Prices and availability in Waco, TX were last updated on 22 Nov 2025.
The best apartments in Waco, TX are: Garden Place, Tuscany Ranch Apartments, Bend at New Road, Abbey Glenn Apartments and Barrons.
In Waco, 51% of the residents are renting compared to 49% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 13% of Waco’s rentals, 60% are small-scale complexes with under 50 units, and 27% are single-family rentals.
Searching for apartments for rent in Waco, TX under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RentCafe can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away. In Waco, TX, where the average rent is per month, there are 52 units available for less than $500. Click on any of these units to see pictures, floor plans, amenities and more. After you have picked your favorite, you can contact the property to check availability. Considering that you are trying to spend as little as possible, looking at 1 bedroom apartments and studio apartments might be a good idea.
Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Waco, TX. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition.
