3

Water Valley, MS Homes for Rent

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  • /65

    $3,000 Per Month

    • 4 Beds
    • 2.5 Baths
    • 3,356 Sq Ft
    • House for Rent

    301 Market St, Water Valley, MS 38965

    FOR RENT - Available July 15! 301 Market Street | Water Valley, MS Step into timeless charm with modern comfort at this beautifully restored home in the heart of historic downtown Water Valley. Built in 1903, this one-of-a-kind property offers the perfect blend of character, space, and updated amenities. Inside, you'll find spacious living areas filled with natural light, beautiful architectural

    Delacy Howell Delacy Howell Realty

    301 Market St, Water Valley, MS 38965
  • /27

    $1,700 Per Month

    • 3 Beds
    • 1 Bath
    • 1,450 Sq Ft
    • House for Rent

    1511 N Main St, Water Valley, MS 38965

    Adorable 3br/1ba cottage close to downtown on North Main Street. You will love the screen porch and nice yard.

    1511 N Main St, Water Valley, MS 38965
  • /10

    $1,200 Per Month

    • 2 Beds
    • 2 Baths
    • 921 Sq Ft
    • House for Rent

    72 Tammy Ln, Water Valley, MS 38965

    Looking for a reasonable place to rent? Look no further than this 2br/2ba manufactured home located off of Hwy. 32 in the Water Valley Boat Landing community. The home has a nice, large front deck plus screened-in back porch. Large yard. Even comes with its own in-ground storm shelter.

    72 Tammy Ln, Water Valley, MS 38965

Why Live in Water Valley

Water Valley, Mississippi, is a small, artsy town located less than 20 miles south of Oxford, home to the University of Mississippi. Known for its tight-knit community, Water Valley hosts numerous events such as street dances, music festivals, and the annual Watermelon Carnival, which attracts around 20,000 attendees each August. Housing options in Water Valley include bungalows, ranch-style homes, and farmhouses, generally priced lower than those in nearby Oxford. However, many properties are at a high risk of flooding, and residential streets often lack sidewalks and curbs. The Water Valley School District is rated well, and the University of Mississippi is a short drive away. For outdoor activities, City Park and Baker Street Park offer playgrounds and green spaces, while Enid Lake provides opportunities for fishing, picnics, and camping at George P. Cossar State Park and Water Valley Landing. Dining options include El Charrito’s for Mexican cuisine, Crawdad Hole for Cajun dishes, and Hometown Pizza Café. The B.T.C. Old-Fashioned Grocery and Larson’s Cash Saver cater to grocery needs, with Family Dollar and Dollar General offering additional household goods. The Casey Jones Music Fest in the spring features local musicians, and the Water Valley Arts Council hosts an annual Art Crawl. Medical care is available through Yalobusha Health Services, and Tupelo Regional Airport, about 60 miles away, provides flights to Dallas and Nashville.

Frequently Asked Questions

How much does it cost to rent a home in Water Valley, MS?
The median rent for a home in Water Valley, MS is $1,700 per month, though prices vary by neighborhood, size, and property type. As of August 2026, single-family homes tend to be the most affordable option.
How much do you need to make to afford rent in Water Valley, MS?
To comfortably afford the median rent in Water Valley, MS, a household needs to earn roughly $68,000 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 $1,700 per month in Water Valley, MS, renters typically need to show $5,100 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 Water Valley, MS?
In Water Valley, MS, the price-to-rent ratio is 10.5, 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
3
Median Rent
$1,700
Median Single Family Home Rent
$1,700
How to Rent a Home