Cheap Apartments for Rent in the South Waterfront Neighborhood of Portland, OR from $800 (58 Rentals)

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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.

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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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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.

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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.

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5 MLK
Rent Specials
$1,627 - $4,906Studio to 2 Bedroom Apartments Available Now

5 MLK

5 SE Martin Luther King Jr BlvdPortland, OR 97214
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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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 Regency Apartments priced from $875. The Amy has the second lowest priced unit, which is a Studio apartment currently listed from $895. 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$895
The VueThe PearlStudio,1BA$941
Koz on 13thStudioStudio,1BA$952
Ongford ApartmentsStudioStudio,1BA$975
WaterleafStudio-60%Studio,1BA$999
Cascade VistaStudio AStudio,1BA$1,060
Slabtown SquareSapphireStudio,1BA$1,100
Hassalo on EighthElwood-E2Studio,1BA$1,101
SawbuckA2Studio,1BA$1,168

Best Value Apartments for Rent in South Waterfront, OR

As of December 30, 2025 the best value apartment in the South Waterfront area is the $2.15 price per square foot 22F1 Model at The Matisse in the in the Southwest Portland neighborhood starting from $2,340. The second greatest value South Waterfront apartment is the Fremont Studio B Model at Honeyman Hardware Lofts starting at $1,669 with a $1.85 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$2.15
Honeyman Hardware LoftsFremont Studio BStudio ,1BA$1.85
Hoodview Apartments2BR/1.0BA2BR,1BA$1.87
The Douglas1x1 TH "A" Everett1BR,1BA$2.45
Modern New Construction - Minutes from Downtown PDX & OHSU1BR/1.0BA1BR,1BA$1.91
735 St. ClairA41BR,1BA$2.17
The LindenHamilton1BR,1BA$2.50
WaterleafStudio-60%Studio ,1BA$1.74
Ongford ApartmentsStudioStudio ,1BA$1.99
The VueThe PearlStudio ,1BA$2.43

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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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.

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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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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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Quick Rent Budget Calculator

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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.

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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 $1,168.

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

The cheapest apartment in South Waterfront is The Vue which is listed at $1,204, while the average apartment in South Waterfront costs $4,859.

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 78 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 $627 which is $4,232 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.

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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.

Articles, How-To's, and Tips

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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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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.

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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!