Waco Apartment Market 2026-27: New Developments & What's Changing Near Baylor

If you're trying to figure out whether to lock in an apartment near Baylor now or wait to see what new developments bring — this is the post for you. The Waco apartment market is shifting. Three significant housing projects are either under construction or on the horizon, and understanding what they mean for rent prices and availability could save you money (or cost you a great apartment if you hesitate too long).

Here's a clear-eyed look at the 2026-27 Waco apartment market, what's being built, and how to make sense of it all.

Where Waco Rent Prices Stand Right Now

After sharp increases during 2022-2023 — when Waco rents jumped 17.2% in a single year — the market has finally cooled. As of early 2026:

• Overall Waco average rent: $1,341/mo (down 1.67% from last year)
• Median Waco rent: $1,086/mo
• Baylor-area average: $1,635/mo (down 7.5% year-over-year from $1,767)

That drop in the Baylor area is notable. After years of increases, prices near campus are retreating — though they're still substantially above Waco's citywide average, reflecting the premium students pay for walkability and convenience.

For context, here's where Waco rents land by unit type:

• 1BR: ~$1,074/mo citywide, ~$1,137 near Baylor
• 2BR: ~$1,333/mo citywide, ~$1,417 near Baylor
• 3BR: ~$1,513/mo citywide, ~$2,013 near Baylor

At 19Eleven, pricing is competitive with the Baylor-area average — 1BR from $1,035/mo, 2BR from $1,295, 3BR from $1,425, and 4BR starting at $1,750 (plus a flat $40/mo fee covering internet, trash, pest, and facilities). For a 4BR split four ways, that's $437-$460/person — well below what the broader market shows for comparable space.

Three New Developments to Watch

The reason rents are declining isn't complicated: supply is finally catching up to demand. Baylor's student population has grown roughly 23% over the last decade, and developers have taken notice. Here are the three projects that will reshape the Waco student housing market through 2028.

1. Commons at Cottonwood Creek — 372 Units (Q4 2026)

Developed by Parkspring Multifamily, Commons at Cottonwood Creek is the largest new addition to the Waco market in recent memory. The garden-style community will deliver 372 units across 16.5 acres, with the first units expected by Q4 2026 and full completion by Q2 2027.

This project is significant for its scale — adding 372 apartments to a market of roughly 880 available units near Baylor represents a substantial increase. Expect it to target students willing to trade central location for newer finishes and more square footage.

2. The Outpost — Renovation + Expansion (Fall 2026)

The Outpost on Waco Drive, an existing student complex, is undergoing renovations starting Spring 2026 with new improvements and additions slated to open Fall 2026. This isn't new supply exactly — it's upgraded supply. Outpost units are expected to come back at higher price points post-renovation, which may push some students toward more affordable alternatives.

3. Seventh and James — 265 Units (August 2028)

Developers Parallel and The Deven Group are planning a 265-unit, 630-bed community at Seventh and James. Construction is expected to start April 2026 with housing completion in August 2028. This one is further out and won't impact your fall 2026 search — but if you're a sophomore or junior planning ahead, it's worth knowing this supply is coming.

What New Supply Actually Does to Rent

Here's the honest economics: new housing supply does tend to push rents down, but slowly.

Dr. James West, W.H. Smith Professor of Economics at Baylor, explained it directly in a recent Baylor Lariat piece: "As new stock is added, it does tend to drive existing rents down, but it's a slow process."

There's also a catch students often miss. New construction typically comes to market at premium pricing to recoup development and construction costs. The Commons at Cottonwood Creek won't be opening at $800/mo. Newer properties charge for their newness. Over time, as those units age, their rents settle downward — but that's a 3-5 year process, not something that happens at opening day.

So if you're betting on lower rent by waiting for new builds, the math doesn't quite work out. You're likely to pay more for the shiny new unit than for an established community with the same amenities and better proximity to campus.

Established vs. New: What to Actually Compare

When a new development comes to market, the marketing is intense. Renderings look great. But there are real tradeoffs worth thinking through.

New builds tend to offer:

• Fresh finishes and modern fixtures
• Opening-year promotions (sometimes)
• Uncertainty on management responsiveness and maintenance track record

Established properties offer:

• Predictable pricing and known lease terms
• Proven maintenance and management history
• A character that new construction can't replicate

19Eleven falls firmly in the second category. The loft-style design — exposed beams, polished concrete floors, industrial aesthetic — isn't something Commons at Cottonwood Creek can offer. It's a 372-unit garden-style complex. There's nothing wrong with that, but it's a fundamentally different living experience. If you want a space that feels like something, not just a freshly painted box, that's a real distinction.

19Eleven is also gated with controlled access, walking distance to campus (~0.5 miles, about a 10-minute walk), and includes internet in the monthly fee — none of which requires betting on a new build's promises.

You can see available floor plans and compare what each layout actually costs, all-in.

How to Navigate the Market Right Now

A few practical takeaways from where the Waco apartment market sits today:

1. Don't wait for new builds if you need Fall 2026 housing. Commons at Cottonwood Creek doesn't deliver its first units until Q4 2026 at the earliest — and that's optimistic for a project of that scale. The Outpost renovation is coming back online Fall 2026 but at higher rates. Seventh and James won't be ready until 2028. If you need somewhere to live in August, you need to decide on what's available now.

2. Prices near Baylor are down from their peak. The 7.5% drop year-over-year in the Baylor area means this is actually a better time to lock in than two years ago. That window may close once the economic effects of new enrollment growth catch up again.

3. The best apartments fill early. This is a perennial truth: desirable units near Baylor tend to get claimed October through February for the following fall. Once you're in spring or summer, you're choosing from what's left.

4. Understand what you're comparing. When looking at two apartments at similar price points, look at total cost — rent plus all monthly fees plus utilities you're responsible for. 19Eleven's $40/mo fee is one of the most transparent structures near campus. Some complexes add $100-200/mo in technology fees, valet trash, amenity fees, and premium parking on top of advertised rent. Read the full breakdown here.

See What's Available at 19Eleven

If you're weighing your options for 2026-27, it helps to see exactly what you'd be getting and at what price. 19Eleven's loft-style apartments start at $1,035/mo for a 1BR, with 4BR units running $1,750-$1,800/mo total (not per person).

Browse floor plans and pricing, or schedule a tour to see the loft aesthetic in person before committing. With the market shifting and new supply coming online, locking in the right apartment sooner makes more sense than waiting to see how things shake out.

For a deeper look at what Baylor-area housing actually costs, see our full off-campus housing cost breakdown.