Cheap Apartments for Rent in the Waterfront Neighborhood of Portland, OR from $600 (26 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

Read Article
close
View Me
The Arthur
Studio Apartments

The Arthur

726 SW 11th AvePortland, OR 97205

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

Read Article
close
View Me
Water Meade Apartments
Studio to 1 Bedroom Apartments

Water Meade Apartments

103 S Meade StPortland, OR 97201
  • Utilities Included
close
View Me
West Park Place
1 Bedroom Apartments

West Park Place

1415-1419 SW Park AvePortland, OR 97201
  • Utilities Included
close
View Me
Whitney Gray
Studio Apartments

Whitney Gray

409 SW 12th AvePortland, OR 97205
Showing Results 1-26, Page 1 of 1

Waterfront, Portland, OR Local Guide

Cheapest Available Waterfront Apartments for Rent

 

The cheapest available apartment rental in the Waterfront 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 Waterfront 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
Koz on 4thStudioStudio,1BA$912
Washington Plaza Apartmentss2fl 305Studio,1BA$915
Regency ApartmentsStudio AStudio,1BA$980
West Park Place1/1 A1BR,1BA$1,150
Westfal ApartmentsOne Bedroom1BR,1BA$1,150
WaterleafStudio-60%Studio,1BA$1,156
38 DavisStudio K Old TownStudio,1BA$1,199
AcquaStudioStudio,1BA$1,199

Best Value Apartments for Rent in Waterfront, OR

As of April 19, 2025 the best value apartment in the Waterfront area is the $1.73 price per square foot Plan 2AR Model at Essex House in the in the Downtown neighborhood starting from $2,087. The second greatest value Waterfront 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 Waterfront apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Essex HousePlan 2AR2BR,2BA$1.73
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.50
linc245 Apartments2x2 989 sq. ft. Harrison2BR,2BA$2.56
Whitney GrayStudio CStudio ,1BA$2.12
linc301 Apartments1x1 620 sq. ft. Hawthorne1BR,1BA$2.10
Westfal ApartmentsOne Bedroom1BR,1BA$1.92
WaterleafStudio-60%Studio ,1BA$2.02
West Park Place1/1 A1BR,1BA$2.34
Morrison Park ApartmentsStudio - 50%Studio ,1BA$2.60
Modern Rich Apartments0BR/1.0BAStudio ,1BA$2.16

Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

decorative image of people with a giant lease agreement

Pet Friendly Lifestyle
Waterfront, Portland, OR

Ranked #40

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

decorative image of woman handing cat to small boy

Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of neighborhoods, cities and towns, and rental properties across Oregon, including Portland. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including rankings of the best places for outdoor amenities like tennis courts, luxury amenities, transit availability, pet-friendly communities, family-friendliness, and how walkable or bikeable each community and area is. Use Lifestyle Search in the site filter options on this page - and find your Perfect place!

Getting Around the Waterfront Neighborhood in Portland, OR

Walk Score®

96 / 100

Walker’s Paradise

Daily errands do not require a car

Bike Score®

92 / 100

Biker's Paradise

Daily errands can be accomplished on a bike

Transit Score®

92 / 100

Rider’s Paradise

World-class public transportation

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Waterfront Apartments

What is the Cheapest Studio apartment in Waterfront?

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

How much is rent for a Cheap One Bedroom Waterfront Apartment?

The lowest price for a Cheap One Bedroom Waterfront Apartment is $1,095 at Washington Plaza Apartments.

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

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

What is the most affordable Waterfront Three Bedroom Apartment?

The best deal on a cheap Waterfront 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.

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.

decorative image for Understanding Amenity Fees: Know Where You Might Be Able to Save Money article

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.

decorative image for Know Your Rights - How Discrimination Laws Impact Landlords and Tenants article

Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Written by: Christine Leonard, Esq.

Everyone needs a place to live and to call home. For decades, the federal government has established protections to ensure that individuals and families can find housing free from discriminatory barriers.

decorative image for Renting Smart: Lease Basics Every Renter Needs article

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.