Cheap Apartments for Rent in the Waterfront Neighborhood of Portland, OR from $600 (27 Rentals)

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

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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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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The Arthur
Studio Apartments

The Arthur

726 SW 11th AvePortland, OR 97205
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Water Meade Apartments
Studio to 1 Bedroom Apartments

Water Meade Apartments

103 S Meade StPortland, OR 97201
  • Utilities Included
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Whitney Gray
Studio Apartments

Whitney Gray

409 SW 12th AvePortland, OR 97205

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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West Park Place
Studio Apartments

West Park Place

1415-1419 SW Park AvePortland, OR 97201
  • Utilities Included
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333 Oak
Studio to 1 Bedroom Apartments

333 Oak

333 SW Oak StPortland, OR 97204
Senior Living
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Showing Results 1-27, Page 1 of 1

Waterfront, Portland, OR Local Guide

Cheapest Available Waterfront Apartments for Rent

 

The cheapest available apartment rental in the Waterfront area of Portland, OR is a Studio unit found at Modern Rich Apartments priced from $649. Fountain Place Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $737. Here are the most affordable Waterfront apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Fountain Place ApartmentsStudio - 60%Studio,1BA$737
Morrison Park ApartmentsStudio - 50%Studio,1BA$800
Washington Plaza Apartmentss2fl 260Studio,1BA$945
Regency ApartmentsStudio AStudio,1BA$950
Koz on 4thStudioStudio,1BA$958
Beverly Alder ApartmentsStudios (07's, 08's) Faces LightwellStudio,1BA$985
Westfal ApartmentsOne Bedroom1BR,1BA$1,095
Whitney GrayStudio AStudio,1BA$1,125
AcquaStudioStudio,1BA$1,125

Best Value Apartments for Rent in Waterfront, OR

As of June 26, 2025 the best value apartment in the Waterfront area is the $2.48 price per square foot Unit J Model at Park Avenue West in the in the Northwest Portland neighborhood starting from $2,795. The second greatest value Waterfront apartment is the 2x2 989 sq. ft. Harrison Model at linc245 Apartments starting at $2,460 with a $2.49 price per square foot in the Southwest Portland neighborhood. Here is today’s list of the best values for Waterfront apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Park Avenue WestUnit J1BR,1BA$2.48
linc245 Apartments2x2 989 sq. ft. Harrison2BR,2BA$2.49
linc301 Apartments1x1 620 sq. ft. Hawthorne1BR,1BA$2.19
Essex HousePlan 1AR1BR,1BA$2.41
Westfal ApartmentsOne Bedroom1BR,1BA$1.83
WaterleafStudio-60%Studio ,1BA$2.13
Gallery Park ApartmentsOne Bedroom1BR,1BA$2.62
Fountain Place ApartmentsStudio - 60%Studio ,1BA$1.69
Morrison Park ApartmentsStudio - 50%Studio ,1BA$2.60
Modern Rich Apartments0BR/1.0BAStudio ,1BA$2.16

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.

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Pet Friendly Lifestyle
Waterfront, Portland, OR

Ranked #51

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of neighborhoods, cities and towns, and rental properties across Oregon, including Portland. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including rankings of the best places for outdoor amenities like tennis courts, luxury amenities, transit availability, pet-friendly communities, family-friendliness, and how walkable or bikeable each community and area is. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Getting Around the Waterfront Neighborhood in Portland, OR

Walk Score®

96 / 100

Walker’s Paradise

Daily errands do not require a car

Bike Score®

92 / 100

Biker's Paradise

Daily errands can be accomplished on a bike

Transit Score®

92 / 100

Rider’s Paradise

World-class public transportation

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 Waterfront Apartments

What is a cheap apartment in Waterfront?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Waterfront is under $1,125.

What is the price of a cheap apartment in Waterfront?

The cheapest apartment in Waterfront is Westfal Apartments which is listed at $1,095, while the average apartment in Waterfront costs $3,301.

What types of apartments are the cheapest in 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 25 regular apartments in 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 Waterfront?

Cheap apartments in Waterfront have an average cost of $134 which is $3,167 cheaper than the average rent for all rentals in 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.

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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.