Cheap Apartments for Rent in the Downtown Neighborhood of Portland, OR from $400 (179 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown 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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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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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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Park Plaza
$1,103 - $2,420
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$1,103 - $2,420
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Studio to 2 Bedroom Apartments Available Now

Park Plaza

1969 SW Park AvePortland, OR 97201
Corporate Housing
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Grand Belmont
Rent Specials
$1,135 - $2,635
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$1,135 - $2,635
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Studio to 2 Bedroom Apartments Available Now

Grand Belmont

514 SE Belmont StPortland, OR 97214
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Collins Circle
Rent Specials
$1,154 - $1,692
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$1,154 - $1,692
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Studio to 1 Bedroom Apartments Available Now

Collins Circle

1701 SW Columbia StPortland, OR 97201
Student Housing
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  • Low Income

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

Discover the true heart of Portland, Oregon, with this local expert's guide. Explore the city's unique history, from the coin toss that named it to its "Keep Portland Weird" culture, and get an insider look at its most notable neighborhoods and internationally recognized food scene.

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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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230 Ash
Rent Specials
$1,225 - $2,085
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$1,225 - $2,085
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Studio to 1 Bedroom Apartments Available Now

230 Ash

230 SW Ash StPortland, OR 97204
Eco-Friendly
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Amara
Rent Specials
$1,266 - $5,356
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$1,266 - $5,356
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Studio to 3 Bedroom Apartments Available Now

Amara

15 NW Park AvePortland, OR 97209
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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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Showing Results 1-50, Page 1 of 4

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 Apartments 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 Apartments0x1Studio,1BA$500
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Gretchen Kafoury CommonsSecond Month FREE — Studio Available Now!Studio,1BA$702
Hamilton WestEff StudioStudio,1BA$789
Doricourt Apartments -- Historic SW DowntownStudio (215sq ft 04’s, 05’s, 09’s, 10’s, 11’s, ...Studio,1BA$825
Celio ApartmentsStudioStudio,1BA$845
Koz on 4thEssential StudioStudio,1BA$849
Fountain Place ApartmentsStudio - 60%Studio,1BA$860
WestshorestudioStudio,1BA$869

Best Value Apartments for Rent in Downtown, OR

As of April 17, 2026 the best value apartment in the Downtown area is the $1.46 price per square foot Two Bedroom Model at Gallery Park Apartments in the in the Northwest Portland neighborhood starting from $1,750. The second greatest value Downtown apartment is the 2BR/2.0BA Model at Goose Hollow Townhomes starting at $1,750 with a $1.81 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.
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.46
Goose Hollow Townhomes2BR/2.0BA2BR,2BA$1.81
The Fordham Apartments1x11BR,1BA$1.36
Lair Hill1x11BR,1BA$1.82
Victorian Apartments2BR/1.0BA2BR,1BA$1.78
Portland Terrace1 bedroom 1 bath1BR,1BA$1.89
Waterleaf1 Bedroom 1 Bath1BR,1BA$1.64
Westfal ApartmentsOne Bedroom1BR,1BA$1.71
Rena Villa1x11BR,1BA$1.97
Brown Apartments0BR/1.0BAStudio ,1BA$1.99

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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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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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 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 $869.

What is the price of a cheap apartment in Downtown?

The cheapest apartment in Downtown is Gretchen Kafoury Commons which is listed at $950, while the average apartment in Downtown costs $13,401.

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 197 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 $449 which is $12,952 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 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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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.