Cheap Apartments for Rent in the Downtown Portland Neighborhood of Portland, OR from $500 (161 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Portland area of Portland.

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Downtown Portland, Portland, OR Local Guide

Cheapest Available Downtown Portland Apartments for Rent

 

The cheapest available apartment rental in the Downtown Portland area of Portland, OR is a Studio unit found at Alder 9 priced from $626. Gretchen Kafoury Commons has the second lowest priced unit, which is a Studio apartment currently listed from $702. Here are the most affordable Downtown Portland apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
Alder 9Studio 30%Studio,1BA$626
Gretchen Kafoury CommonsStudio PBV 60%Studio,1BA$702
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio,1BA$757
5th Avenue Place ApartmentsStudioStudio,1BA$795
Emmons PlaceSTUDIOSStudio,1BA$799
Hidwell Apartments1BR/1.0BA1BR,1BA$895
Brown Apartments0BR/1.0BAStudio,1BA$895
Fountain Place ApartmentsStudio - 60%Studio,1BA$900
Pacific Tower ApartmentsStudioStudio,1BA$900
The ZenoStudioStudio,1BA$900

Best Value Apartments for Rent in Downtown Portland, OR

As of September 13, 2025 the best value apartment in the Downtown Portland area is the $1.78 price per square foot 2 Bed 2.5 Bath Model at 1607 Apartments in the in the Northwest Portland neighborhood starting from $2,200. The second greatest value Downtown Portland apartment is the Townhome Model at Museum Place starting at $2,404 with a $2.00 price per square foot in the Northwest Portland neighborhood. Here is today’s list of the best values for Downtown Portland apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1607 Apartments2 Bed 2.5 Bath2BR,2.5BA$1.78
Museum PlaceTownhome2BR,2BA$2.00
Hidwell Apartments1BR/1.0BA1BR,1BA$1.42
Pine Cone Apartments1bed1bath1BR,1BA$1.62
Westfal ApartmentsOne Bedroom1BR,1BA$1.83
Melcliff Apartments0BR/1.0BAStudio ,1BA$1.84
Brown Apartments0BR/1.0BAStudio ,1BA$1.79
5th Avenue Place ApartmentsStudioStudio ,1BA$1.67
Fountain Place ApartmentsStudio - 60%Studio ,1BA$2.06
Emmons PlaceSTUDIOSStudio ,1BA$1.90

Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Pet Friendly Lifestyle
Downtown Portland, Portland, OR

Ranked #7

Among cities in Oregon for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you comprehensive Lifestyle Ratings of rentals and neighborhoods across the USA, and customized analysis for Central Portland, OR. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including our Star Ratings to compare for the best proximity to parks and outdoor amenities, luxury amenities, kid and pet-friendly communities, availability of transit options, walking, and biking. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Portland Apartments

What is a cheap apartment in Downtown Portland?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Portland is under $900.

What is the price of a cheap apartment in Downtown Portland?

The cheapest apartment in Downtown Portland is Gretchen Kafoury Commons which is listed at $921, while the average apartment in Downtown Portland costs $4,250.

What types of apartments are the cheapest in Downtown Portland?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 107 regular apartments in Downtown Portland that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Downtown Portland?

Cheap apartments in Downtown Portland have an average cost of $140 which is $4,110 cheaper than the average rent for all rentals in Downtown Portland.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

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A Portland Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent

Written by: Chad Deitchley

As your ApartmentHomeLiving.com Local Expert for Portland, Oregon, I’d like to briefly introduce myself. My name is Chad, and I come to the ApartmentHomeLiving.com team after living in Portland for decades.

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.