Cheap Homes for Rent in Portland, OR from $500 (204 Rentals)

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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 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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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Portland’s Best Affordable Neighborhoods

Learn about Portland and the best places to live with original content written by our Portland, OR Local Expert Chad Deitchley

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Portland, OR Local Guide

Cheapest Neighborhoods for Apartments in Portland, OR

Pricing Updated: 07/29/2025

Current apartment rentals in the Portland, OR area range in price from $506 to $14,192 with an overall median price of $3,019. 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$1,372$70046
North Gresham$1,495$1,3502
Sunnyside$1,625$1,2583
Gateway$1,649$799124
Parkrose$1,649$1,1959
Linnton$1,665$1,10042
St. Johns$1,665$1,10047
Mt. Tabor$1,695$1,2259
Hawthorne$1,712$1,00027
Glenfair$1,724$99510

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 29, 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
Evergreen Apartments2x12BR,1BA$1.35
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03
St. Francis ParkStudioStudio ,1BA$1.34

Quick Rent Budget Calculator

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Frequently Asked Questions about Portland

What type of rentals are currently available in Portland?

There are currently 6355 Apartments for Rent in Portland, OR with pricing that ranges from $506 to $14,192. There are also 856 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 $2,898.

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.

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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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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.