Cheap Apartments for Rent in the Downtown Neighborhood of Portland, OR from $400 (157 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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.

Read Article
close
View Me
Koz on 4th
Rent Specials
$949 - $1,425
Total Monthly Price

Total Monthly Price

Base Rent
$949 - $1,425
Total Monthly Price
$949 - $1,425
Studio to 1 Bedroom Apartments Available Now

Koz on 4th

2211 SW 4th AvePortland, OR 97201
Affordability
  • Verified
  • Utilities Included
  • 3D Tour
close
View Me
The Fredrick
Rent Specials
$995 - $1,515
Total Monthly Price

Total Monthly Price

Base Rent
$995 - $1,515
Total Monthly Price
$995 - $1,515
Studio to 2 Bedroom Apartments Available Now

The Fredrick

3010-3106 SW 10th AvePortland, OR 97239
Affordability
  • Verified
  • Customer Reviewed
  • 3D Tour

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.

Read Article
close
View Me
Park Plaza
$1,031 - $2,426
Total Monthly Price

Total Monthly Price

Base Rent
$1,031 - $2,426
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

Park Plaza

1969 SW Park AvePortland, OR 97201
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour

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.

Read Article
close
View Me
Collins Circle
Rent Specials
$1,084 - $1,227
Total Monthly Price

Total Monthly Price

Base Rent
$1,084 - $1,227
Total Monthly Price
Varies
Studio Apartments Available Now

Collins Circle

1701 SW Columbia StPortland, OR 97201
Student Housing
  • Verified
  • Customer Reviewed
  • Low Income
close
View Me
Manhattan Apartments
$1,195 - $1,895
Total Monthly Price

Total Monthly Price

Base Rent
$1,195 - $1,895
Total Monthly Price
$1,195 - $1,895
Studio to 1 Bedroom Apartments Available Now

Manhattan Apartments

2209 NW Everett StPortland, OR 97210
Affordability
  • Verified
  • Customer Reviewed
  • 3D Tour

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.

Read Article
close
View Me
The Cameron
$1,211 - $2,778
Total Monthly Price

Total Monthly Price

Base Rent
$1,211 - $2,778
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

The Cameron

1500 SW 12th AvePortland, OR 97201
Corporate Housing
  • Verified
  • Customer Reviewed
  • 3D Tour
close
View Me
Collective on 4th
Rent Specials
$1,214 - $4,232
Total Monthly Price

Total Monthly Price

Base Rent
$1,214 - $4,232
Total Monthly Price
Varies
Studio to 3 Bedroom Apartments Available Now

Collective on 4th

1818 SW 4th AvePortland, OR 97201
Student Housing
  • Verified
  • Customer Reviewed
  • 3D Tour
close
View Me
North Hollow
Rent Specials
$1,245 - $4,841
Total Monthly Price

Total Monthly Price

Base Rent
$1,245 - $4,841
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

North Hollow

1551 SW Taylor StPortland, OR 97205
Corporate Housing
  • Verified
  • Customer Reviewed
  • Low Income
close
View Me
The Douglas
Rent Specials
$1,275 - $2,999
Total Monthly Price

Total Monthly Price

Base Rent
$1,275 - $2,999
Total Monthly Price
Varies
Studio to 4 Bedroom Apartments Available Now

The Douglas

1811 SW River DrPortland, OR 97201
Pet Friendly
  • Verified
  • Customer Reviewed
  • 3D Tour

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.

Read Article
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
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio,1BA$789
Doricourt Apartments -- Historic SW DowntownStudio (215sq ft '04’s, '05s, '09s, '10s, '11s,...Studio,1BA$825
Fountain Place ApartmentsStudio - 60%Studio,1BA$860
WestshorestudioStudio,1BA$869
Morrison Park Apartments0BR/1.0BAStudio,1BA$875
Gretchen Kafoury CommonsStudio 60%Studio,1BA$900
Washington Plaza Apartmentss5fl 275Studio,1BA$915

Best Value Apartments for Rent in Downtown, OR

As of June 01, 2026 the best value apartment in the Downtown area is the $2.02 price per square foot St. John 1x2 B Model at Honeyman Hardware Lofts in the in the Pearl District neighborhood starting from $3,622. The second greatest value Downtown apartment is the Two Bedroom Model at Gallery Park Apartments starting at $1,750 with a $1.46 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.
Honeyman Hardware LoftsSt. John 1x2 B1BR,2BA$2.02
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.46
Goose Hollow Townhomes2BR/2.0BA2BR,2BA$2.06
Portland Terrace2 bedroom 1 bath2BR,1BA$1.72
Everett Station Lofts1051BR,1BA$2.06
Waterleaf1 Bedroom 1 Bath1BR,1BA$1.83
Manhattan ApartmentsLower Manhattan -Large1BR,1BA$1.93
Worthington1BR (622sq ft '09s)1BR,1BA$1.97
Westfal ApartmentsOne Bedroom1BR,1BA$1.71
Rena Villa1x11BR,1BA$1.91

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!

Read Article
Decorative image

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.

Read Article
Decorative image

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

Read Article
Decorative image

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.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

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 Westfal Apartments which is listed at $1,025, while the average apartment in Downtown costs $11,466.

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 128 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 $460 which is $11,006 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

decorative image for A Portland Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent article

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.

decorative image for Local Guide To the Best Student Friendly Neighborhoods to Rent Near Colleges in Portland article

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.

decorative image for The Portland Power Commute: Top Neighborhoods for Renters Near the City’s Major Job Hubs article

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.

decorative image for From Arts to Eats: A Local Insiders Guide to Living in Portland's Best Spots article

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

decorative image for Neighborhood and Market Insights: How to Choose the Right Area to Rent article

Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

decorative image for Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.