Cheap Apartments for Rent in the Downtown Neighborhood of Portland, OR from $500 (132 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown 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, OR Local Guide

Cheapest Available Downtown Apartments for Rent

 

The cheapest available apartment rental in the Downtown 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 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
Brown Apartments0BR/1.0BAStudio,1BA$895
Katherine Apartments0BR/1.0BAStudio,1BA$895
Tiller TerraceStudioStudio,1BA$899
Koz on 4thStudioStudio,1BA$912
Washington Plaza Apartmentss2fl 305Studio,1BA$915
Regency ApartmentsStudio AStudio,1BA$980
Winona Apartments0BR/1.0BAStudio,1BA$995
Ongford ApartmentsStudioStudio,1BA$995

Best Value Apartments for Rent in Downtown, OR

As of April 10, 2025 the best value apartment in the Downtown area is the $1.71 price per square foot Two Bedroom Model at Marquam Heights in the in the Southwest Portland neighborhood starting from $2,395. The second greatest value Downtown 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 apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Marquam HeightsTwo Bedroom2BR,2BA$1.71
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.50
Goose Hollow PlazaTwo Bedroom2BR,1BA$1.97
Imperial Arms Apartments2BR/1.0BA2BR,1BA$1.97
Downtown Living Starts At Lair Hill1x11BR,1BA$1.70
Victorian Apartments1BR/1.0BA1BR,1BA$1.70
Hidwell Apartments2BR/1.0BA2BR,1BA$1.92
Uptown ApartmentsOne Bed1BR,1BA$1.60
Westfal ApartmentsOne Bedroom1BR,1BA$1.92
Brown Apartments0BR/1.0BAStudio ,1BA$1.79

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Pet Friendly Lifestyle
Downtown, Portland, OR

Ranked #14

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 Lifestyle Ratings of rentals and neighborhoods across the USA, including Downtown, Portland, and the greater Portland area. 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 outdoor amenities like tennis courts, luxury amenities, places to raise kids, raising pets, transit options, in addition to floorplans, availablity, and pricing. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Frequently Asked Questions about Cheap Downtown Apartments

What is a cheap apartment in Downtown?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown is under $995.

What is the price of a cheap apartment in Downtown?

The cheapest apartment in Downtown is Hidwell Apartments which is listed at $995, while the average apartment in Downtown costs $3,247.

What types of apartments are the cheapest in Downtown?

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 46 regular apartments in Downtown 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?

Cheap apartments in Downtown have an average cost of $109 which is $3,138 cheaper than the average rent for all rentals in Downtown.

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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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.