Cheap Homes for Rent in Portland, OR from $500 (223 Rentals)

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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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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, OR Local Guide

Cheapest Neighborhoods for Apartments in Portland, OR

Pricing Updated: 01/03/2026

Current apartment rentals in the Portland, OR area range in price from $619 to $17,991 with an overall median price of $3,669. The three Portland neighborhoods with the lowest median rent pricing are North Gresham at $999, Central Park at $1,099, and Mill Park at $1,125. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Portland Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
North Gresham$1,287$9991
Central Park$1,299$1,0999
Mill Park$1,395$1,1257
Glenfair$1,495$1,05013
Rose City Park$1,536$75061
Parkrose$1,595$95039
Mt Scott Arleta$1,650$1,0955
Outer Southeast$1,657$1,06633
Felida Manor$1,674$1,05062
Harney Heights$1,677$1,15022

Cheapest Available Portland Apartments for Rent

 

The cheapest available apartment rental in Portland, OR is a Studio unit found at Las Adelitas in the Cully neighborhood priced from $619. MILEPOST 5 in the Southeast Portland neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $630. Here is today’s list of the most affordable Portland apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Las AdelitasStudio - 30% AMIStudio,1BA$619
MILEPOST 5Studio Just SinkStudio,$630
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Villas de Mariposas2 Bedroom 1 Bath2BR,1BA$658
Hayu TilixamTwo Bedroom2BR,2BA$668
Fountain Place ApartmentsMicro StudioStudio,1BA$680
Gretchen Kafoury CommonsStudio 40%Studio,1BA$702
Park TerraceOne Bedroom One Bathroom Unit Income and rent r...1BR,1BA$729
Society 62Private Room1BR,$750
Hamilton WestEff StudioStudio,1BA$757

Best Value Apartments for Rent in Portland, OR

As of January 03, 2026 the best value apartment in the Portland area is the $1.06 price per square foot 3x2.5 Model at The Willows in the in the East Portland neighborhood starting from $2,295. The second greatest value Portland apartment is the Studio Model at Z_Caritas Sacred Heart Villa starting at $1,438 with a $0.96 price per square foot in the Southeast 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$1.06
Z_Caritas Sacred Heart VillaStudioStudio ,1BA$0.96
Belmont Dairy Apartments and LoftsStudio or LoftStudio ,1BA$0.85
12645 NE Fremont St, Unit Pet friendly and spacious12645 NE Fremont St1BR,1BA$1.29
Plaza de Cedro3 bedroom3BR,2BA$1.10
Melrose Court ApartmentsTwo Bedroom2BR,1BA$1.18
Villas de Mariposas2 Bedroom 1 Bath2BR,1BA$0.63
Villa de Clara Vista3 Bedroom 1 Bath PBV 50% AMI3BR,1BA$1.28
ShamrockSHAM 2x12BR,1BA$1.22
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03

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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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.

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

Explore Portland, OR Rentals by Map

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See the most popular apartments and homes in Portland, OR

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Frequently Asked Questions about Portland

What type of rentals are currently available in Portland?

There are currently 6439 Apartments for Rent in Portland, OR with pricing that ranges from $619 to $17,991. There are also 1138 Single Family Homes for rent, Condos, and Townhome rentals currently available in Portland ranging from $520 to $10,500.

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 $520 to $10,500 with an average monthly rent of $2,702.

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 $765 to $17,991, while Three Bedroom Homes, Condos, and Townhomes for rent range from $795 to $10,500. Four Bedroom Single-Family rentals are also available starting from $700 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.

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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.

Articles, How-To's, and Tips

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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!