Cheap Apartments for Rent in Portland, OR from $500 (1,915 Rentals)

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

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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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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Mississippi Court
$901 - $1,279
Total Monthly Price

Total Monthly Price

Base Rent
$656 - $1,034
Required Monthly Fees
$245
Total Monthly Price
$901 - $1,279
Studio Apartments Available Now

Mississippi Court

2631 N Mississippi AvePortland, OR 97227
Affordability
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  • Customer Reviewed
  • 3D Tour

From Arts to Eats: A Local Insider's Guide to Living in Portland's Best Spots

Discover the true heart of Portland, Oregon, with this local expert's guide. Explore the city's unique history, from the coin toss that named it to its "Keep Portland Weird" culture, and get an insider look at its most notable neighborhoods and internationally recognized food scene.

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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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Park Plaza
$970 - $2,372
Total Monthly Price

Total Monthly Price

Base Rent
$966 - $2,368
Required Monthly Fees
$4
Total Monthly Price
$970 - $2,372
Studio to 2 Bedroom Apartments Available Now

Park Plaza

1969 SW Park AvePortland, OR 97201
Corporate Housing
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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Portland, OR Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Portland, OR

Pricing Updated: 03/05/2026

Current apartment rentals in the Portland, OR area range in price from $500 to $17,906 with an overall median price of $3,738. The three Portland neighborhoods with the lowest median rent pricing are Glenfair at $1,045, Mill Park at $1,100, and Parkrose at $1,241. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Portland Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Glenfair$1,395$1,0459
Mill Park$1,395$1,1005
Parkrose$1,494$1,24110
North Gresham$1,575$1,0995
Gateway$1,589$79985
Central Park$1,599$1,2499
Hazelwood-Mill Park$1,600$79980
Foster Powell$1,645$1,25028
Mt Scott Arleta$1,645$1,12527
Southeast Uplift$1,645$99544

Cheapest Available Portland Apartments for Rent

 

The cheapest available apartment rental in Portland, OR is a Studio unit found at Helen Swindells Apartments in the Pearl District neighborhood priced from $500. Las Adelitas in the Cully neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $619. Here is today’s list of the most affordable Portland apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Helen Swindells Apartments0x1Studio,1BA$500
Las AdelitasStudio - 30% AMIStudio,1BA$619
MILEPOST 5Studio Just SinkStudio,$630
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Gretchen Kafoury CommonsStudio 40%Studio,1BA$702
Park TerraceOne Bedroom One Bathroom Unit Income and rent r...1BR,1BA$729
Hamilton WestEff StudioStudio,1BA$757
Pearl CourtStudio - DStudio,1BA$789
Zeal LoftsStudio 1Studio,1BA$795
Society 62Private Room w/Bath1BR,1BA$795

Best Value Apartments for Rent in Portland, OR

As of March 05, 2026 the best value apartment in the Portland area is the $1.11 price per square foot 3x2.5 Model at The Willows in the in the East Portland neighborhood starting from $2,395. The second greatest value Portland apartment is the 3BD/2.5BTH Model at Cedar Tree starting at $1,999 with a $1.02 price per square foot in the East Portland neighborhood. 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.
The Willows3x2.53BR,2.5BA$1.11
Cedar Tree3BD/2.5BTH3BR,2.5BA$1.02
11380 Greenburg Apartments2BR/1.0BA2BR,1BA$1.08
Plaza de Cedro3 bedroom3BR,2BA$1.10
Melrose Court ApartmentsTwo Bedroom2BR,1BA$1.18
PARG -Risley & East Avenue2BR/1.5BA2BR,1.5BA$1.27
Villa de Clara Vista3 Bedroom 1 Bath PBV 50% AMI3BR,1BA$1.28
seaside011BR/1.0BA1BR,1BA$1.15
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03
Crofton Apartments2BD/1BTH2BR,1BA$1.29

The Portland Power Commute: Top Neighborhoods for Renters Near the City’s Major Job Hubs

Balance work and life in Portland. Explore the neighborhoods for renting that offer great amenities and quick commutes to the city's top major employers. Find your Portland apartment today!

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Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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A Local Experts Guide To the Best Student Friendly Neighborhoods to Rent Near Colleges in Portland

A Local Experts guide to the Best Student Friendly Neighborhoods Near Colleges in the Portland area. Find your perfect Student apartment, condo, or rental home today

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Portland Overview

Named after its sister-city in coastal Maine, Portland, Oregon is a wonderful place to live. This Pacific Northwest hub has evolved into a popular center for visitors and locals and is considered a cosmopolitan, artistic, progressive and very environmentally friendly city. With a community of approximately 640,000 residents, Portland has become known for its reputation as a bastion of counterculture and its liberal political values. Portland is one of the greenest places to live, it is often awarded “most green cities” and “Greenest City in the U.S.”, it scored as the “8th most popular American City to live” in the 1009 Pew Research Center study, and in 2008 was awarded the title of “Greenest City in America” by Popular Science.

Why live in Portland, OR?

Known affectionately as 'The City of Roses', Portland apartments have much more than simple natural beauty to offer residents. From nationally-known culinary hot spots to a huge assortment of cultural destinations ranging from art galleries to museums, this north-western city is a great place to call home

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Portland, OR Rentals by Map

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See the most popular apartments and homes in Portland, OR

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Frequently Asked Questions about Cheap Portland Apartments

What is a cheap apartment in Portland?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Portland is under $795.

What is the price of a cheap apartment in Portland?

The cheapest apartment in Portland is Park Terrace which is listed at $729, while the average apartment in Portland costs $3,738.

What types of apartments are the cheapest in Portland?

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 9,168 regular apartments in Portland 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 Portland?

Cheap apartments in Portland have an average cost of $439 which is $3,299 cheaper than the average rent for all rentals in Portland.

Expert Rental Resources

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.

Helpful Local Expert Guides

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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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Local Guide To the Best Student Friendly Neighborhoods to Rent Near Colleges in Portland

Written by: Chad Deitchley

Hello! My name is Chad, and I joined the ApartmentHomeLiving.com team as a Local Expert after living in Portland, Oregon, for more than 20 years. I have a deep love for this charming and vibrant city.

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The Portland Power Commute: Top Neighborhoods for Renters Near the City’s Major Job Hubs

Written by: Chad Deitchley

Let me introduce myself as your ApartmentHomeLiving Local Expert for Portland, Oregon. I’m Chad, and I can attest firsthand to the vibrant and funky nature of this one-of-a-kind city.

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From Arts to Eats: A Local Insiders Guide to Living in Portland's Best Spots

Written by: Chad Deitchley

Hello! My name is Chad, and I am your ApartmentHomeLiving.com Local Expert for Portland, Oregon. After living in this one-of-a-kind city for more than 20 years, I have seen it change in many exciting ways.

Articles, How-To's, and Tips

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.