Cheap Homes for Rent in Portland, OR from $500 (195 Rentals)

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

property at 3641 SW Evelyn St

$800

Total Monthly Price

Total Monthly Price

Base Rent
$800
Total Monthly Price
$800

5 Bedroom, 2 Bath Home for Rent

Available Now

3641 SW Evelyn St

PortlandOR97219
property at 6906 N Vancouver Ave

$800

Total Monthly Price

Total Monthly Price

Base Rent
$800
Total Monthly Price
$800

1 Bedroom, 1 Bath Home for Rent

Available Now

6906 N Vancouver Ave

PortlandOR97217
property at 14603 SE 7th Way

$800

Total Monthly Price

Total Monthly Price

Base Rent
$800
Total Monthly Price
$800

3 Bedroom, 2.5 Bath Townhome for Rent

Available Now

14603 SE 7th Way

VancouverWA98683
property at 14407 NE Fremont St

$875

Total Monthly Price

Total Monthly Price

Base Rent
$875
Total Monthly Price
$875

3 Bedroom, 2 Bath Townhome for Rent

Available Now

14407 NE Fremont St

PortlandOR97230

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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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 20 NW 16th Ave

$1,025 - $1,100

Studio Rentals

Available Now

20 NW 16th Ave

PortlandOR97209

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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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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Showing Results 1-50, Page 1 of 4

Portland, OR Local Guide

Cheapest Neighborhoods for Apartments in Portland, OR

Pricing Updated: 04/17/2026

Current apartment rentals in the Portland, OR area range in price from $470 to $18,302 with an overall median price of $3,741. The three Portland neighborhoods with the lowest median rent pricing are Piedmont at $1,000, Glenfair at $1,045, and South Tabor at $1,250. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Portland Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Piedmont$1,295$1,0002
Glenfair$1,399$1,0453
South Tabor$1,450$1,2501
Mill Park$1,457$1,1253
Parkrose$1,527$1,1318
Hillside$1,554$94820
Central Park$1,565$1,26513
Arbor Lodge$1,599$1,1959
Area 10$1,614$1,27923
Foster Powell$1,670$1,1959

Cheapest Available Portland Apartments for Rent

 

The cheapest available apartment rental in Portland, OR is a Studio unit found at Waterleaf in the Southwest Portland neighborhood priced from $480. Helen Swindells Apartments in the Pearl District neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $500. Here is today’s list of the most affordable Portland apartments for rent:

Apartment ListingModel NameBed/BathPriced From
WaterleafStudioStudio,1BA$480
Helen Swindells Apartments0x1Studio,1BA$500
Las AdelitasStudio - 30% AMI PSHStudio,1BA$619
MILEPOST 5Studio Just SinkStudio,$630
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Hayu TilixamOne Bedroom1BR,1BA$650
Gretchen Kafoury CommonsSecond Month FREE — Studio Available Now!Studio,1BA$702
Park TerraceOne Bedroom One Bathroom Unit Income and rent r...1BR,1BA$729
Margaret Carter PlazaStudio HUD UnitStudio,1BA$763
Hamilton WestEff StudioStudio,1BA$789

Best Value Apartments for Rent in Portland, OR

As of April 17, 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/3BTH Model at Cedar Tree starting at $1,950 with a $1.18 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/3BTH3BR,3BA$1.18
Z_Caritas Sacred Heart VillaStudioStudio ,1BA$0.96
Creekside Village2 Bedroom 2 Bathroom Apartment R2BR,2BA$1.17
Evergreen East Apartments3x23BR,2BA$1.27
Quail Run Apartments2x1 Townhome2BR,1BA$1.31
Firwood Station2 Bed 1 Bath2BR,1BA$1.21
Rockwood Village Apartments2 Bedroom x 1 Bathroom2BR,1BA$1.33
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03
Crofton Apartments2BD/1BTH2BR,1BA$1.29

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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

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Frequently Asked Questions about Portland

What type of rentals are currently available in Portland?

There are currently 6455 Apartments for Rent in Portland, OR with pricing that ranges from $470 to $18,302. There are also 917 Single Family Homes for rent, Condos, and Townhome rentals currently available in Portland ranging from $550 to $8,500.

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 $550 to $8,500 with an average monthly rent of $3,135.

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 $842 to $10,503, while Three Bedroom Homes, Condos, and Townhomes for rent range from $870 to $6,750. Four Bedroom Single-Family rentals are also available starting from $2,250 and Four Bedroom Apartments start at $1,902.

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

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

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.

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

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.

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

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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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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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.