Cheap Homes for Rent in Downtown Portland Neighborhood of Portland, OR from $700 (26 Rentals)

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

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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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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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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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 Emmons Place priced from $579. 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
Emmons PlaceSTUDIOSStudio,1BA$579
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Fountain Place ApartmentsStudio - 60%Studio,1BA$737
Gretchen KafouryGretchen Kafoury Commons—Your ideal oasis in th...Studio,1BA$757
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio,1BA$757
5th Avenue Place ApartmentsStudio, 1 bathStudio,1BA$795
Morrison Park ApartmentsStudio - 50%Studio,1BA$800
Margaret Carter PlazaOne Bathroom One Bedroom HUD Unit1BR,1BA$848
The Yards at Union StationSTUDIO BStudio,1BA$900
Pacific Tower ApartmentsStudioStudio,1BA$900

Best Value Apartments for Rent in Downtown Portland, OR

As of July 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 Plan 2AR Model at Essex House starting at $2,340 with a $1.94 price per square foot in the Downtown 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
Essex HousePlan 2AR2BR,2BA$1.94
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.58
Midtown East1x1_r1001BR,1BA$1.54
Park Avenue Gardens1 Bed 1 Bath1BR,1BA$1.64
Pine Cone Apartments1bed1bath1BR,1BA$1.62
Margaret Carter PlazaOne Bathroom One Bedroom HUD Unit1BR,1BA$1.47
5th Avenue Place ApartmentsStudio, 1 bathStudio ,1BA$1.67
Fountain Place ApartmentsStudio - 60%Studio ,1BA$1.69
Emmons PlaceSTUDIOSStudio ,1BA$1.38

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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Frequently Asked Questions about Downtown Portland

What type of rentals are currently available in Downtown Portland?

There are currently 531 Apartments for Rent in Downtown Portland, OR with pricing that ranges from $579 to $24,496. There are also 54 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Portland ranging from $750 to $6,250.

What is the current price range for Rental Homes in Downtown Portland?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Portland ranges from $750 to $6,250 with an average monthly rent of $2,864.

How much are larger Three and Four Bedroom Rentals in Downtown Portland?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown Portland range from $1,773 to $24,496, while Three Bedroom Homes, Condos, and Townhomes for rent range from $2,750 to $2,900. Four Bedroom Single-Family rentals are also available starting from $4,400 and Four Bedroom Apartments start at $4,000.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.