Cheap Homes for Rent in Portland, IN from $500 (14 Rentals)

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Search the lowest-cost Homes available for rent right now in Portland.

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Portland, IN Local Guide

Cheapest Available Portland Apartments for Rent and Nearby

 

The cheapest available apartment rental in Portland, IN is a 1 Bed unit found at Historic Gallatin Square Senior Apartments priced from $357. Yugo Muncie Varsity House in the Westacres neighborhood has the second lowest priced unit, which is a 3 Beds apartment currently listed from $549. Here is today’s list of the most affordable Portland apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Historic Gallatin Square Senior ApartmentsOne Bedroom1BR,1BA$357
Yugo Muncie Varsity House3 Bed, 3 Bath Classic Renovated3BR,3BA$549
Maple Leaf Apartments1BR/1.0BA1BR,1BA$675
ApplegateStudioStudio,1BA$720
HUNTERS OAK APARTMENTS3 Bedroom 1 Bathroom3BR,1BA$790

Best Value Apartments for Rent in Portland, IN and Nearby

As of July 26, 2025 the best value apartment in the Portland area is the $0.73 price per square foot 3 bedroom Model at Granton Place Apartments in the starting from $975. The second greatest value Portland apartment is the 2 Bedroom Model at Thomas Jefferson Park starting at $850 with a $0.77 price per square foot . Here is today’s list of the best values for Portland apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Granton Place Apartments3 bedroom3BR,1.5BA$0.73
Thomas Jefferson Park2 Bedroom2BR,1.5BA$0.77
Delaware Acres3 Beds, 2 baths3BR,2BA$1.02
Historic Gallatin Square Senior ApartmentsTwo Bedroom2BR,1BA$1.00
OAK TERRACE APARTMENTS2 bedroom 1.5 bath townhome2BR,1.5BA$1.01
HUNTERS OAK APARTMENTS3 Bedroom 1 Bathroom3BR,1BA$0.84
The Latitude2 Bed 2 Bath Apartment - Premium2BR,2BA$1.09
Yugo Muncie Varsity House2 Bed, 2 Bath Renovated2BR,2BA$0.89
Silvertree CommunitiesSilvertree 2bd2BR,1BA$0.66
Maple Leaf Apartments1BR/1.0BA1BR,1BA$1.08

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Frequently Asked Questions about Portland

What type of rentals are currently available in Portland?

There are currently 54 Apartments for Rent in Portland, IN with pricing that ranges from $350 to $2,515. There are also 34 Single Family Homes for rent, Condos, and Townhome rentals currently available in Portland ranging from $550 to $21,950.

What is the current price range for Rental Homes in Portland?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Portland ranges from $550 to $21,950 with an average monthly rent of $1,363.

How much are larger Three and Four Bedroom Rentals in Portland?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Portland range from $350 to $2,515, while Three Bedroom Homes, Condos, and Townhomes for rent range from $850 to $21,950. Four Bedroom Single-Family rentals are also available starting from $1,180 and Four Bedroom Apartments start at $350.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

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The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.