Cheap Apartments for Rent in the Waterfront Neighborhood of Portland, OR from $600 (37 Rentals)

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

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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 2 Bedroom Apartments

Water Meade Apartments

103 S Meade StPortland, OR 97201
  • Utilities Included
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West Park Place
Studio to 1 Bedroom 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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Whitney Gray
Studio to 2 Bedroom Apartments

Whitney Gray

409 SW 12th AvePortland, OR 97205
Showing Results 1-37, 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 5th Avenue Place Apartments priced from $795. Fountain Place Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $900. Here are the most affordable Waterfront apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
5th Avenue Place ApartmentsStudioStudio,1BA$795
Fountain Place ApartmentsStudio - 60%Studio,1BA$900
Washington Plaza Apartmentss4fl 255Studio,1BA$915
Acqua ApartmentsStudioStudio,1BA$924
Koz on 4thStudioStudio,1BA$943
Regency ApartmentsStudio AStudio,1BA$950
Everett Micro Lofts308Studio,1BA$975
Beverly Alder ApartmentsStudios (02's, 03's, 04's) Faces Alder w/ViewStudio,1BA$1,095
Westfal ApartmentsOne Bedroom1BR,1BA$1,095
LaddStudio SStudio,1BA$1,194

Best Value Apartments for Rent in Waterfront, OR

As of September 14, 2025 the best value apartment in the Waterfront area is the $2.10 price per square foot 3x1 Pettygrove Model at The Douglas in the in the Southwest Portland neighborhood starting from $2,875. The second greatest value Waterfront apartment is the Residence 8 Club Level Model at Harrison Tower Apartment Homes starting at $3,062 with a $2.45 price per square foot in the Homestead 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.
The Douglas3x1 Pettygrove3BR,1BA$2.10
Harrison Tower Apartment HomesResidence 8 Club Level3BR,2BA$2.45
Park Avenue WestUnit J1BR,1BA$2.42
linc301 Apartments1x1 620 sq. ft. Hawthorne1BR,1BA$2.17
Westfal ApartmentsOne Bedroom1BR,1BA$1.83
WaterleafStudio-60%Studio ,1BA$2.13
Gallery Park ApartmentsOne Bedroom1BR,1BA$2.52
5th Avenue Place ApartmentsStudioStudio ,1BA$1.67
Fountain Place ApartmentsStudio - 60%Studio ,1BA$2.06
Acqua ApartmentsStudioStudio ,1BA$2.12

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
Waterfront, Portland, OR

Ranked #42

Among cities in Oregon 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 $1,194.

What is the price of a cheap apartment in Waterfront?

The cheapest apartment in Waterfront is Acqua Apartments which is listed at $949, while the average apartment in Waterfront costs $4,164.

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 $137 which is $4,027 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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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.

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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.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.