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Studio Apartment for Rent in Woodway, TX

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    $1,697 Per Month

    • Studio
    • 1 Bath
    • 300 Sq Ft
    • Furnished Studio-Waco - Woodway

    5903 Woodway Dr, Waco, TX 76712

    Enjoy a fully furnished studio suite in our hotel at an affordable rate with free wi-fi, free utilities and free premium cable. Each studio suite has a full kitchen with full-size refrigerator, stovetop and microwave, and has a flexible workspace and plenty of storage. All our hotels are pet-friendly and have on-site guest laundry available. Plus, there are no long-term commitments and you can

    Furnished Studio-Waco - Woodway

    5903 Woodway Dr, Waco, TX 76712

Why Live in Woodway

Woodway, TX, a suburb of Waco, has grown significantly since the 1950s and now boasts a population of around 9,000. Known for its highly rated Midway Independent School District, which ranks among the top in Texas, the city attracts families seeking quality education. Midway High School is particularly noted for its strong academics, athletics, and music programs. Woodway offers a variety of attractions, including the scenic Lake Waco, which provides opportunities for fishing, picnicking, and boating. The Carleen Bright Arboretum, a 16-acre botanical garden, hosts events like a monthly farmers market and features a monarch butterfly habitat. For golf enthusiasts, Bear Ridge Golf Club is nearby. The city is safer than the national average, with lower crime rates compared to Waco. Woodway's real estate market includes homes ranging from $250,000 to over $1 million, with luxury properties near Lake Waco. However, potential buyers should be aware of the flood risk in these areas. The city is conveniently located 5 miles from downtown Waco and 10 miles from Waco Regional Airport, with easy access to shopping at Richland Mall and dining options along Route 84. Despite the presence of the City of Waco Landfill, which is set to close by the end of 2025, Woodway remains a desirable location for its natural beauty and community amenities.

Frequently Asked Questions

How much does it cost to rent a home in Woodway, TX?
The median rent for a home in Woodway, TX is $2,022 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 Woodway, TX?
To comfortably afford the median rent in Woodway, TX, a household needs to earn roughly $80,880 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 $2,022 per month in Woodway, TX, renters typically need to show $6,066 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 Woodway, TX?
In Woodway, TX, the price-to-rent ratio is 15.5, 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
1
Median Rent
$2,022
Median Single Family Home Rent
$1,995
How to Rent a Home