Cheap Apartments for Rent in the Downtown Neighborhood of Portland, OR from $500 (151 Rentals)

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

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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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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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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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 Gretchen Kafoury Commons priced from $702. Hamilton West has the second lowest priced unit, which is a Studio apartment currently listed from $757. Here are the most affordable Downtown apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
Gretchen Kafoury CommonsStudio PBV 60%Studio,1BA$702
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio,1BA$757
5th Avenue Place ApartmentsStudioStudio,1BA$795
Emmons PlaceSTUDIOSStudio,1BA$799
Edington CourtStudio AStudio,1BA$900
Pacific Tower ApartmentsStudioStudio,1BA$900
Fountain Place ApartmentsStudio - 60%Studio,1BA$900
Washington Plaza Apartmentss4fl 255Studio,1BA$915
Koz on 4thStudioStudio,1BA$921
Acqua ApartmentsStudioStudio,1BA$924

Best Value Apartments for Rent in Downtown, OR

As of September 19, 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 One Bedroom Model at Marquam Heights starting at $1,735 with a $1.84 price per square foot in the Southwest 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
Marquam HeightsOne Bedroom1BR,1BA$1.84
Downtown Living Starts At Lair Hill1x11BR,1BA$1.82
Hidwell Apartments1BR/1.0BA1BR,1BA$1.79
Portland Terrace1 bedroom 1 bath1BR,1BA$1.79
Pine Cone Apartments1bed1bath1BR,1BA$1.62
Westfal ApartmentsOne Bedroom1BR,1BA$1.83
Brown Apartments0BR/1.0BAStudio ,1BA$1.99
5th Avenue Place ApartmentsStudioStudio ,1BA$1.67
Emmons PlaceSTUDIOSStudio ,1BA$1.90

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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Pet Friendly Lifestyle
Downtown, Portland, OR

Ranked #13

Among cities in Oregon 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 $924.

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 $10,639.

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 92 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 $147 which is $10,492 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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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.