Cheap Homes for Rent in Portland, OR from $500 (242 Rentals)

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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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property at 7230 NE 18th Ave

7230 NE 18th Ave

PortlandOR97211

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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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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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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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

Cheapest Neighborhoods for Apartments in Portland, OR

Pricing Updated: 11/07/2025

Current apartment rentals in the Portland, OR area range in price from $619 to $19,583 with an overall median price of $3,475. The three Portland neighborhoods with the lowest median rent pricing are South Tabor at $1,050, Central Park at $1,225, and Glenfair at $1,000. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Portland Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
South Tabor$1,200$1,0501
Central Park$1,299$1,2257
Glenfair$1,350$1,0004
Mill Park$1,395$1,1009
Mt Scott Arleta$1,520$1,3454
North Gresham$1,525$1,3955
Rose City Park$1,550$75056
Piedmont$1,572$1,3952
Gateway$1,604$799104
Hazelwood-Mill Park$1,604$79984

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 $630. 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,$630
Hayu TilixamTwo Bedroom2BR,2BA$668
Society 62Private Room w/Bath1BR,1BA$700
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio,1BA$757
Cedar Grove ApartmentsTWO BEDROOM2BR,1BA$762
Regency ApartmentsStudio AStudio,1BA$785
Zeal LoftsStudio 1Studio,1BA$795
5th Avenue Place ApartmentsStudioStudio,1BA$795
Buri BuildingStudio SIMStudio,1BA$799

Best Value Apartments for Rent in Portland, OR

As of November 07, 2025 the best value apartment in the Portland area is the $1.04 price per square foot 718 NW 21st Ave Model at 718 NW 21st Ave, Unit B in the in the Northwest Portland neighborhood starting from $2,595. The second greatest value Portland apartment is the 3x2.5 Model at The Willows starting at $2,295 with a $1.06 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.
718 NW 21st Ave, Unit B718 NW 21st Ave3BR,1BA$1.04
The Willows3x2.53BR,2.5BA$1.06
6910 NE Pacific St6910 NE Pacific St2BR,1BA$1.20
Z_Caritas Sacred Heart VillaStudioStudio ,1BA$0.96
3900 Canal Rd, Unit B3900 Canal Rd1BR,1BA$1.29
Plaza de Cedro3 bedroom3BR,2BA$1.10
Villa de Suenos3 Bedroom 1.5 Baths PBV unit at 30% AMI3BR,1.5BA$1.14
Los Jardines de la Paz3 Bedroom 1 Bath3BR,1BA$1.19
Quail Run Apartments2x1 Townhome2BR,1BA$1.31
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03

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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Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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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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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.

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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 Rental Homes Map

Frequently Asked Questions about Portland

What type of rentals are currently available in Portland?

There are currently 6456 Apartments for Rent in Portland, OR with pricing that ranges from $619 to $17,991. There are also 1162 Single Family Homes for rent, Condos, and Townhome rentals currently available in Portland ranging from $540 to $10,500.

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 $540 to $10,500 with an average monthly rent of $3,108.

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 $765 to $17,991, while Three Bedroom Homes, Condos, and Townhomes for rent range from $790 to $10,500. Four Bedroom Single-Family rentals are also available starting from $750 and Four Bedroom Apartments start at $2,160.

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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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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.