Cheap Apartments for Rent in the Downtown Portland Neighborhood of Portland, OR from $500 (146 Rentals)

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

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

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Everett
Studio to 1 Bedroom Apartments

Everett

1616 NW Everett StPortland, OR 97209
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Downtown Portland, Portland, OR Local Guide

Cheapest Available Downtown Portland Apartments for Rent

 

The cheapest available apartment rental in the Downtown Portland area of Portland, OR is a Studio unit found at Modern Rich Apartments priced from $649. Morrison Park Apartments has the second lowest priced unit, which is a Studio apartment currently listed from $800. Here are the most affordable Downtown Portland apartments for rent in Portland, OR:

Apartment ListingModel NameBed/BathPriced From
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Morrison Park ApartmentsStudio - 50%Studio,1BA$800
Margaret Carter PlazaOne Bathroom One Bedroom HUD Unit1BR,1BA$802
Brown Apartments0BR/1.0BAStudio,1BA$895
Tiller TerraceStudioStudio,1BA$899
Koz on 4thStudioStudio,1BA$912
Washington Plaza Apartmentss2fl 305Studio,1BA$915
The Yards at Union StationSTUDIO BStudio,1BA$950
Koz on 13thStudioStudio,1BA$952
Regency ApartmentsStudio AStudio,1BA$980

Best Value Apartments for Rent in Downtown Portland, OR

As of April 11, 2025 the best value apartment in the Downtown Portland area is the $1.50 price per square foot Two Bedroom Model at Gallery Park Apartments in the in the Northwest Portland neighborhood starting from $1,799. The second greatest value Downtown Portland apartment is the 2x2g Model at The Russell by Trion Living starting at $2,200 with a $1.85 price per square foot in the Northeast Portland neighborhood. Here is today’s list of the best values for Downtown Portland apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.50
The Russell by Trion Living2x2g2BR,2BA$1.85
Imperial Arms Apartments2BR/1.0BA2BR,1BA$1.97
Victorian Apartments1BR/1.0BA1BR,1BA$1.70
Parkview Apartments1bd1ba2fl 7501BR,1BA$1.99
Hidwell Apartments2BR/1.0BA2BR,1BA$1.92
Westfal ApartmentsOne Bedroom1BR,1BA$1.92
Margaret Carter PlazaOne Bathroom One Bedroom HUD Unit1BR,1BA$1.39
WaterleafStudio-60%Studio ,1BA$2.02
Brown Apartments0BR/1.0BAStudio ,1BA$1.79

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Pet Friendly Lifestyle
Downtown Portland, Portland, OR

Ranked #7

Among neighborhoods in Portland, OR for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you comprehensive Lifestyle Ratings of rentals and neighborhoods across the USA, and customized analysis for Central Portland, OR. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including our Star Ratings to compare for the best proximity to parks and outdoor amenities, luxury amenities, kid and pet-friendly communities, availability of transit options, walking, and biking. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Portland Apartments

What is a cheap apartment in Downtown Portland?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Portland is under $980.

What is the price of a cheap apartment in Downtown Portland?

The cheapest apartment in Downtown Portland is Margaret Carter Plaza which is listed at $802, while the average apartment in Downtown Portland costs $4,250.

What types of apartments are the cheapest in Downtown Portland?

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 92 regular apartments in Downtown Portland 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 Downtown Portland?

Cheap apartments in Downtown Portland have an average cost of $124 which is $4,126 cheaper than the average rent for all rentals in Downtown Portland.

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.

decorative image for A Portland Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent article

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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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.

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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.

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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.