Cheap Homes for Rent in Portland, OR from $500 (175 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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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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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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Portland, OR Local Guide

Cheapest Neighborhoods for Apartments in Portland, OR

Pricing Updated: 12/09/2025

Current apartment rentals in the Portland, OR area range in price from $344 to $19,469 with an overall median price of $3,315. The three Portland neighborhoods with the lowest median rent pricing are Glenfair at $1,095, Central Park at $1,195, 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
Glenfair$1,387$1,0957
Central Park$1,394$1,1958
Mill Park$1,395$1,1256
North Gresham$1,395$9992
South Tabor$1,495$1,1951
Hillside$1,549$94534
Hazelwood-Mill Park$1,602$79979
Gateway$1,604$799103
Rose City Park$1,629$75062
Brentwood Darlington$1,666$1,2952

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
Hayu TilixamTwo Bedroom2BR,2BA$668
Society 62Private Room1BR,$750
Aventine at Vancouver - 55+ Active Adult LivingStudioStudio,1BA$750
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio,1BA$757
Cedar Grove ApartmentsTWO BEDROOM2BR,1BA$762
5th Avenue Place ApartmentsStudioStudio,1BA$795
Buri BuildingStudio SIMStudio,1BA$799
SM Multnomah Manor1X1- 50% HUD1BR,1BA$822

Best Value Apartments for Rent in Portland, OR

As of December 09, 2025 the best value apartment in the Portland area is the $0.89 price per square foot 2124 SE Elliott Ave Model at 2124 SE Elliott Ave, Unit 1 in the in the Southeast Portland neighborhood starting from $2,500. 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.
2124 SE Elliott Ave, Unit 12124 SE Elliott Ave2BR,2BA$0.89
Z_Caritas Sacred Heart VillaStudioStudio ,1BA$0.96
Belmont Dairy Apartments and LoftsStudio or LoftStudio ,1BA$0.85
Creekside Village2 Bedroom 2 Bathroom Apartment R2BR,2BA$1.10
Villas de Mariposas4 Bedrooms 2 Baths4BR,2BA$1.25
Plaza de Cedro3 bedroom3BR,2BA$1.10
Melrose Court ApartmentsTwo Bedroom2BR,1BA$1.18
Los Jardines de la Paz3 Bedroom 1 Bath3BR,1BA$1.19
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03
Wellesley Court Apartments0BR/1.0BAStudio ,1BA$1.23

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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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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Pet Friendly Lifestyle
Portland, OR

Ranked #1

Among cities in Oregon for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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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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Portland, OR Rental Homes Map

Frequently Asked Questions about Portland

What type of rentals are currently available in Portland?

There are currently 6457 Apartments for Rent in Portland, OR with pricing that ranges from $619 to $19,469. There are also 1163 Single Family Homes for rent, Condos, and Townhome rentals currently available in Portland ranging from $545 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 $545 to $10,500 with an average monthly rent of $2,704.

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 $825 to $10,500. Four Bedroom Single-Family rentals are also available starting from $2,095 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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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! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.