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

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

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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

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

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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.