Cheap Apartments for Rent in the South Waterfront Neighborhood of Portland, OR from $400 (64 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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Collective on 4th
Rent Specials
$1,099 - $4,208
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$1,099 - $4,208
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Studio to 3 Bedroom Apartments Available Now

Collective on 4th

1818 SW 4th AvePortland, OR 97201
Student Housing
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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.

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Yard
Rent Specials
$1,232 - $2,650
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$1,232 - $2,650
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Studio to 2 Bedroom Apartments Available Now

Yard

22 NE 2nd AvePortland, OR 97232
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The Dylan
Rent Specials
$1,295 - $3,653
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$1,295 - $3,653
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Studio to 2 Bedroom Apartments Available Now

The Dylan

3883 S Moody AvePortland, OR 97239
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The Douglas
Rent Specials
$1,299 - $2,999
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$1,299 - $2,999
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Studio to 4 Bedroom Apartments Available Now

The Douglas

1811 SW River DrPortland, OR 97201
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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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Grand Belmont
Rent Specials
$1,310 - $2,735
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$1,310 - $2,735
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Studio to 2 Bedroom Apartments Available Now

Grand Belmont

514 SE Belmont StPortland, OR 97214
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Sanctuary
Rent Specials
$1,345 - $2,547
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$1,345 - $2,547
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Studio to 2 Bedroom Apartments Available Now

Sanctuary

4940 S Landing DrPortland, OR 97239
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Sawbuck
$1,399 - $6,236
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$1,399 - $6,236
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Studio to 2 Bedroom Apartments Available Jun 13

Sawbuck

1725 SW Salmon StPortland, OR 97205
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Ella
Rent Specials
$1,429 - $10,000
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$1,429 - $10,000
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Studio to 2 Bedroom Apartments Available May 22

Ella

3833 SW Bond AvePortland, OR 97239
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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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Millhouse
Rent Specials
$1,474 - $4,215
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$1,474 - $4,215
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Studio to 2 Bedroom Apartments Available Now

Millhouse

1985-1988 NW Savier StPortland, OR 97209
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Portland Astoria
Rent Specials
$1,476 - $4,989
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$1,476 - $4,989
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Studio to 2 Bedroom Apartments Available Now

Portland Astoria

140 SW Columbia StPortland, OR 97201
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Akoya
Rent Specials
$1,481 - $10,000
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$1,481 - $10,000
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Studio to 2 Bedroom Apartments Available Now

Akoya

1430 NW Hoyt StPortland, OR 97209
Corporate Housing
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Holloway
Rent Specials
$1,499 - $3,140
Total Monthly Price

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$1,499 - $3,140
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Studio to 2 Bedroom Apartments Available Now

Holloway

2050 Northeast Pacific StreetPortland, OR 97232
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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.

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ART Tower
Rent Specials
$1,546 - $5,899
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$1,546 - $5,899
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1 to 3 Bedroom Apartments Available Now

ART Tower

1510 SW Alder StPortland, OR 97205
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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.

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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 Waterleaf priced from $480. Regency Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $980. Here are the most affordable South Waterfront apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
WaterleafStudioStudio,1BA$480
Regency ApartmentsStudio AStudio,1BA$980
Derby SlabtownStudio-S MULTEStudio,1BA$999
Park Avenue ApartmentsStudioStudio,1BA$999
Modern New Construction - Minutes from Downtown PDX & OHSU0BR/1.0BAStudio,1BA$1,000
Gray's LandingstudioStudio,1BA$1,018
Ongford ApartmentsStudioStudio,1BA$1,050
The VueThe PearlStudio,1BA$1,056
Collective on 4thStudio JStudio,1BA$1,099
11 Marché ApartmentsStudio - Florentine - 404Studio,1BA$1,199

Best Value Apartments for Rent in South Waterfront, OR

As of May 20, 2026 the best value apartment in the South Waterfront area is the $2.60 price per square foot B03 Model at Slate Apartments in the in the Southeast Portland neighborhood starting from $2,575. The second greatest value South Waterfront apartment is the Two Bedroom A Model at Cascade Vista starting at $1,495 with a $1.75 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.
Slate ApartmentsB032BR,2BA$2.60
Cascade VistaTwo Bedroom A2BR,1BA$1.75
The Louisa ApartmentsOne-Bedroom + Den N1BR,1BA$2.66
Park Avenue WestUnit M1BR,1BA$2.63
The Matisse11F11BR,1BA$2.00
Waterleaf1 Bedroom 1 Bath1BR,1BA$1.83
The DylanA4.21BR,1BA$2.66
Gray's LandingstudioStudio ,1BA$1.70
Corbett Heights Apartments0 x 1 - 528 SFStudio ,1BA$2.70
Ongford ApartmentsStudioStudio ,1BA$2.14

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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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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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.

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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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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 $1,199.

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

The cheapest apartment in South Waterfront is Gray's Landing which is listed at $1,102, while the average apartment in South Waterfront costs $2,982.

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 $844 which is $2,138 cheaper than the average rent for all rentals in South Waterfront.

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.

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.

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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

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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.

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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.

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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.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.