Cheap Apartments for Rent in the Waterfront Neighborhood of Portland, OR from $400 (49 Rentals)

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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38 Davis
Rent Specials
$1,275 - $1,945
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$1,275 - $1,945
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Studio to 2 Bedroom Apartments Available Now

38 Davis

38 NW Davis StPortland, OR 97209
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  • Utilities Included
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Collective on 4th
Rent Specials
$1,299 - $4,225
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$1,299 - $4,225
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Studio to 3 Bedroom Apartments Available Now

Collective on 4th

1818 SW 4th AvePortland, OR 97201
Student Housing
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  • Customer Reviewed
  • 3D Tour

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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Cyan/PDX
Rent Specials
$1,345 - $3,804
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$1,345 - $3,804
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Studio to 3 Bedroom Apartments Available Now

Cyan/PDX

1720 SW 4th AvePortland, OR 97201
Corporate Housing
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The Douglas
Rent Specials
$1,394 - $2,999
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$1,394 - $2,999
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Studio to 4 Bedroom Apartments Available Now

The Douglas

1811 SW River DrPortland, OR 97201
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230 Ash
Rent Specials
$1,395 - $2,085
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$1,395 - $2,085
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Studio to 1 Bedroom Apartments Available Now

230 Ash

230 SW Ash StPortland, OR 97204
Eco-Friendly
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  • Low Income
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Amara
Rent Specials
$1,400 - $5,356
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$1,400 - $5,356
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Studio to 3 Bedroom Apartments Available Now

Amara

15 NW Park AvePortland, OR 97209
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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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Portland Astoria
Rent Specials
$1,410 - $6,202
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$1,410 - $6,202
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Studio to 2 Bedroom Apartments Available Now

Portland Astoria

140 SW Columbia StPortland, OR 97201
Luxury
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Indigo
$1,671 - $9,426
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$1,671 - $9,426
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Studio to 3 Bedroom Apartments Available Now

Indigo

430 SW 13th AvePortland, OR 97205
Corporate Housing
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From Arts to Eats: A Local Insider's Guide to Living in Portland's Best Spots

Discover the true heart of Portland, Oregon, with this local expert's guide. Explore the city's unique history, from the coin toss that named it to its "Keep Portland Weird" culture, and get an insider look at its most notable neighborhoods and internationally recognized food scene.

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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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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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The Arthur
Studio Apartments

The Arthur

726 SW 11th AvePortland, OR 97205
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Whitney Gray
Studio to 2 Bedroom Apartments

Whitney Gray

409 SW 12th AvePortland, OR 97205
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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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property at 300 NW 8th Ave

$1,499 - $1,800

Studio Rentals

Available Now

300 NW 8th Ave

PortlandOR97209
Showing Results 1-49, 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 Waterleaf priced from $480. Helen Swindells Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $500. Here are the most affordable Waterfront apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
WaterleafStudioStudio,1BA$480
Helen Swindells Apartments0x1Studio,1BA$500
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Fifth Avenue Place ApartmentsStudio 425Studio,1BA$845
Fountain Place ApartmentsStudio - 60%Studio,1BA$860
WestshorestudioStudio,1BA$869
Regency ApartmentsStudio AStudio,1BA$875
Morrison Park Apartments0BR/1.0BAStudio,1BA$875
Washington Plaza Apartmentss5fl 275Studio,1BA$915
Beverly Alder ApartmentsStudio Faces Alder w/View (300sq ft #303)Studio,1BA$925

Best Value Apartments for Rent in Waterfront, OR

As of April 29, 2026 the best value apartment in the Waterfront area is the $2.41 price per square foot Unit A Model at Park Avenue West in the in the Northwest Portland neighborhood starting from $3,200. The second greatest value Waterfront apartment is the Two Bedroom Model at Gallery Park Apartments starting at $1,750 with a $1.46 price per square foot in the Northwest 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 A2BR,2BA$2.41
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.46
Everett Station Lofts1051BR,1BA$2.06
Waterleaf1 Bedroom 1 Bath1BR,1BA$1.64
linc301 Apartments1x1 620 sq. ft. Hawthorne1BR,1BA$2.15
Westfal ApartmentsOne Bedroom1BR,1BA$1.71
Fifth Avenue Place ApartmentsStudio 425Studio ,1BA$1.78
Acqua Apartments - Student AffordableStudioStudio ,1BA$2.31
WestshorestudioStudio ,1BA$2.17
Modern Rich Apartments0BR/1.0BAStudio ,1BA$2.16

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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Pet Friendly Lifestyle
Waterfront, Portland, OR

Ranked #39

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!

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 $925.

What is the price of a cheap apartment in Waterfront?

The cheapest apartment in Waterfront is Westfal Apartments which is listed at $1,025, while the average apartment in Waterfront costs $3,049.

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 118 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 $656 which is $2,393 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

decorative image for A Portland Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent article

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.

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

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.

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From Arts to Eats: A Local Insiders Guide to Living in Portland's Best Spots

Written by: Chad Deitchley

Hello! My name is Chad, and I am your ApartmentHomeLiving.com Local Expert for Portland, Oregon. After living in this one-of-a-kind city for more than 20 years, I have seen it change in many exciting ways.

Articles, How-To's, and Tips

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.