Cheap Apartments for Rent in the Downtown Portland Neighborhood of Portland, OR from $400 (203 Rentals)

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Koz on 4th
Rent Specials
$949 - $1,375
Total Monthly Price

Total Monthly Price

Base Rent
$949 - $1,375
Total Monthly Price
$949 - $1,375
Studio to 1 Bedroom Apartments Available Now

Koz on 4th

2211 SW 4th AvePortland, OR 97201
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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Park Plaza
$1,019 - $2,426
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Total Monthly Price

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$1,019 - $2,426
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Studio to 2 Bedroom Apartments Available Now

Park Plaza

1969 SW Park AvePortland, OR 97201
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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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Koz on 13th
Rent Specials
$1,044 - $1,449
Total Monthly Price

Total Monthly Price

Base Rent
$1,044 - $1,449
Total Monthly Price
$1,044 - $1,449
Studio to 1 Bedroom Apartments Available Now

Koz on 13th

123 SE 13th AvePortland, OR 97214
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The Addy
Rent Specials
$1,045 - $2,173
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$1,045 - $2,173
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Studio to 2 Bedroom Apartments Available Now

The Addy

1222 NW 18th AvePortland, OR 97209
Transit Friendly
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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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Analog PDX
Rent Specials
$1,140 - $2,625
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Total Monthly Price

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$1,140 - $2,625
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Studio to 3 Bedroom Apartments Available Now

Analog PDX

1871 N Flint AvePortland, OR 97227
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Collective on 4th
Rent Specials
$1,149 - $4,202
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$1,149 - $4,202
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Studio to 3 Bedroom Apartments Available Now

Collective on 4th

1818 SW 4th AvePortland, OR 97201
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Oro Apartments
Rent Specials
$1,199 - $1,613
Total Monthly Price

Total Monthly Price

Base Rent
$1,199 - $1,613
Total Monthly Price
$1,199 - $1,613
Studio to 1 Bedroom Apartments Available Now

Oro Apartments

1470 NW Overton StPortland, OR 97209
Furnished
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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 $480. Helen Swindells Building has the second lowest priced unit, which is a Studio apartment currently listed from $500. Here are the most affordable Downtown Portland apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
WaterleafStudioStudio,1BA$480
Helen Swindells Building0x1Studio,1BA$500
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio,1BA$789
Margaret Carter PlazaStudio HUD UnitStudio,1BA$800
Doricourt ApartmentsStudio (215sq ft '04’s, '05s, '09s, '10s, '11s,...Studio,1BA$825
Fountain Place ApartmentsStudio - 60%Studio,1BA$860
WestshorestudioStudio,1BA$869
Morrison Park Apartments0BR/1.0BAStudio,1BA$875
Regency ApartmentsStudio AStudio,1BA$875

Best Value Apartments for Rent in Downtown Portland, OR

As of June 20, 2026 the best value apartment in the Downtown Portland area is the $1.78 price per square foot 2x2g Model at The Russell by Trion Living in the in the Northeast Portland neighborhood starting from $2,118. The second greatest value Downtown Portland apartment is the 0x1 100 Model at Midtown East starting at $999 with a $1.23 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.
The Russell by Trion Living2x2g2BR,2BA$1.78
Midtown East0x1 100Studio ,1BA$1.23
1607 Apartments1BR/1.0BA1BR,1BA$1.79
Waterleaf1 Bedroom 1 Bath1BR,1BA$1.83
Buckman HeightsOne-Bedroom1BR,1BA$1.98
Westcott Properties2x12BR,1BA$1.92
Worthington1BR (622sq ft '09s)1BR,1BA$1.97
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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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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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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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 $875.

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 $8,117.

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 140 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 $405 which is $7,712 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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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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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.

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

From Arts to Eats: A Local Insiders 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.

Articles, How-To's, and Tips

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.