Cheap Apartments for Rent in the South Waterfront Neighborhood of Portland, OR from $900 (61 Rentals)

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

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5 MLK
Rent Specials
$1,550 - $4,560Studio to 2 Bedroom Apartments Available Now

5 MLK

5 SE Martin Luther King Jr BlvdPortland, OR 97214
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South Waterfront, Portland, OR Local Guide

Cheapest Available South Waterfront Apartments for Rent

 

The cheapest available apartment rental in the South Waterfront area of Portland, OR is a Studio unit found at Koz on 13th priced from $925. Modern New Construction has the second lowest priced unit, which is a Studio apartment currently listed from $925. Here are the most affordable South Waterfront apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
Koz on 13thStudioStudio,1BA$925
Modern New Construction 0BR/1.0BAStudio,1BA$925
Regency ApartmentsStudio AStudio,1BA$950
Stadium StationStudio BStudio,1BA$975
The AmyBurnsideStudio,1BA$995
Clay & TiffanyStudio EStudio,1BA$999
Ongford ApartmentsStudioStudio,1BA$1,050
The VueThe PearlStudio,1BA$1,100
Tiller TerraceStudioStudio,1BA$1,100
Grand BelmontStudio 9Studio,1BA$1,199

Best Value Apartments for Rent in South Waterfront, OR

As of September 19, 2025 the best value apartment in the South Waterfront area is the $2.25 price per square foot 2x2 B Model at MARQ - The Woods on Marquam Hill in the in the Southwest Portland neighborhood starting from $2,295. The second greatest value South Waterfront apartment is the 2x1 Davis Model at The Douglas starting at $1,780 with a $2.13 price per square foot in the Southwest Portland neighborhood. Here is today’s list of the best values for South Waterfront apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
MARQ - The Woods on Marquam Hill2x2 B2BR,2BA$2.25
The Douglas2x1 Davis2BR,1BA$2.13
The Matisse01F1Studio ,1BA$2.13
Live in luxury at 11 Marché Apartments in SW Portland1x1 - Renoir - 6361BR,1BA$2.51
LindenHamilton1BR,1BA$2.59
WaterleafStudio-60%Studio ,1BA$2.13
Sunshine PortlandUrban One Bedroom A1BR,1BA$2.47
The MarilynROSS ISLANDStudio ,1BA$2.54
Ongford ApartmentsStudioStudio ,1BA$2.14
Stadium StationStudio AStudio ,1BA$2.44

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
South Waterfront, Portland, OR

Ranked #23

Among cities in Oregon for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Getting Around the South Waterfront Neighborhood in Portland, OR

Walk Score®

83 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

96 / 100

Biker's Paradise

Daily errands can be accomplished on a bike

Transit Score®

75 / 100

Excellent Transit

Transit is convenient for most trips

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 South Waterfront Apartments

What is the Cheapest Studio apartment in South Waterfront?

Currently the most affordable Cheap Studio Apartment in South Waterfront is at Koz on 13th listed at $925.

How much is rent for a Cheap One Bedroom South Waterfront Apartment?

The lowest price for a Cheap One Bedroom South Waterfront Apartment is $1,100 at Stadium Station.

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

Today's best deal for a Cheap Two Bedroom Apartment in South Waterfront is starting from $1,452 at Stadium Station.

What is the most affordable South Waterfront Three Bedroom Apartment?

The best deal on a cheap South Waterfront Three Bedroom Apartment rental is at Skylar Grand and starts from $1,565.

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.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

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.