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Spencer, IA Homes for Rent

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  • /41

    Starting at $725 Per Month

    • 1 - 2 Beds

    110 4th St SE, Spencer, IA 51301

    Park View Apartments - 2 Bedroom / 1 Bath - Fully remodeled 2 bedroom/1 bath apartment with 693 square feet. Solid construction with concrete walls, ceiling and floors. All new central air conditioning and heat in each unit. The remodeled kitchen features Samsung stainless steel appliances with new granite. New gray vinyl wood plank flooring throughout the apartment with new fresh gray

    Park View Apartments

    110 4th St SE, Spencer, IA 51301
  • /44

    Starting at $795 Per Month

    • Studio - 4 Beds

    1001 9th St SW, Spencer, IA 51301

    Welcome to Windcrest Village in Spencer, Iowa.Discover comfortable living in a welcoming community. Windcrest Village offers thoughtfully designed one-, two-, and three-bedroom apartments, along with two-, three-, and four-bedroom townhomes, providing flexible layouts for a variety of lifestyles.Each home features in-unit washers and dryers, spacious bedrooms with large closets

    Windcrest Village I & II

    1001 9th St SW, Spencer, IA 51301
  • /13

    Starting at $906 Per Month

    • 2 Beds

    600 E 19th St, Spencer, IA 51301

    Income based rent (approximately 30% of household income). Income restrictions do apply. Coin operated laundry on site. Stove & Fridge provided. "This institution is an equal opportunity provider."

    Cypress Pointe Apartments

    600 E 19th St, Spencer, IA 51301
  • /20

    Starting at $1,050 Per Month

    • 1 - 2 Beds

    410 8th St SE, Spencer, IA 51301

    Welcome to The Banks Apartments, a brand-new apartment community NOW LEASING in Spencer, IA. Designed with modern living in mind, The Banks offers spacious, stylish apartments with thoughtfully designed interiors and convenient features to make you feel right at home.At The Banks, residents can enjoy comfortable living in a welcoming community with amenities designed for everyday

    The Banks Apartments

    410 8th St SE, Spencer, IA 51301
  • /9

    $1,250 Per Month

    • 3 Beds
    • 2 Baths
    • 1,046 Sq Ft
    • Condo for Rent

    111 36th Ave W Unit 3B, Spencer, IA 51301

    Property Id: 2613906 Join the EZ Living community and enjoy our newly constructed rental units on the west edge of Spencer. Located just off of West 4th Street on 36th Ave W, this quiet neighborhood is the perfect place to come home to relax. The spacious one level floor plan has an individual entrance. Laminate flooring, fiberglass tub/shower and master shower make cleaning a breeze.

    111 36th Ave W Unit 3B, Spencer, IA 51301
  • /9

    $1,250 Per Month

    • 3 Beds
    • 2 Baths
    • 1,046 Sq Ft
    • Condo for Rent

    111 36th Ave W Unit 3B, Spencer, IA 51301

    Property Id: 2613906 Join the EZ Living community and enjoy our newly constructed rental units on the west edge of Spencer. Located just off of West 4th Street on 36th Ave W, this quiet neighborhood is the perfect place to come home to relax. The spacious one level floor plan has an individual entrance. Laminate flooring, fiberglass tub/shower and master shower make cleaning a breeze.

    111 36th Ave W Unit 3B, Spencer, IA 51301
  • /4

    $750 Per Month

    • Apartment for Rent

    2416 4th Ave W Unit 1, Spencer, IA 51301

    Versatile mixed-use commercial space available now on a 1.33-acre C-2 Highway Commercial property with dual road access and strong visibility. Ideal for a mechanic, automotive service, contractor, equipment repair, or similar business needing functional workspace and easy access. Currently available is a large 1,512 sq ft steel-frame metal shop along with dual road access, an on-site truck scale,

    Nick Steffes Integrity Real Estate

    2416 4th Ave W Unit 1, Spencer, IA 51301

Why Live in Spencer

Spencer, located in northwest Iowa, is a city where the Little Sioux and Ocheyedan rivers converge. Known for its deep-rooted community, Spencer hosts the largest county fair in Iowa and is a hub for farm equipment manufacturers and food processors. The city has a growing healthcare sector, bolstered by a new emergency department at Spencer Hospital. Despite a devastating flash flood in June 2024, which damaged over three-quarters of the city's structures, Spencer continues to rebuild with support from the Chamber of Commerce. Homes in Spencer range from early 1900s American Foursquares and folk-style houses to ranch-style homes and newer subdivisions on the outskirts. The downtown area, rebuilt in the Art Deco style after a 1931 fire, is listed on the National Register of Historic Places and features a mix of local businesses and national chains. Spencer boasts over 400 acres of parks and recreation, including the 12-mile Spencer Recreational Trail, East Leach Park, Stolley Park, and the Spencer Golf and Country Club. The Spencer Community School District offers college credit courses, and Iowa Lakes Community College has a campus in the city. Transportation is facilitated by U.S. Routes 71 and 18, a regional airport, and a nonprofit transit system. Spencer's attractions include the Clay County Fair, one of the largest in the nation, and various local events that foster a strong sense of community. Crime rates in Spencer are lower than the national average, contributing to its appeal as a safe place to live.

Frequently Asked Questions

How much does it cost to rent a home in Spencer, IA?
The median rent for a home in Spencer, IA is $1,250 per month, though prices vary by neighborhood, size, and property type. As of August 2026, condos tend to be the most affordable option.
How much do you need to make to afford rent in Spencer, IA?
To comfortably afford the median rent in Spencer, IA, a household needs to earn roughly $50,000 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 $1,250 per month in Spencer, IA, renters typically need to show $3,750 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 Spencer, IA?
In Spencer, IA, the price-to-rent ratio is 11.0, 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
7
Median Rent
$1,250
Median Condo Rent
$1,250
How to Rent a Home