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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 $785 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
  • /7

    $950 Per Month

    • 3 Beds
    • 1 Bath
    • 900 Sq Ft
    • Condo for Rent

    1404 4th Ave SW, Spencer, IA 51301

    Property Id: 4526373 bedroom, 1 bathroom apartment for rent in Spencer, located on Spencer Municipal Golf Course. One stall garage, laundry located in common area. Great location, convenient to shopping. Tenant is responsible for electric and garbage. Landlord pays for snow, lawn, water and sewer. No smoking/No pets***Pictures are from a similar unit and there

    1404 4th Ave SW, Spencer, IA 51301
  • /13

    $1,000 Per Month

    • 3 Beds
    • 1 Bath
    • Condo for Rent

    221 E 1st St Unit 221 Downstairs, Spencer, IA 51301

    Property Id: 24385473 bed 1 bath main floor apartment available for rent August 1st. This unit was flooded so has new flooring, new cabinets, pain, new furnace, new water heater. In unit laundry. Tenant pays gas, electric, and garbage. Private entrance to main floor apartment unit. Only one other unit upstairs in this apartment. Dogs considered with monthly pet rent.

    221 E 1st St Unit 221 Downstairs, 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 $975 per month, though prices vary by neighborhood, size, and property type. As of July 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 Spencer, IA?
To comfortably afford the median rent in Spencer, IA, a household needs to earn roughly $39,000 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 $975 per month in Spencer, IA, renters typically need to show $2,925 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 15.0, 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
5
Median Rent
$975
Median Single Family Home Rent
$950
Median Condo Rent
$900
How to Rent a Home