Cheap Apartments for Rent in the Downtown Portland Neighborhood of Portland, OR from $500 (151 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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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
Tiller TerraceStudioStudio,1BA$899
Regency ApartmentsStudio AStudio,1BA$900
Koz on 4thStudioStudio,1BA$912
Washington Plaza Apartmentss2fl 305Studio,1BA$915
The VueThe PowellStudio,1BA$945
Koz on 13thStudioStudio,1BA$995
Ongford ApartmentsStudioStudio,1BA$995

Best Value Apartments for Rent in Downtown Portland, OR

As of March 12, 2025 the best value apartment in the Downtown Portland area is the $1.28 price per square foot 1025 SE Ash St Model at 1025 SE Ash St, Unit 110-110B in the in the Southeast Portland neighborhood starting from $1,785. The second greatest value Downtown Portland apartment is the Two Bedroom Model at Gallery Park Apartments starting at $1,799 with a $1.50 price per square foot in the Northwest 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.
1025 SE Ash St, Unit 110-110B1025 SE Ash StStudio ,1BA$1.28
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.50
DorianOne Bedroom1BR,1BA$1.88
Parkview Apartments1bd1ba1fl 7501BR,1BA$1.98
1415 SW Alder St, Unit 7171415 SW Alder St1BR,1BA$1.88
Park Avenue Gardens1 Bed 1 Bath1BR,1BA$1.64
Hidwell Apartments1BR/1.0BA1BR,1BA$1.68
Westfal ApartmentsOne Bedroom1BR,1BA$1.83
Margaret Carter PlazaOne Bathroom One Bedroom HUD Unit1BR,1BA$1.39
Brown Apartments0BR/1.0BAStudio ,1BA$1.99

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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 the Cheapest Studio apartment in Downtown Portland?

Currently the most affordable Cheap Studio Apartment in Downtown Portland is at Modern Rich Apartments listed at $649.

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

The lowest price for a Cheap One Bedroom Downtown Portland Apartment is $802 at Margaret Carter Plaza.

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

Today's best deal for a Cheap Two Bedroom Apartment in Downtown Portland is starting from $1,200 at Morrison Park Apartments.

What is the most affordable Downtown Portland Three Bedroom Apartment?

The best deal on a cheap Downtown Portland Three Bedroom Apartment rental is at Waterleaf and starts from $1,678.

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.

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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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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.

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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.