Cheap Apartments for Rent in the Waterfront Neighborhood of Portland, OR from $600 (26 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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Whitney Gray
Studio Apartments

Whitney Gray

409 SW 12th AvePortland, OR 97205

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Water Meade Apartments
Studio to 1 Bedroom Apartments

Water Meade Apartments

103 S Meade StPortland, OR 97201
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West Park Place
Studio 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
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Showing Results 1-26, 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
5th Avenue Place ApartmentsStudio, 1 bathStudio,1BA$795
Morrison Park ApartmentsStudio - 50%Studio,1BA$800
Washington Plaza Apartmentss4fl 255Studio,1BA$915
Regency ApartmentsStudio AStudio,1BA$950
Whitney GrayStudio AStudio,1BA$975
Beverly Alder ApartmentsStudios (07's, 08's) Faces LightwellStudio,1BA$995
38 DavisStudio J AffordableStudio,1BA$1,050
Koz on 4thStudioStudio,1BA$1,090

Best Value Apartments for Rent in Waterfront, OR

As of July 31, 2025 the best value apartment in the Waterfront area is the $1.83 price per square foot Residence 9 Model at Harrison Tower Apartment Homes in the in the Homestead neighborhood starting from $3,017. The second greatest value Waterfront apartment is the 2x1 828 sq. ft. Morrison Model at linc301 Apartments starting at $1,880 with a $2.27 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.
Harrison Tower Apartment HomesResidence 93BR,2BA$1.83
linc301 Apartments2x1 828 sq. ft. Morrison2BR,1BA$2.27
linc245 Apartments1x1 670 sq. ft. Columbia1BR,1BA$2.40
Essex HousePlan 1AR1BR,1BA$2.81
Cyan/PDXOne Bedroom (A7)1BR,1BA$2.69
WaterleafStudio-60%Studio ,1BA$2.13
5th Avenue Place ApartmentsStudio, 1 bathStudio ,1BA$1.67
Fountain Place ApartmentsStudio - 60%Studio ,1BA$1.69
Morrison Park ApartmentsStudio - 50%Studio ,1BA$2.60
Modern Rich Apartments0BR/1.0BAStudio ,1BA$2.16

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Pet Friendly Lifestyle
Waterfront, Portland, OR

Ranked #48

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 $1,090.

What is the price of a cheap apartment in Waterfront?

The cheapest apartment in Waterfront is Ladd which is listed at $1,093, while the average apartment in Waterfront costs $3,389.

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 35 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 $151 which is $3,238 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 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.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

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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.