Waterloo is a diverse city of residents located outside of the Cedar Falls area in Iowa. Waterloo is on the banks of the Cedar River, and houses an airport as well as the University of Northern Iowa which attracts newcomers to the area who are looking for inexpensive rental housing close to the college grounds. Waterloo has many reasonably priced rental neighborhoods which provide houses for rent and townhouses as well as apartment rentals. Many also look into Cedar Falls houses for rent to compare pricing and find that Waterloo has many more low income facilities and inexpensive housing available.