Cheap Apartments for Rent in the Downtown Portland Neighborhood of Portland, OR from $470 (236 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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920 NW naito pkwy #j20
$150 - $2,250

Total Monthly Price

Base Rent$150 - $2,250
Total Monthly Price$150 - $2,250
1 to 2 Bedroom Apartment Available Now

920 NW naito pkwy #j20

920 NW naito pkwy #j20Portland, OR 97209
Furnished

From Arts to Eats: A Local Insider's Guide to Living in Portland's Best Spots

Discover the true heart of Portland, Oregon, with this local expert's guide. Explore the city's unique history, from the coin toss that named it to its "Keep Portland Weird" culture, and get an insider look at its most notable neighborhoods and internationally recognized food scene.

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Koz on 4th
Rent Specials
$899 - $1,325

Total Monthly Price

Base Rent$899 - $1,325
Total Monthly Price$899 - $1,325
Studio to 1 Bedroom Apartments Available Now

Koz on 4th

2211 SW 4th AvePortland, OR 97201
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Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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The Addy
Rent Specials
$970 - $2,507

Total Monthly Price

Base Rent$970 - $2,507
Total Monthly PriceVaries
Studio to 2 Bedroom Apartments Available Now

The Addy

1222 NW 18th AvePortland, OR 97209
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Koz on 13th
Rent Specials
$975 - $1,329

Total Monthly Price

Base Rent$975 - $1,329
Total Monthly Price$975 - $1,329
Studio to 1 Bedroom Apartments Available Oct 1

Koz on 13th

123 SE 13th AvePortland, OR 97214
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Portland’s Best Affordable Neighborhoods

Learn about Portland and the best places to live with original content written by our Portland, OR Local Expert Chad Deitchley

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property at 1631 NW Everett St
$1,025 - $1,795
Studio To 1 Bedroom Rentals
Available Now
Affordability

1631 NW Everett St

PortlandOR97209

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Park Plaza
$1,088 - $2,426

Total Monthly Price

Base Rent$1,088 - $2,426
Total Monthly PriceVaries
Studio to 2 Bedroom Apartments Available Now

Park Plaza

1969 SW Park AvePortland, OR 97201
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Collective on 4th
Rent Specials
$1,125 - $4,011

Total Monthly Price

Base Rent$1,125 - $4,011
Total Monthly PriceVaries
Studio to 3 Bedroom Apartments Available Now

Collective on 4th

1818 SW 4th AvePortland, OR 97201
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Analog PDX
Rent Specials
$1,184 - $2,675

Total Monthly Price

Base Rent$1,184 - $2,675
Total Monthly PriceVaries
Studio to 3 Bedroom Apartments Available Now

Analog PDX

1871 N Flint AvePortland, OR 97227
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property at 20 NW 16th Ave
$1,200

Total Monthly Price

Base Rent$1,200
Total Monthly Price$1,200
Studio, 1 Bath Condo for Rent
Available Oct 1
Affordability

20 NW 16th Ave, Unit #306

20 NW 16th Ave
PortlandOR97209

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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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 Waterleaf priced from $572. Modern Rich Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $649. Here are the most affordable Downtown Portland apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
WaterleafStudioStudio, 1BA$572
Modern Rich Apartments0BR/1.0BAStudio, 1BA$649
Margaret Carter PlazaStudio HUD UnitStudio, 1BA$800
Melcliff Apartments0BR/1.0BAStudio, 1BA$850
A. Philips SquareStudio HUD UnitStudio, 1BA$860
Fountain Place ApartmentsStudio - 60%Studio, 1BA$860
Morrison Park Apartments0BR/1.0BAStudio, 1BA$875
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio, 1BA$879
Pearl CourtStudio apartment available - No security deposi...Studio, 1BA$892

Best Value Apartments for Rent in Downtown Portland, OR

As of September 28, 2026 the best value apartment in the Downtown Portland area is the $1.46 price per square foot Two Bedroom Model at Gallery Park Apartments in the Northwest Portland neighborhood starting from $1,750. The second greatest value Downtown Portland apartment is the 1BR/1.0BA Model at Wellesley Annex in the Southeast Portland neighborhood starting at $1,550 with a $1.59 price per square foot. 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.
Gallery Park ApartmentsTwo Bedroom2BR, 2BA$1.46
Wellesley Annex1BR/1.0BA1BR, 1BA$1.59
Ramona Apartments2 Bedroom 1 Bath Plan A2BR, 1BA$1.65
Midtown East0x1 100Studio, 1BA$1.33
Alder 9One Bedroom1BR, 1BA$1.68
Westcott Properties1x11BR, 1BA$1.83
A. Philips SquareStudio HUD UnitStudio, 1BA$1.43
Blumel HallOne Bedroom- Unfurnished1BR, 1BA$1.81
Westfal ApartmentsOne Bedroom1BR, 1BA$1.71
Margaret Carter PlazaOne Bathroom One Bedroom HUD Unit1BR, 1BA$1.55

The Portland Power Commute: Top Neighborhoods for Renters Near the City’s Major Job Hubs

Balance work and life in Portland. Explore the neighborhoods for renting that offer great amenities and quick commutes to the city's top major employers. Find your Portland apartment today!

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Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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A Local Experts Guide To the Best Student Friendly Neighborhoods to Rent Near Colleges in Portland

A Local Experts guide to the Best Student Friendly Neighborhoods Near Colleges in the Portland area. Find your perfect Student apartment, condo, or rental home today

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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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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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 $892.

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

The cheapest apartment in Downtown Portland is Margaret Carter Plaza which is listed at $889, while the average apartment in Downtown Portland costs $1,650.

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 150 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 $334 which is $1,316 cheaper than the average rent for all rentals in Downtown Portland.

Expert Rental Resources

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.

Helpful Local Expert Guides

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From Arts to Eats: A Local Insider's Guide to Living in Portland's Best Spots

Written by: Chad Deitchley

Hello! My name is Chad, and I am your ApartmentHomeLiving.com Local Expert for Portland, Oregon. After living in this one-of-a-kind city for more than 20 years, I have seen it change in many exciting ways.

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The Portland Power Commute: Top Neighborhoods for Renters Near the City’s Major Job Hubs

Written by: Chad Deitchley

Let me introduce myself as your ApartmentHomeLiving Local Expert for Portland, Oregon. I’m Chad, and I can attest firsthand to the vibrant and funky nature of this one-of-a-kind city.

decorative image for Local Guide To the Best Student Friendly Neighborhoods to Rent Near Colleges in Portland article

Local Guide To the Best Student Friendly Neighborhoods to Rent Near Colleges in Portland

Written by: Chad Deitchley

Hello! My name is Chad, and I joined the ApartmentHomeLiving.com team as a Local Expert after living in Portland, Oregon, for more than 20 years. I have a deep love for this charming and vibrant city.

decorative image for A Portland Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent article

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.

Articles, How-To's, and Tips

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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How Commercial-to-Residential Property Conversions Help the Housing Crisis

Written by: Robin Stewart

Many housing markets throughout America share a common complaint: a lack of affordable rental properties.

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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.