Cheap Apartments for Rent in the Downtown Neighborhood of Portland, OR from $500 (147 Rentals)

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

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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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Downtown, Portland, OR Local Guide

Cheapest Available Downtown Apartments for Rent

 

The cheapest available apartment rental in the Downtown area of Portland, OR is a Studio unit found at Modern Rich Apartments priced from $649. Fountain Place Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $737. Here are the most affordable Downtown apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
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
Emmons PlaceSTUDIOSStudio,1BA$799
Morrison Park ApartmentsStudio - 50%Studio,1BA$800
Pacific Tower ApartmentsStudioStudio,1BA$900
Stadium StationStudio BStudio,1BA$900
Washington Plaza Apartmentss2fl 245Studio,1BA$915

Best Value Apartments for Rent in Downtown, OR

As of July 21, 2025 the best value apartment in the Downtown 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 apartment is the Two Bedroom Model at Gallery Park Apartments starting at $1,895 with a $1.58 price per square foot in the Northwest Portland neighborhood. Here is today’s list of the best values for Downtown apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1607 Apartments2 Bed 2.5 Bath2BR,2.5BA$1.78
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.58
Goose Hollow PlazaTwo Bedroom2BR,1BA$1.66
Park Avenue Gardens1 Bed 1 Bath1BR,1BA$1.64
Pine Cone Apartments1bed1bath1BR,1BA$1.62
Hidwell Apartments1BR/1.0BA1BR,1BA$1.84
Allendale Apartments0BR/1.0BAStudio ,1BA$1.66
Uptown ApartmentsStudioStudio ,1BA$1.84
5th Avenue Place ApartmentsStudio, 1 bathStudio ,1BA$1.67
Fountain Place ApartmentsStudio - 60%Studio ,1BA$1.69

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Pet Friendly Lifestyle
Downtown, Portland, OR

Ranked #14

Among neighborhoods in Portland, OR for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you Lifestyle Ratings of rentals and neighborhoods across the USA, including Downtown, Portland, and the greater Portland area. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including our Star Ratings to compare for outdoor amenities like tennis courts, luxury amenities, places to raise kids, raising pets, transit options, in addition to floorplans, availablity, and pricing. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Apartments

What is a cheap apartment in Downtown?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown is under $915.

What is the price of a cheap apartment in Downtown?

The cheapest apartment in Downtown is Pacific Tower Apartments which is listed at $955, while the average apartment in Downtown costs $3,329.

What types of apartments are the cheapest in Downtown?

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 83 regular apartments in Downtown 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?

Cheap apartments in Downtown have an average cost of $159 which is $3,170 cheaper than the average rent for all rentals in Downtown.

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.