, with Kachemak Bay State Park offering remote trails and glacier views. Bishop’s Beach and the Calvin & Coyle Trail provide scenic spots while Karen Hornaday Park hosts summer concerts and Little League games. The culinary scene is diverse, with options ranging from the bayside Captain Pattie’s Fish House to the inland AJ’s OldTown Steakhouse. Schools in the Kenai Peninsula Borough School District are highly rated. Cultural events such as the Kachemak Bay Shorebird Festival and Salmonfest highlight the community’s creative spirit. Despite its remote location, Homer is well-connected via the Sterling Highway, the Alaska Marine Highway ferry system and Homer Airport, ensuring easy travel within the region.

Frequently Asked Questions

How much does it cost to rent a home in Homer, AK?
The median rent for a home in Homer, AK is $1,550 per month, though prices vary by neighborhood, size, and property type. As of August 2026, condos tend to be the most affordable option while single-family homes are currently more expensive.
How much do you need to make to afford rent in Homer, AK?
To comfortably afford the median rent in Homer, AK, a household needs to earn roughly $62,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $1,550 per month in Homer, AK, renters typically need to show $4,650 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Homer, AK?
In Homer, AK, the price-to-rent ratio is 24.4, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.

Rental Home Trends

Number of Homes for Rent
1
Median Rent
$1,550
Median Single Family Home Rent
$1,738
Median Condo Rent
$1,550
How to Rent a Home