Cheap Apartments for Rent in the Reed Neighborhood of Portland, OR from $500 (112 Rentals)

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

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

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

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Reed, Portland, OR Local Guide

Cheapest Available Reed Apartments for Rent

 

The cheapest available apartment rental in the Reed area of Portland, OR is a Studio unit found at Hazel Ying Lee Apartments priced from $950. Studio Pointe Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $1,015. Here are the most affordable Reed apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
Hazel Ying Lee ApartmentsStudioStudio,1BA$950
Studio Pointe ApartmentsStudio 1Studio,1BA$1,015
Enclave 54Studio 2Studio,1BA$1,129
Brookland ApartmentsStudio, 1 BathroomStudio,1BA$1,149
East 12 LoftsFremontStudio,1BA$1,195
Dean RiverStudioStudio,1BA$1,199
Division Terrace0BR/1.0BAStudio,1BA$1,199
The Fifty at DivisionSt. JohnsStudio,1BA$1,225
Wimbledon Square And GardensSpaldingStudio,1BA$1,244
The Margot2919 SE Division Street - 402Studio,1BA$1,250

Best Value Apartments for Rent in Reed, OR

As of July 10, 2025 the best value apartment in the Reed area is the $0.96 price per square foot Studio Model at Z_Caritas Sacred Heart Villa in the in the Southeast Portland neighborhood starting from $1,438. The second greatest value Reed apartment is the 3 Bed 1 Bath Model at Knight Apartments starting at $2,189 with a $1.95 price per square foot in the Southeast Portland neighborhood. Here is today’s list of the best values for Reed apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Z_Caritas Sacred Heart VillaStudioStudio ,1BA$0.96
Knight Apartments3 Bed 1 Bath3BR,1BA$1.95
Boathouse2 Bed F2BR,2BA$2.15
Woodstock Apartments3x23BR,2BA$2.07
Steele ApartmentsTwo Bedroom2BR,1BA$2.12
Milwaukie Avenue ApartmentsBottom Floor2BR,1BA$1.81
3808 SE Cesar Estrada Chavez Blvd, Unit 83808 SE Cesar Estrada Chavez Blvd2BR,1BA$2.06
Moreland Place Apartments2x12BR,1BA$1.90
The MorganThe Morgan PDX C1BR,1BA$2.06
2910 SE Gladstone St, Unit 22910 SE Gladstone St1BR,1BA$2.08

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Reed, Portland, OR

Ranked #33

Among neighborhoods in Portland, OR for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Best Local Schools in
Reed, Portland, OR

School data provided by Great Schools

Lifestyle Ratings

ApartmentHomeLiving.com is proud to bring you Lifestyle Ratings of rentals in areas across the United States, including Portland. Lifestyle Ratings show you the best fit for your needs and interests. This takes in many factors including searching for the best amenities, and outdoor amenities like tennis courts, family-friendly amenities, raising pets, transit options, and other valuable search options. These search options are in the site filters at the top of this page.

Getting Around the Reed Neighborhood in Portland, OR

Walk Score®

70 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

91 / 100

Biker's Paradise

Daily errands can be accomplished on a bike

Transit Score®

49 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Reed Apartments

What is the Cheapest Studio apartment in Reed?

Currently the most affordable Cheap Studio Apartment in Reed is at Hazel Ying Lee Apartments listed at $950.

How much is rent for a Cheap One Bedroom Reed Apartment?

The lowest price for a Cheap One Bedroom Reed Apartment is $1,295 at Insley Apartments.

What is the lowest price for a Cheap Two Bedroom Reed Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Reed is starting from $1,399 at Moreland Place Apartments.

What is the most affordable Reed Three Bedroom Apartment?

The best deal on a cheap Reed Three Bedroom Apartment rental is at Knight Apartments and starts from $2,189.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.