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Waverly, IA Homes for Rent

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  • /35

    Starting at $1,650 Per Month

    • 2 - 3 Beds

    1200 Leitha Terrace, Waverly, IA 50677

    *First month FREE for new leases starting before 2/1/2026*Why your next home should be at Pinnacle Villages!- New apartments located in Waverly, Iowa- Private balcony / patio- Ideal for young professionals or families new to the area- Two car attached garage on every unit!- Free access to Prairie Links Pool - Free golf membership at Prairie Links Golf Course

    Pinnacle Villages - Waverly

    (319) 984-1042

    1200 Leitha Terrace, Waverly, IA 50677
  • /21

    Starting at $850 Per Month

    • 2 - 3 Beds

    701 16th St SW, Waverly, IA 50677

    Find your perfect home at Rolling Meadows, where comfort, convenience, and a welcoming community come together. Whether you're a student, young professional, or simply looking for a peaceful place to live, Rolling Meadows offers everything you need to feel right at home.Features You'll Appreciate:-Just minutes from Wartburg College- ideal for students and staff-Garages

    Rolling Meadows Apartments

    (319) 984-1946

    701 16th St SW, Waverly, IA 50677
  • /9

    $950 Per Month

    • 2 Beds
    • 1 Bath
    • 700 Sq Ft
    • Condo for Rent

    92 5th Ave NW Unit 3, Waverly, IA 50677

    Property Id: 2004667Totally Remodeled 2 Bed / 1 Bath Apartment in Prime Waverly Location!This beautifully updated 2-bedroom, 1-bath apartment offers modern living in a quiet, convenient neighborhood just minutes from everything Waverly has to offer. Located at the end of a peaceful dead-end street, this unit features a completely remodeled interior with an open-concept kitchen and

    (319) 349-8097

    92 5th Ave NW Unit 3, Waverly, IA 50677
  • /7

    $1,500 Per Month

    • 4 Beds
    • 2 Baths
    • Townhouse for Rent

    806 7th Ave NW, Waverly, IA 50677

    This updated 4 bedroom 2 bath condo has it all with updated kitchen, 2 updated baths, new flooring, new paint throughout. The home has single attached garage as well as additional parking, slider off of dining room that leads you out to a nice deck and rear yard. Welcome to Unit #2 at 806 7th Ave NW in Waverly, IA, a spacious duplex offering comfort and convenience. This well-appointed unit

    806 7th Ave NW, Waverly, IA 50677
  • /10

    $1,700 Per Month

    • 5 Beds
    • 3 Baths
    • House for Rent

    422 5th St NW, Waverly, IA 50677

    5 Bedrooms3 BathroomsDetached garageLarge Corner LotWalking distance to WartburgPerfect for a large family or group of college students 5 Bedrooms3 BathroomsDetached garageLarge Corner LotWalking distance to WartburgPerfect for a large family or group of college students

    422 5th St NW, Waverly, IA 50677
  • /11

    $1,490 Per Month

    • 3 Beds
    • 1 Bath
    • House for Rent

    802 2nd St NW, Waverly, IA 50677

    3 Bedroom / 1 BathroomAttached 2 Car GarageLaundry in BasementNo Pets

    802 2nd St NW, Waverly, IA 50677

Why Live in Waverly

Waverly, Iowa, is a small city with a population of about 10,000, located 20 miles north of Cedar Falls. The community is centered around Wartburg College, a private liberal arts institution that has been a significant part of the city since 1935, enrolling over 1,400 students and employing more than 500 people. Waverly is the largest city in Bremer County and is recognized for its top-rated educational options, including the Waverly-Shell Rock Community Schools, which are highly rated. The city features a diverse real estate market with architectural styles ranging from contemporary to Victorian, though new construction is limited due to surrounding farmland. Recreational activities are abundant, with 20 public parks, over 12 miles of hiking and biking trails, and facilities like the W Sports & Wellness Center at Wartburg College. Cedar River Park offers baseball diamonds and a soccer complex, while Cedar Bend campgrounds provide camping opportunities. Downtown Waverly hosts a variety of dining and shopping options, including brunch spots like Wild Carrot and taprooms such as Bremer Brewing Co. Public transportation is accessible through OnBoard Public Transit and the Saints Avenue Shuttle service. The Waverly Health Center offers accredited healthcare, and the Waterloo Regional Airport is 20 miles away. Cultural activities include performances at the Bachman Fine Arts Center and concerts from the Waverly Chamber Music Series. The property crime rate in Waverly is below the national average.

Frequently Asked Questions

How much does it cost to rent a home in Waverly, IA?
The median rent for a home in Waverly, IA is $1,220 per month, though prices vary by neighborhood, size, and property type. As of June 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 Waverly, IA?
To comfortably afford the median rent in Waverly, IA, a household needs to earn roughly $48,800 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 $1,220 per month in Waverly, IA, renters typically need to show $3,660 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 Waverly, IA?
In Waverly, IA, the price-to-rent ratio is 17.6, 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.
What neighborhoods in Waverly, IA are best for renting a home?
The best neighborhood for renting in Waverly, IA depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Common Grounds, Franklin Gateway, Church Row, Cedar River and Northeast Side, each with its own character and price range.

Rental Trends in Waverly, IA

Rental Home Trends

Number of Homes for Rent
6
Median Rent
$1,220
Median Single Family Home Rent
$1,490
Median Condo Rent
$950
How to Rent a Home