Cheap Apartments for Rent in the Waterfront Neighborhood of Portland, OR from $500 (32 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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St. James
Studio to 2 Bedroom Apartments

St. James

1312 SW 10th AvePortland, OR 97201
  • Utilities Included
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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

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Showing Results 1-32, 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 Helen Swindells Apartments priced from $500. Modern Rich Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $649. Here are the most affordable Waterfront apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
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
Koz on 4thStudioStudio,1BA$946
Everett Micro Lofts0BR/1.0BAStudio,1BA$950

Best Value Apartments for Rent in Waterfront, OR

As of March 15, 2026 the best value apartment in the Waterfront area is the $1.46 price per square foot Two Bedroom Model at Gallery Park Apartments in the in the Northwest Portland neighborhood starting from $1,750. The second greatest value Waterfront apartment is the 2x1 828 sq. ft. Morrison Model at linc301 Apartments starting at $1,760 with a $2.13 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$1.46
linc301 Apartments2x1 828 sq. ft. Morrison2BR,1BA$2.13
The Douglas1x1 TH "A" Everett1BR,1BA$2.59
Westfal ApartmentsOne Bedroom1BR,1BA$1.71
JEANNE MANOR APARTMENTS (JEAN01)1 Bedroom (#209, #502 & #602)1BR,1BA$2.45
Fifth Avenue Place ApartmentsStudio 425Studio ,1BA$1.78
Acqua Apartments - Student AffordableStudioStudio ,1BA$2.31
WestshorestudioStudio ,1BA$2.36
Fountain Place ApartmentsStudio - 60%Studio ,1BA$2.34
Modern Rich Apartments0BR/1.0BAStudio ,1BA$2.16

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

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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 #47

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 $950.

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 $3,845.

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 98 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 $634 which is $3,211 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.

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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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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.

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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.