Cheap Apartments for Rent in the Downtown Neighborhood of Portland, OR from $400 (152 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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Park Plaza
$889 - $2,426
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$889 - $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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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
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$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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The Fredrick
$995 - $1,515
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$995 - $1,515
Total Monthly Price
$995 - $1,515
Studio to 2 Bedroom Apartments Available Sep 11

The Fredrick

3010-3106 SW 10th AvePortland, OR 97239
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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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Manhattan Apartments
Rent Specials
$1,195 - $1,895
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Base Rent
$1,195 - $1,895
Total Monthly Price
$1,195 - $1,895
Studio to 1 Bedroom Apartments Contact Us For Availability

Manhattan Apartments

2209 NW Everett StPortland, OR 97210
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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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38 Davis
Rent Specials
$1,199 - $1,695
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$1,199 - $1,695
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Studio to 1 Bedroom Apartments Available Now

38 Davis

38 NW Davis StPortland, OR 97209
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Jute Apartments
Rent Specials
$1,199 - $1,955
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$1,199 - $1,955
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$1,199 - $1,955
Studio to 1 Bedroom Apartments Available Now

Jute Apartments

550 SE Martin Luther King Jr BlvdPortland, OR 97214
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The Cameron
Rent Specials
$1,211 - $2,197
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$1,211 - $2,197
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Studio to 2 Bedroom Apartments Available Now

The Cameron

1500 SW 12th AvePortland, OR 97201
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Hollis
Rent Specials
$1,251 - $2,235
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$1,251 - $2,235
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Studio to 2 Bedroom Apartments Available Now

Hollis

1625 SW Alder StPortland, OR 97205
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The Douglas
$1,275 - $2,950
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$1,275 - $2,950
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Studio to 4 Bedroom Apartments Available Now

The Douglas

1811 SW River DrPortland, OR 97201
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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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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 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 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
WestshorestudioStudio,1BA$869
Doricourt ApartmentsStudio (215sq ft '04, '05, '09, '10, '11, #203,...Studio,1BA$900
Washington Plaza Apartmentss4fl 375Studio,1BA$915
Emmons PlaceSTUDIOSStudio,1BA$949
Edington CourtStudio AStudio,1BA$950
Tiller TerraceStudioStudio,1BA$950

Best Value Apartments for Rent in Downtown, OR

As of July 16, 2026 the best value apartment in the Downtown area is the $1.00 price per square foot 2169 NW Irving St Model at 2169 NW Irving St, Unit #10 in the in the Northwest Portland neighborhood starting from $2,500. The second greatest value Downtown apartment is the 2BR/2.0BA Model at Goose Hollow Townhomes starting at $1,950 with a $2.02 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.
2169 NW Irving St, Unit #102169 NW Irving St2BR,1BA$1.00
Goose Hollow Townhomes2BR/2.0BA2BR,2BA$2.02
Everett Station Lofts1051BR,1BA$2.06
1351-01PP- Yamhill ManorUnit 091BR,1BA$1.49
1607 Apartments1BR/1.0BA1BR,1BA$1.79
Waterleaf1 Bedroom 1 Bath1BR,1BA$1.90
Blumel HallOne Bedroom- Unfurnished1BR,1BA$1.81
Westfal ApartmentsOne Bedroom1BR,1BA$1.71
Allendale Apartments1BR/1.0BA1BR,1BA$1.99
Brown Apartments0BR/1.0BAStudio ,1BA$1.99

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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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 $950.

What is the price of a cheap apartment in Downtown?

The cheapest apartment in Downtown is Westfal Apartments which is listed at $1,025, while the average apartment in Downtown costs $9,524.

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 114 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 $396 which is $9,128 cheaper than the average rent for all rentals in Downtown.

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.

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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.

Articles, How-To's, and Tips

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

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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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.