Cheap Apartments for Rent in the Downtown Neighborhood of Portland, OR from $500 (168 Rentals)

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

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

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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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

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Navigating the Rental Market: Tips for First-Time Renters

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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 $680. 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 ApartmentsMicro StudioStudio,1BA$680
Gretchen Kafoury CommonsStudio 40%Studio,1BA$702
Hamilton WestEff StudioStudio,1BA$757
5th Avenue Place ApartmentsStudioStudio,1BA$795
Morrison Park Apartments0BR/1.0BAStudio,1BA$875
Regency ApartmentsStudio AStudio,1BA$875
Katherine Apartments0BR/1.0BAStudio,1BA$895
Goose Hollow TowerStudiosStudio,1BA$895
The AmyBurnsideStudio,1BA$895

Best Value Apartments for Rent in Downtown, OR

As of January 05, 2026 the best value apartment in the Downtown 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 apartment is the 2BR/2.0BA Model at Goose Hollow Townhomes starting at $1,895 with a $1.96 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$1.50
Goose Hollow Townhomes2BR/2.0BA2BR,2BA$1.96
Goose Hollow PlazaTwo Bedroom2BR,1BA$1.85
Portland Terrace2 bedroom 1 bath2BR,1BA$1.62
Honeyman Hardware LoftsBroadway Studio BStudio ,1BA$1.96
Pine Cone Apartments1bed1bath1BR,1BA$1.62
Westfal ApartmentsOne Bedroom1BR,1BA$1.83
WaterleafStudio-60%Studio ,1BA$1.74
5th Avenue Place ApartmentsStudioStudio ,1BA$1.67
Goose Hollow TowerStudiosStudio ,1BA$1.92

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

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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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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 $895.

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 $9,477.

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 193 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 $561 which is $8,916 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.

Articles, How-To's, and Tips

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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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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!