Cheap Apartments for Rent in Salem, OR from $400 (282 Rentals)

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Search the lowest-cost Apartments available for rent right now in Salem.

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

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Peace Street
$1,100 - $1,150
Total Monthly Price

Total Monthly Price

Base Rent
$1,100 - $1,150
Total Monthly Price
$1,100 - $1,150
1 Bedroom Apartments Available Now

Peace Street

1291-1381 Peace StSalem, OR 97302
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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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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Salem, OR Local Guide

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Local Guide Expert

Cheapest Neighborhoods for Apartments in Salem, OR

Pricing Updated: 06/21/2026

Current apartment rentals in the Salem, OR area range in price from $895 to $4,040 with an overall median price of $2,112. The three Salem neighborhoods with the lowest median rent pricing are Northeast Salem at $925, Southeast Salem at $895, and Grant at $950. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Salem Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Northeast Salem$1,135$92512
Southeast Salem$1,237$8957
Grant$1,587$9509
Northeast Neighbors$1,637$89520
Faye Wright$1,750$99526
Highland$1,750$95012
Four Corners$1,802$92568
Southeast Mill Creek$1,802$1,19946
East Lancaster$1,850$925108
NOLA$1,850$99561

Cheapest Available Salem Apartments for Rent

 

The cheapest available apartment rental in Salem, OR is a 1 Bed unit found at 192-Western Village Apartments in the Highland neighborhood priced from $845. 1481 Tripp / Lee Apartments in the Central Area neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $895. Here is today’s list of the most affordable Salem apartments for rent:

Apartment ListingModel NameBed/BathPriced From
192-Western Village Apartments1x1 Upstairs1BR,1BA$845
1481 Tripp / Lee ApartmentsOne Bed1BR,1BA$895
Madison Court ApartmentsStudioStudio,1BA$950
Sunnyslope Manor2 Bedroom 1 Bath2BR,1BA$952
046-Lancaster Court1x11BR,1BA$975
Riverbend Terrace ApartmentsStudioStudio,1BA$990
Orchard Park Apartments1 Bedroom 1 Bathroom1BR,1BA$991
Anita Manor ApartmentsManor1BR,1BA$995
The Court at HawthorneUpstairs 2 Bed2BR,1BA$995
Brighton Park1BR 1Bath1BR,1BA$995

Best Value Apartments for Rent in Salem, OR

As of June 21, 2026 the best value apartment in the Salem area is the $1.28 price per square foot 3 Bedroom 1 Bath Model at Z_Campus Court Apartments in the in the Lansing neighborhood starting from $1,342. The second greatest value Salem apartment is the 2 bed 1 bath - 3rd Floor Model at 12th Street Lofts starting at $1,195 with a $1.22 price per square foot in the Central Area neighborhood. Here is today’s list of the best values for Salem apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Z_Campus Court Apartments3 Bedroom 1 Bath3BR,1BA$1.28
12th Street Lofts2 bed 1 bath - 3rd Floor2BR,1BA$1.22
Brooktree Apartments2BR 1 Bath2BR,1BA$1.30
Park Place Apartments2 Bed 1 Bath Upstairs2BR,1BA$1.15
102-Mountain View2x12BR,1BA$1.31
Liberty Street Apartments2 Beds, 1 bath2BR,1BA$1.11
Royvonne Hills ApartmentsOne Bedroom1BR,1BA$1.24
Cheryl LynnTwo Bedroom2BR,1BA$1.27
1481 Tripp / Lee ApartmentsOne Bed1BR,1BA$1.12
Sunnyslope Manor2 Bedroom 1 Bath2BR,1BA$1.28

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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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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Salem Overview

Salem is the capital of Oregon and is located in Marion County, the 2nd largest city in Oregon behind Portland. The top colleges are Willamette University, Corban University and Chemeketa Community College. Salem is nicknamed the Cherry City because of the different varieties of cherries invented and exhibited.

Why live in Salem, OR?

Salem has a beautiful woodsy landscape with a rich history of invention and filming. “One Flew Over the Cuckoo’s Nest” was filmed at the Oregon State Hospital. There are a plethora of wineries and vineyards from which to choose. The 46 parks are lush and inviting and spread over almost 30 miles across the state. Salem has ongoing community events like the Saturday Market, available from May until October, and exhibits baked goods, crafts, produce and meat. There is also the Wednesday Farmers’ Market that takes place downtown in Courthouse Square during the summer months. The Indoor Saturday Public Market is open all year-around.

Salem, OR
Population: 173,442

Ranked #149

in US Census Population by City

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Best Local Schools in
Salem, OR

School data provided by Great Schools

Remember the 3 Rules of Real Estate:
Location, Location, Location!

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Frequently Asked Questions about Cheap Salem Apartments

What is a cheap apartment in Salem?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Salem is under $995.

What is the price of a cheap apartment in Salem?

The cheapest apartment in Salem is 192-Western Village Apartments which is listed at $845, while the average apartment in Salem costs $2,112.

What types of apartments are the cheapest in Salem?

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 48 regular apartments in Salem 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 Salem?

Cheap apartments in Salem have an average cost of $353 which is $1,759 cheaper than the average rent for all rentals in Salem.

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.

Articles, How-To's, and Tips

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

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There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.