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.

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

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The Arthur
Studio Apartments

The Arthur

726 SW 11th AvePortland, OR 97205
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Everett Micro Lofts
Studio Apartments

Everett Micro Lofts

306-318 NW BroadwayPortland, OR 97209
Student Housing
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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
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333 Oak
Studio to 1 Bedroom Apartments

333 Oak

333 SW Oak StPortland, OR 97204
Senior Living
  • Utilities Included

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

Apartment ListingModel NameBed/BathPriced From
5th Avenue Place ApartmentsStudioStudio,1BA$795
Regency ApartmentsStudio AStudio,1BA$875
Fountain Place ApartmentsStudio - 60%Studio,1BA$900
Washington Plaza Apartmentss5fl 308Studio,1BA$925
Koz on 4thStudioStudio,1BA$941
WaterleafStudio-60%Studio,1BA$999
Acqua Apartments - Student AffordableStudioStudio,1BA$1,005
Beverly Alder ApartmentsStudios (02's, 03's, 04's) Faces Alder w/ViewStudio,1BA$1,075
Westfal ApartmentsOne Bedroom1BR,1BA$1,095
West Park PlacestudioStudio,1BA$1,100

Best Value Apartments for Rent in Waterfront, OR

As of November 12, 2025 the best value apartment in the Waterfront area is the $2.49 price per square foot One-Bedroom Q Model at The Louisa Apartments in the in the Northwest Portland neighborhood starting from $2,601. The second greatest value Waterfront apartment is the 1x1 620 sq. ft. Hawthorne Model at linc301 Apartments starting at $1,310 with a $2.11 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.
The Louisa ApartmentsOne-Bedroom Q1BR,1BA$2.49
linc301 Apartments1x1 620 sq. ft. Hawthorne1BR,1BA$2.11
Couch9One Bed One Bath B1-31BR,1BA$2.61
Essex HousePlan 1AR1BR,1BA$2.60
Westfal ApartmentsOne Bedroom1BR,1BA$1.83
WaterleafStudio-60%Studio ,1BA$1.74
Gallery Park ApartmentsOne Bedroom1BR,1BA$2.52
5th Avenue Place ApartmentsStudioStudio ,1BA$1.67
Acqua Apartments - Student AffordableStudioStudio ,1BA$2.31
Fountain Place ApartmentsStudio - 60%Studio ,1BA$2.06

The Portland Power Commute: Top Neighborhoods for Renters Near the City’s Major Job Hubs

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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.

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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

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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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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 #41

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 $1,100.

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 $4,617.

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 97 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 $624 which is $3,993 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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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! 

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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.