Cheap Apartments for Rent in the Waterfront Neighborhood of Portland, OR from $600 (41 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

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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The Arthur
Studio Apartments

The Arthur

726 SW 11th AvePortland, OR 97205
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St. James
Studio to 2 Bedroom Apartments

St. James

1312 SW 10th AvePortland, OR 97201
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Everett Micro Lofts
Studio Apartments

Everett Micro Lofts

306-318 NW BroadwayPortland, OR 97209
Student Housing
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Koz on 4th
Studio to 1 Bedroom Apartments

Koz on 4th

2211 SW 4th AvePortland, OR 97201
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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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Fifth Avenue Court
Studio to 2 Bedroom Apartments

Fifth Avenue Court

221 NW 5th AvePortland, OR 97209
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Water Meade Apartments
Studio to 2 Bedroom Apartments

Water Meade Apartments

103 S Meade StPortland, OR 97201
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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
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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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property at 327 NW Park Ave

$1,595 - $2,500

1 To 2 Bedroom Rentals

Available Now

327 NW Park Ave

PortlandOR97209
Showing Results 1-41, 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 $680. 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 ApartmentsMicro StudioStudio,1BA$680
Fifth Avenue Place ApartmentsStudio 425Studio,1BA$845
Regency ApartmentsStudio AStudio,1BA$875
Morrison Park Apartments0BR/1.0BAStudio,1BA$875
Washington Plaza Apartmentss5fl 275Studio,1BA$915
Koz on 4thStudioStudio,1BA$997
Acqua Apartments - Student AffordableStudioStudio,1BA$1,005
Beverly Alder ApartmentsStudios (07's, 08's) Faces LightwellStudio,1BA$1,050
Westfal ApartmentsOne Bedroom1BR,1BA$1,095

Best Value Apartments for Rent in Waterfront, OR

As of January 20, 2026 the best value apartment in the Waterfront area is the $1.50 price per square foot Two Bedroom Model at Gallery Park Apartments in the in the Northwest Portland neighborhood starting from $1,799. The second greatest value Waterfront apartment is the 1x1 TH "A" Everett Model at The Douglas starting at $1,701 with a $2.45 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.
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.50
The Douglas1x1 TH "A" Everett1BR,1BA$2.45
linc301 Apartments1x1 620 sq. ft. Hawthorne1BR,1BA$2.23
Essex HousePlan 1AR1BR,1BA$2.40
Westfal ApartmentsOne Bedroom1BR,1BA$1.83
Fifth Avenue Place Apartments1BR/1BA 6001BR,1BA$1.83
Harrison Tower Apartment HomesResidence 1 Club Level1BR,1BA$2.68
linc245 ApartmentsYamhillStudio ,1BA$2.66
Acqua Apartments - Student AffordableStudioStudio ,1BA$2.31
Modern Rich Apartments0BR/1.0BAStudio ,1BA$2.16

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

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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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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 #48

Among cities in Oregon for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.5
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!

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 $1,095.

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 $3,485.

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 116 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 $834 which is $2,651 cheaper than the average rent for all rentals in 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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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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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!