Cheap Apartments for Rent in the South Waterfront Neighborhood of Portland, OR from $800 (59 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
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 South Waterfront 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.

Read Article

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

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
5 MLK
Rent Specials
$1,402 - $3,896Studio to 2 Bedroom Apartments Available Now

5 MLK

5 SE Martin Luther King Jr BlvdPortland, OR 97214
Transit Friendly
  • Verified
  • Customer Reviewed
  • Matterport 3D Tour

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.

Read Article

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

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

Read Article
Showing Results 1-50, Page 1 of 2

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 Regency Apartments priced from $875. The Amy has the second lowest priced unit, which is a Studio apartment currently listed from $950. Here are the most affordable South Waterfront apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
Regency ApartmentsStudio AStudio,1BA$875
The AmyBurnsideStudio,1BA$950
Koz on 13thStudioStudio,1BA$952
Ongford ApartmentsStudioStudio,1BA$975
WaterleafStudio-60%Studio,1BA$999
Clay & TiffanyStudio EStudio,1BA$999
Hoodview Apartments0BR/1.0BAStudio,1BA$1,100
Grand BelmontStudio 9Studio,1BA$1,174
The DouglasStudio IrvingStudio,1BA$1,183
Jute ApartmentsSatinStudio,1BA$1,195

Best Value Apartments for Rent in South Waterfront, OR

As of November 12, 2025 the best value apartment in the South Waterfront area is the $2.05 price per square foot 22F1 Model at The Matisse in the in the Southwest Portland neighborhood starting from $2,230. The second greatest value South Waterfront apartment is the Steel 1x1 A Model at Honeyman Hardware Lofts starting at $2,388 with a $2.33 price per square foot in the Pearl District 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.
The Matisse22F12BR,2BA$2.05
Honeyman Hardware LoftsSteel 1x1 A1BR,1BA$2.33
Hoodview Apartments2BR/1.0BA2BR,1BA$1.87
Modern New Construction 1BR/1.0BA1BR,1BA$1.94
735 St. ClairA41BR,1BA$2.17
WaterleafStudio-60%Studio ,1BA$1.74
The VueThe Belmont1BR,1BA$2.16
Sunshine PortlandUrban One Bedroom A1BR,1BA$2.30
EllaS1.1Studio ,1BA$2.34
Ongford ApartmentsStudioStudio ,1BA$1.99

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

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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

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.

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

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

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

decorative image of woman handing cat to small boy

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 a cheap apartment in South Waterfront?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in South Waterfront is under $1,195.

What is the price of a cheap apartment in South Waterfront?

The cheapest apartment in South Waterfront is Clay & Tiffany which is listed at $1,100, while the average apartment in South Waterfront costs $4,617.

What types of apartments are the cheapest in South Waterfront?

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 63 regular apartments in South Waterfront 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 South Waterfront?

Cheap apartments in South Waterfront have an average cost of $562 which is $4,055 cheaper than the average rent for all rentals in South Waterfront.

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.

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 Apartment Common Area Rules: What Renters Need to Know article

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.

decorative image for How to Negotiate Your Apartment Lease and Save Money article

How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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

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.