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

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Search the lowest-cost Apartments available for rent right now in the Waterfront 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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The Arthur
Studio Apartments

The Arthur

726 SW 11th AvePortland, OR 97205
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Whitney Gray
Studio Apartments

Whitney Gray

409 SW 12th AvePortland, OR 97205
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Water Meade Apartments
Studio to 1 Bedroom Apartments

Water Meade Apartments

103 S Meade StPortland, OR 97201
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333 Oak
Studio Apartments

333 Oak

333 SW Oak StPortland, OR 97204
Senior Living
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West Park Place
1 Bedroom Apartments

West Park Place

1415-1419 SW Park AvePortland, OR 97201
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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
Westfal ApartmentsOne Bedroom1BR,1BA$1,095
Cyan/PDXSmall One Bedroom (A6)1BR,1BA$1,155
WaterleafStudio-60%Studio,1BA$1,156
AcquaStudioStudio,1BA$1,175
38 DavisStudio DStudio,1BA$1,199

Best Value Apartments for Rent in Waterfront, OR

As of March 23, 2025 the best value apartment in the Waterfront area is the $2.30 price per square foot 3x1 Pettygrove Model at The Douglas in the in the Southwest Portland neighborhood starting from $3,150. 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.
The Douglas3x1 Pettygrove3BR,1BA$2.30
Gallery Park ApartmentsTwo Bedroom2BR,2BA$1.50
Harrison Tower Apartment HomesResidence 3 Penthouse1BR,1BA$2.35
linc245 Apartments1x1 670 sq. ft. Columbia1BR,1BA$2.40
Whitney GrayStudio CStudio ,1BA$2.12
linc301 Apartments1x1 620 sq. ft. Hawthorne1BR,1BA$2.08
Westfal ApartmentsOne Bedroom1BR,1BA$1.83
WaterleafStudio-60%Studio ,1BA$2.02
West Park Place1/1 A1BR,1BA$2.65
Modern Rich Apartments0BR/1.0BAStudio ,1BA$2.16

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Pet Friendly Lifestyle
Waterfront, Portland, OR

Ranked #36

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 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 a cheap apartment in Waterfront?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Waterfront is under $1,199.

What is the price of a cheap apartment in Waterfront?

The cheapest apartment in Waterfront is Westfal Apartments which is listed at $1,095, while the average apartment in Waterfront costs $3,247.

What types of apartments are the cheapest in Waterfront?

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 156 regular apartments in Waterfront 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 Waterfront?

Cheap apartments in Waterfront have an average cost of $139 which is $3,108 cheaper than the average rent for all rentals in Waterfront.

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.