Cheap Apartments for Rent in Portland, OR from $400 (1,696 Rentals)

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

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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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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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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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: 10/08/2025

Current apartment rentals in the Portland, OR area range in price from $540 to $10,500 with an overall median price of $3,519. The three Portland neighborhoods with the lowest median rent pricing are Outlying Multnomah at $1,495, Central Park at $1,450, and Esther Short at $1,650. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Portland Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Outlying Multnomah$1,495$1,4951
Central Park$1,550$1,4502
Esther Short$1,650$1,6501
Harney Heights$1,995$1,3954
Hudsons Bay$1,995$1,3953
Glenfair$2,099$1,3002
Felida$2,150$2,1501
Riveridge$2,174$1,6952
Ladd Hill$2,195$2,1951
Highland$2,199$1,49510

Cheapest Available Portland Apartments for Rent

 

The cheapest available apartment rental in Portland, OR is a Studio unit found at Las Adelitas in the Cully neighborhood priced from $619. MILEPOST 5 in the Southeast Portland neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $620. Here is today’s list of the most affordable Portland apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Las AdelitasStudio - 30% AMIStudio,1BA$619
MILEPOST 5SROStudio,$620
Society 62Private Room w/Bath1BR,1BA$700
Park TerraceOne Bedroom One Bathroom Unit Income and rent r...1BR,1BA$729
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio,1BA$757
5th Avenue Place ApartmentsStudioStudio,1BA$795
Zeal LoftsStudio 1Studio,1BA$795
Buri BuildingStudio SIMStudio,1BA$799
SM Multnomah Manor1X1- 50% HUD1BR,1BA$822
Maya Angelou1 Bedroom 1 Bath1BR,1BA$885

Best Value Apartments for Rent in Portland, OR

As of October 08, 2025 the best value apartment in the Portland area is the $1.06 price per square foot 3x2.5 Model at The Willows in the in the East Portland neighborhood starting from $2,295. The second greatest value Portland apartment is the 17221 SE Oatfield Rd Model at 17221 SE Oatfield Rd, Unit 1 starting at $1,850 with a $1.32 price per square foot in the Rosemont Summit 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$1.06
17221 SE Oatfield Rd, Unit 117221 SE Oatfield Rd1BR,1.5BA$1.32
Lincoln Townhomes2 Bedroom 1.5 Bath sm2BR,1.5BA$1.30
Villas de Mariposas3 Bedroom 1 Bath3BR,1.5BA$1.10
Plaza de Cedro3 bedroom3BR,2BA$1.10
Los Jardines de la Paz3 Bedroom 1 Bath3BR,1BA$1.19
Quail Run Apartments2x1 Townhome2BR,1BA$1.31
Garden Villa2x22BR,2BA$1.33
5902-5920 SE Milwaukie Ave2 Beds 1 Bath2BR,1BA$1.24
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03

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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.

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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

Pet Friendly Lifestyle
Portland, OR

Ranked #1

Among cities in Oregon for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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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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Portland, OR Apartments Map
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Getting Around Portland, OR

Walk Score®

75 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

85 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

54 / 100

Good Transit

Many nearby public transportation options

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 Portland Apartments

What is the Cheapest Studio apartment in Portland?

Currently the most affordable Cheap Studio Apartment in Portland is at Las Adelitas listed at $619.

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

The lowest price for a Cheap One Bedroom Portland Apartment is $698 at Las Adelitas.

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

Today's best deal for a Cheap Two Bedroom Apartment in Portland is starting from $719 at Las Adelitas.

What is the most affordable Portland Three Bedroom Apartment?

The best deal on a cheap Portland Three Bedroom Apartment rental is at Los Jardines de la Paz and starts from $1,267.

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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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

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

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.