
Cheap Apartments for Rent in the First Addition Neighborhood of Lake Oswego, OR from $800 (25 Rentals)
Search the lowest-cost Apartments available for rent right now in the First Addition area of Lake Oswego.


One Jefferson

Mercy Greenbrae

Driftwood Terrace Apartments

Overlook at the Willamette

Axletree Apartments

Holm at Sellwood

Henley Place

Seven Acres

14620 SE Woodland Way
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

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 | $1,507 | $1,200 | $2,175 |
First Addition 1 Bedroom Apartments | $1,868 | $1,267 | $3,995 |
First Addition 2 Bedroom Apartments | $2,549 | $1,475 | $7,660 |
First Addition 3 Bedroom Apartments | $2,593 | $1,841 | $3,295 |
Browse Apartments in this Neighborhood
There are currently 25 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 Driftwood Terrace Apartments priced from $1,295. Overlook at the Willamette has the second lowest priced unit, which is a Studio apartment currently listed from $1,325. Here are the most affordable First Addition apartments for rent in Portland, OR:
Apartment Listing | Model Name | Bed/Bath | Priced From |
---|---|---|---|
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 | $1,449 |
Best Value Apartments for Rent in First Addition, OR
As of March 14, 2025 the best value apartment in the First Addition area is the $1.50 price per square foot 2x1.5 Model at Willamette Townhouse in the in the Eastmoreland neighborhood starting from $1,650. The second greatest value First Addition apartment is the Two Bedroom Two Bath Model at Oswego Cove starting at $2,095 with a $2.05 price per square foot in the Far Southwest Portland 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. |
---|---|---|---|
Willamette Townhouse | 2x1.5 | 2BR,1.5BA | $1.50 |
Oswego Cove | Two Bedroom Two Bath | 2BR,2BA | $2.05 |
Images Springcreek Apartments | 2BR/1.0BA | 2BR,1BA | $1.87 |
Tara West Apartments | 2 Bedroom / 1.0 Bath townhome | 2BR,1.5BA | $1.59 |
Oswego Pointe | 1 Bed 1 Bath | 1BR,1BA | $1.96 |
Parkridge Apartments | 1 Bed/1 Bath | 1BR,1BA | $1.99 |
Oak Grove Terraces | 2 bed 1 bath upper | 2BR,1BA | $2.02 |
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 |
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Pet Friendly LifestyleFirst Addition, Lake Oswego, OR
Ranked #18
Among neighborhoods in Lake Oswego, OR for Apartment listings with Pet Friendly Amenities
Pet Friendliness Lifestyle Score
3.5Pet 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 the Cheapest Studio apartment in First Addition?
Currently the most affordable Cheap Studio Apartment in First Addition is at Driftwood Terrace Apartments listed at $1,295.
How much is rent for a Cheap One Bedroom First Addition Apartment?
The lowest price for a Cheap One Bedroom First Addition Apartment is $1,485 at Henley Place.
What is the lowest price for a Cheap Two Bedroom First Addition Apartment for rent?
Today's best deal for a Cheap Two Bedroom Apartment in First Addition is starting from $1,495 at Driftwood Terrace Apartments.
What is the most affordable First Addition Three Bedroom Apartment?
The best deal on a cheap First Addition Three Bedroom Apartment rental is at Lake Village and starts from $1,825.
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.

What to Know About Fees and Fines When Renting
Written by: Trey Huguley
When it comes to renting a new apartment or home there can be a number of fees that you will want to keep in mind going into the process.

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.