Cheap Apartments for Rent in the Downtown Salem Neighborhood of Salem, OR from $500 (46 Rentals)

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

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Rivenwood
Rent Specials
$1,298 - $1,990
Total Monthly Price

Total Monthly Price

Base Rent
$1,298 - $1,990
Total Monthly Price
$1,298 - $1,990
Studio to 2 Bedroom Apartments Available Now

Rivenwood

424 Center St NESalem, OR 97301
Furnished
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property at 1035 1/2 16th St NE

$1,325

Total Monthly Price

Total Monthly Price

Base Rent
$1,325
Total Monthly Price
$1,325

1 Bedroom, 1 Bath Home for Rent

Available Sep 15

1035 1/2 16th St NE

SalemOR97301
property at 440 State St

$1,200 - $1,350

Studio Rentals

Available Sep 6

440 State St

SalemOR97301
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South Block Apartments
Rent Specials
$1,439 - $3,728
Total Monthly Price

Total Monthly Price

Base Rent
$1,439 - $3,728
Total Monthly Price
Varies
Studio to 3 Bedroom Apartments Available Now

South Block Apartments

315 Commercial St SESalem, OR 97301
Active Lifestyle
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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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14th St. Courtyard
1 Bedroom Apartments

14th St. Courtyard

830-854 14th St NESalem, OR 97301
  • Utilities Included
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Courtney Place
1 to 2 Bedroom Apartments

Courtney Place

220 Cottage St NESalem, OR 97301
  • Utilities Included
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804 14th St NE
1 Bedroom Apartments

804 14th St NE

804 14th St NESalem, OR 97301
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Koz on State
Studio to 2 Bedroom Apartments

Koz on State

260 State StSalem, OR 97301
  • Utilities Included
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Frances Apartments
Studio to 1 Bedroom Apartments

Frances Apartments

555 Winter St NESalem, OR 97301

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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Fountain Court
1 to 2 Bedroom Apartments

Fountain Court

928-990 Fir St SSalem, OR 97302
Senior Living
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365 16th St SE
1 to 2 Bedroom Apartments

365 16th St SE

365 16th St SESalem, OR 97301

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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Showing Results 1-46, Page 1 of 1

Downtown Salem, Salem, OR Local Guide

Cheapest Available Downtown Salem Apartments for Rent

 

The cheapest available apartment rental in the Downtown Salem area of Salem, OR is a Studio unit found at The Metropolitan Building priced from $500. 192-Western Village Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $845. Here are the most affordable Downtown Salem apartments for rent in Salem, OR:

Apartment ListingModel NameBed/BathPriced From
The Metropolitan Building0 Bedroom 1 Bath - 76101Studio,1BA$500
192-Western Village Apartments1x1 Upstairs1BR,1BA$845
Madison Court ApartmentsStudioStudio,1BA$950
1481 Tripp / Lee ApartmentsOne Bed1BR,1BA$995
Willamette Terrace Apartments1BR/1.0BA1BR,1BA$995
Liberty Street Apartments2 Beds, 1 bath2BR,1BA$999
1251-1277 Chemeketa St NE2x12BR,1BA$1,050
1355-1367 Liberty St NE2 Beds, 1 Baths2BR,1BA$1,200
6 Nineteen ApartmentsTwo Bedroom2BR,1BA$1,225
365 16th St SE2BR/1.0BA2BR,1BA$1,250

Best Value Apartments for Rent in Downtown Salem, OR

As of August 27, 2026 the best value apartment in the Downtown Salem area is the $1.73 price per square foot 2x1 Model at The Meridian Apartments in the in the West Salem neighborhood starting from $2,050. The second greatest value Downtown Salem apartment is the 2 Bedroom 1 Bathroom Model at WALLACE PARK APARTMENTS (03) starting at $1,450 with a $1.47 price per square foot in the West Salem neighborhood. Here is today’s list of the best values for Downtown Salem apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Meridian Apartments2x12BR,1BA$1.73
WALLACE PARK APARTMENTS (03)2 Bedroom 1 Bathroom2BR,1BA$1.47
Liberty Street Apartments2 Beds, 1 bath2BR,1BA$1.11
1481 Tripp / Lee ApartmentsOne Bed1BR,1BA$1.24
Taybin Terrace ApartmentsUpstairs1BR,1BA$1.57
1355-1367 Liberty St NE2 Beds, 1 Baths2BR,1BA$1.67
365 16th St SE2BR/1.0BA2BR,1BA$1.79
6 Nineteen ApartmentsTwo Bedroom2BR,1BA$2.04
Madison Court ApartmentsStudioStudio ,1BA$1.58
Willamette Terrace Apartments1x11BR,1BA$1.90

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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Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of rentals and neighborhoods across the USA, including Salem. 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 the best proximity to parks and outdoor amenities, luxury amenities, transit availability, pet-friendly communities, features that make it easier to raise kids, and other valuable search options. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Salem Apartments

What is the Cheapest Studio apartment in Downtown Salem?

Currently the most affordable Cheap Studio Apartment in Downtown Salem is at The Metropolitan Building listed at $500.

How much is rent for a Cheap One Bedroom Downtown Salem Apartment?

The lowest price for a Cheap One Bedroom Downtown Salem Apartment is $845 at 192-Western Village Apartments.

What is the lowest price for a Cheap Two Bedroom Downtown Salem Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Downtown Salem is starting from $999 at Liberty Street Apartments.

What is the most affordable Downtown Salem Three Bedroom Apartment?

The best deal on a cheap Downtown Salem Three Bedroom Apartment rental is at Willamette Terrace Apartments and starts from $1,800.

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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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.