Cheap Homes for Rent in Portland, OR from $500 (169 Rentals)

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

property at 3226 NE Cesar E Chavez Blvd

$650

Total Monthly Price

Total Monthly Price

Base Rent
$650
Total Monthly Price
$650

1 Bedroom, 2 Bath Home for Rent

Available Now

3226 NE Cesar E Chavez Blvd

PortlandOR97212

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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property at 4510 SE 99th Ave

$1,000 - $1,200

Total Monthly Price

Total Monthly Price

Base Rent
$1,000 - $1,200
Total Monthly Price
$1,000 - $1,200

Studio To 2 Bedroom Homes for Rent

Available Now

4510 SE 99th Ave

PortlandOR97266

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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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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property at 17139 SE Salmon St

$1,150

Total Monthly Price

Total Monthly Price

Base Rent
$1,150
Total Monthly Price
$1,150

Studio, 1 Bath Home for Rent

Available Jul 1

17139 SE Salmon St

PortlandOR97233
property at 5535 NE Prescott St

$1,180

Total Monthly Price

Total Monthly Price

Base Rent
$1,180
Total Monthly Price
$1,180

Studio, 1 Bath Home for Rent

Available Now

5535 NE Prescott St, Unit B

5535 NE Prescott St
PortlandOR97218

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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Showing Results 1-50, Page 1 of 4

Portland, OR Local Guide

Cheapest Neighborhoods for Apartments in Portland, OR

Pricing Updated: 06/02/2026

Current apartment rentals in the Portland, OR area range in price from $595 to $9,000 with an overall median price of $3,611. The three Portland neighborhoods with the lowest median rent pricing are Bridlemile at $1,250, Northeast Gresham at $1,400, and Meadow Homes at $1,350. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Portland Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Bridlemile$1,250$1,2503
Northeast Gresham$1,400$1,4001
Meadow Homes$1,422$1,3502
McLoughlin$1,599$1,5992
Hayhurst$1,649$1,2503
Sullivan's Gulch$1,695$1,6951
Hudsons Bay$1,700$1,3503
Parkrose$1,795$1,7951
Harney Heights$1,795$1,3506
Central Park$1,872$1,7954

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
Pine Point Apartments1x11BR,1BA$562
Las AdelitasStudio - 30% AMI PSHStudio,1BA$619
MILEPOST 5Studio Just SinkStudio,$630
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Hayu TilixamOne Bedroom1BR,1BA$650
Rockwood Landing2X1- 40% LIHTC2BR,1BA$785
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio,1BA$789
Society 62Private Room w/Bath1BR,1BA$795

Best Value Apartments for Rent in Portland, OR

As of June 02, 2026 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 2 Bedroom 2 Bathroom Apartment R Model at Creekside Village starting at $1,699 with a $1.17 price per square foot in the North 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.
Z_Caritas Sacred Heart VillaStudioStudio ,1BA$0.96
Creekside Village2 Bedroom 2 Bathroom Apartment R2BR,2BA$1.17
Los Jardines de la Paz4 Bedroom 2 Baths4BR,2BA$1.04
Crown Point Apartments2 Beds, 1 Baths2BR,1BA$1.27
Firwood Station2 Bed 1 Bath2BR,1BA$1.21
Rockwood Landing2X1- 40% LIHTC2BR,1BA$0.86
Midtown East0x1 100Studio ,1BA$1.23
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03
Rosewood Station1/11BR,1BA$1.16
Pine Point Apartments1x11BR,1BA$0.81

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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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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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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

Explore Portland, OR Rentals by Map

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Frequently Asked Questions about Portland

What type of rentals are currently available in Portland?

There are currently 6436 Apartments for Rent in Portland, OR with pricing that ranges from $470 to $12,021. There are also 857 Single Family Homes for rent, Condos, and Townhome rentals currently available in Portland ranging from $595 to $7,000.

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 $595 to $7,000 with an average monthly rent of $3,038.

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 $1,158 to $12,021, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,595 to $7,000. Four Bedroom Single-Family rentals are also available starting from $2,400 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

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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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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.

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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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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.

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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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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.