Cedar Falls has roughly the same amount of available rental housing as the rest of the country on average. This means that it will take a little time to find a place, but it also points to predictable cycles of apartment availability, with the most suites being open in the summer. If you start looking in May, you shouldn't have a very hard time finding a suitable apartment.
Demand is high enough in Cedar Falls that you may often find yourself in competition for a given apartment. Many people want to know how to come out on top in these situations, and a good answer is "references". If you can provide excellent references that will vouch for what a good tenant you are, you can edge out your competitors.
MET offers bus routes that help get people to and from the UNI campus with ease. It also provides service into Friday and Saturday evenings for when students want to access the downtown and other popular areas. However, for anything other than commuting to and from the University, a car is the way to go in Cedar Falls.
A huge homecoming at the University every October is a great way to get introduced to everything that makes Cedar Falls special. The University also has a great theatre, and features special events throughout the years. The Hill on College Street is where most student-friendly bars and restaurants are found. Downtown has some classier options.