
Cheap Apartments for Rent in the First Addition Neighborhood of Lake Oswego, OR from $800 (29 Rentals)
Search the lowest-cost Apartments available for rent right now in the First Addition area of Lake Oswego.


One Jefferson

Mercy Greenbrae

Parkridge Apartments

Miramonte Lodge

Driftwood Terrace Apartments

Overlook at the Willamette

Axletree Apartments

Holm at Sellwood
Portland’s Best Affordable Neighborhoods
Learn about Portland and the best places to live with original content written by our Portland, OR Local Expert Chad Deitchley

Henley Place

Seven Acres

14620 SE Woodland Way

Banbury Apartments
First Addition, Lake Oswego, OR Local Guide

How much does it cost to rent an apartment in First Addition?
Bedroom | Average Rent | Cheapest Rent | Highest Rent |
---|---|---|---|
First Addition Studio Apartments | $1,493 | $1,190 | $2,195 |
First Addition 1 Bedroom Apartments | $1,854 | $1,268 | $3,700 |
First Addition 2 Bedroom Apartments | $2,637 | $1,475 | $7,660 |
First Addition 3 Bedroom Apartments | $2,596 | $1,841 | $3,295 |
Browse Apartments in this Neighborhood
There are currently 29 rentals with your search options within a 2 mile radius of the First Addition Neighborhood of Lake Oswego, OR.
See all Apartments in Lake OswegoExplore Lake Oswego
First Addition, Lake Oswego, OR Local Guide
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Cheapest Available First Addition Apartments for Rent
 The cheapest available apartment rental in the First Addition area of Portland, OR is a Studio unit found at Miramonte Lodge priced from $1,285. Driftwood Terrace Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $1,295. Here are the most affordable First Addition apartments for rent in Portland, OR:
Apartment Listing | Model Name | Bed/Bath | Priced From |
---|---|---|---|
Miramonte Lodge | Morrison | Studio,1BA | $1,285 |
Driftwood Terrace Apartments | Studio | Studio,1BA | $1,295 |
Overlook at the Willamette | Studio | Studio,1BA | $1,325 |
Holm at Sellwood | Studio A5 | Studio,1BA | $1,399 |
Henley Place | The Maple | Studio,1BA | $1,430 |
Axletree Apartments | Kellogg | Studio,1BA | $1,450 |
Lake Village | 2x1 | 2BR,1BA | $1,500 |
Banbury Apartments | One Bedroom/A | 1BR,1BA | $1,505 |
One Jefferson | A5 | 1BR,1BA | $1,540 |
River Cliff Apartments | Layout B | 2BR,1BA | $1,595 |
Best Value Apartments for Rent in First Addition, OR
As of March 27, 2025 the best value apartment in the First Addition area is the $2.57 price per square foot 2x2 Model at Steeple Townhomes in the in the Southeast Portland neighborhood starting from $2,895. The second greatest value First Addition apartment is the Layout B Model at River Cliff Apartments starting at $1,595 with a $1.45 price per square foot in the Foothills neighborhood. Here is today’s list of the best values for First Addition apartments based on price per square foot:
Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
---|---|---|---|
Steeple Townhomes | 2x2 | 2BR,2BA | $2.57 |
River Cliff Apartments | Layout B | 2BR,1BA | $1.45 |
Willamette Townhouse | 2x1.5 | 2BR,1.5BA | $1.59 |
Oswego Cove | Two Bedroom Two Bath | 2BR,2BA | $2.05 |
Seven Acres | Salmonberry - Bldgs 2-5 | 2BR,2BA | $2.38 |
Images Springcreek Apartments | 2BR/1.0BA | 2BR,1BA | $1.87 |
Oswego Pointe | 1 Bed 1 Bath | 1BR,1BA | $1.99 |
Lake Village | 2x1 | 2BR,1BA | $2.03 |
Banbury Apartments | One Bedroom/A | 1BR,1BA | $2.35 |
Overlook at the Willamette | Studio | Studio ,1BA | $2.33 |
Quick Rent Budget Calculator
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Pet Friendly LifestyleFirst Addition, Lake Oswego, OR
Ranked #17
Among neighborhoods in Lake Oswego, OR for Apartment listings with Pet Friendly Amenities
Pet Friendliness Lifestyle Score
4.0Pet Friendly
Best Local Schools in First Addition, Lake Oswego, OR
Forest Hills Elementary School
Lake Oswego Senior High School
School data provided by Great Schools
Best Local Schools in First Addition, Lake Oswego, OR
Forest Hills Elementary School
Lake Oswego Senior High School
School data provided by Great Schools
Lifestyle Ratings
ApartmentHomeLiving brings you Lifestyle Ratings of rentals and neighborhoods across the USA, and customized analysis for Southern Portland. LifeStyle Ratings are the best way to sort through finding a place to live - beyond price and floorplan. This takes in many factors including our Star Ratings to compare for proximity to parks, luxury amenities, transit availability, pet-friendly communities, family-friendliness, walking, and biking. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!
Frequently Asked Questions about Cheap First Addition Apartments
What is a cheap apartment in First Addition?
A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in First Addition is under $1,595.
What is the price of a cheap apartment in First Addition?
The cheapest apartment in First Addition is Henley Place which is listed at $1,485, while the average apartment in First Addition costs $4,500.
What types of apartments are the cheapest in First Addition?
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 8 regular apartments in First Addition 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 First Addition?
Cheap apartments in First Addition have an average cost of $144 which is $4,356 cheaper than the average rent for all rentals in First Addition.
Expert Rental Resources
Helpful Apartment Articles, How-To's and Tips
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.

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.

Understanding Amenity Fees: Know Where You Might Be Able to Save Money
Written by: Amber Kanuckel
With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

Renting Smart: Lease Basics Every Renter Needs
Written by: Christine Leonard, Esq.
Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

Battling the Butts: Your Guide to the Reality of Smoke-Free Renting
Written by: Andrea Lee Negroni, JD
While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.