Cheap Homes for Rent in Downtown Portland Neighborhood of Portland, OR from $1,000 (24 Rentals)

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

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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Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

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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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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 Modern Rich Apartments priced from $649. Morrison Park Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $800. Here are the most affordable Downtown Portland apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Morrison Park ApartmentsStudio - 50%Studio,1BA$800
Margaret Carter PlazaOne Bathroom One Bedroom HUD Unit1BR,1BA$848
Brown Apartments0BR/1.0BAStudio,1BA$895
Tiller TerraceStudioStudio,1BA$899

Best Value Apartments for Rent in Downtown Portland, OR

As of May 10, 2025 the best value apartment in the Downtown Portland area is the $1.50 price per square foot Two Bedroom Model at Gallery Park Apartments in the in the Northwest Portland neighborhood starting from $1,799. The second greatest value Downtown Portland apartment is the 1x1h Model at The Russell by Trion Living starting at $1,816 with a $2.09 price per square foot in the Northeast 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.
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.50
The Russell by Trion Living1x1h1BR,1BA$2.09
linc301 Apartments1x1 + Den 828 sq. ft. Sellwood1BR,1BA$2.04
Parkview Apartments1bd1ba2fl 7501BR,1BA$1.99
Pine Cone Apartments1bed1bath1BR,1BA$1.62
Hidwell Apartments1BR/1.0BA1BR,1BA$1.68
Westfal ApartmentsOne Bedroom1BR,1BA$1.83
Margaret Carter PlazaOne Bathroom One Bedroom HUD Unit1BR,1BA$1.47
Brown Apartments0BR/1.0BAStudio ,1BA$1.79
Park Avenue GardensStudioStudio ,1BA$2.04

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 518 Apartments for Rent in Downtown Portland, OR with pricing that ranges from $649 to $26,948. There are also 43 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Portland ranging from $1,095 to $15,000.

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 $1,095 to $15,000 with an average monthly rent of $4,776.

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 $26,948, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,995 to $2,500. Four Bedroom Single-Family rentals are also available starting from $10,000 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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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.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.