Cheap Homes for Rent in Portland, OR from $500 (197 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

Showing Results 1-50, Page 1 of 4

Portland, OR Local Guide

Cheapest Neighborhoods for Apartments in Portland, OR

Pricing Updated: 07/31/2025

Current apartment rentals in the Portland, OR area range in price from $506 to $11,587 with an overall median price of $3,032. The three Portland neighborhoods with the lowest median rent pricing are Montavilla at $700, North Gresham at $1,350, and Sunnyside at $1,258. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Portland Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Montavilla$1,395$70047
North Gresham$1,495$1,3502
Sunnyside$1,612$1,2582
Gateway$1,649$799121
Parkrose$1,649$1,19512
St. Johns$1,665$1,10047
Linnton$1,675$1,10042
Mt. Tabor$1,695$1,2258
Hawthorne$1,712$1,00022
Glenfair$1,724$9957

Cheapest Available Portland Apartments for Rent

 

The cheapest available apartment rental in Portland, OR is a 1 Bed unit found at Dekum Court in the Northeast Portland neighborhood priced from $506. St. Francis Park in the Southeast Portland neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $536. Here is today’s list of the most affordable Portland apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Dekum CourtStudio NON-SUBSIDIZED1BR,1BA$506
St. Francis ParkStudioStudio,1BA$536
Las AdelitasStudio - 30% AMIStudio,1BA$619
MILEPOST 5SROStudio,$620
Alder 9Studio 30%Studio,1BA$626
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Park TerraceOne Bedroom One Bathroom Unit Income and rent r...1BR,1BA$729
Fountain Place ApartmentsStudio - 60%Studio,1BA$737
Society 62Private Room1BR,$750
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio,1BA$757

Best Value Apartments for Rent in Portland, OR

As of July 31, 2025 the best value apartment in the Portland area is the $0.96 price per square foot Studio Model at Z_Caritas Sacred Heart Villa in the in the Southeast Portland neighborhood starting from $1,438. The second greatest value Portland apartment is the 4 Bedroom 2 Baths PBV unit at 30% AMI Model at Villa de Suenos starting at $848 with a $0.65 price per square foot in the Cully 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.
Z_Caritas Sacred Heart VillaStudioStudio ,1BA$0.96
Villa de Suenos4 Bedroom 2 Baths PBV unit at 30% AMI4BR,2BA$0.65
Lincoln Townhomes2 Bedroom 1.5 Bath sm2BR,1.5BA$1.30
Plaza de Cedro3 bedroom3BR,2BA$1.10
Los Jardines de la Paz3 Bedroom 1 Bath3BR,1BA$1.19
East Park Place Apartments2 Bedroom, 2 Bath2BR,2BA$1.38
Meadow Ridge Apartments2 Bedroom 1 Bath2BR,1BA$1.31
Shalamar Apartments3 Beds, 1 Baths3BR,1BA$1.38
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03
St. Francis ParkStudioStudio ,1BA$1.34

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.

decorative image of people with a giant lease agreement

Frequently Asked Questions about Portland

What type of rentals are currently available in Portland?

There are currently 6357 Apartments for Rent in Portland, OR with pricing that ranges from $506 to $11,587. There are also 817 Single Family Homes for rent, Condos, and Townhome rentals currently available in Portland ranging from $570 to $8,750.

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 $570 to $8,750 with an average monthly rent of $2,911.

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 $507 to $11,587, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,475 to $8,750. Four Bedroom Single-Family rentals are also available starting from $1,850 and Four Bedroom Apartments start at $1,810.

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.

decorative image for A Portland Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent article

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.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

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

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.

decorative image for Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting article

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

Written by: Christine Leonard, Esq.

Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.

decorative image for Roommate Matching: Finding the Right Fit and Avoiding Pitfalls article

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.