Cheap Apartments for Rent in Portland, OR from $500 (1,770 Rentals)

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Portland, OR Local Guide

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Portland, OR

Pricing Updated: 09/10/2025

Current apartment rentals in the Portland, OR area range in price from $507 to $11,048 with an overall median price of $2,980. The three Portland neighborhoods with the lowest median rent pricing are Central Park at $1,395, Mill Park at $1,100, and South Tabor at $1,050. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Portland Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Central Park$1,395$1,3951
Mill Park$1,445$1,1003
South Tabor$1,547$1,0502
McLoughlin$1,595$1,3955
Parkrose$1,595$1,2915
Richmond$1,595$95014
Hazelwood-Mill Park$1,604$799102
Glenfair$1,649$1,0958
Mt. Tabor$1,695$1,0507
Area 4$1,731$1,24841

Cheapest Available Portland Apartments for Rent

 

The cheapest available apartment rental in Portland, OR is a Studio unit found at St. Francis Park in the Southeast Portland neighborhood priced from $536. Las Adelitas in the Cully neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $619. Here is today’s list of the most affordable Portland apartments for rent:

Apartment ListingModel NameBed/BathPriced From
St. Francis ParkStudioStudio,1BA$536
Las AdelitasStudio - 30% AMIStudio,1BA$619
MILEPOST 5SROStudio,$620
Alder 9Studio 30%Studio,1BA$626
Society 62Private Room w/Bath1BR,1BA$700
Gretchen Kafoury CommonsStudio PBV 60%Studio,1BA$702
Park TerraceOne Bedroom One Bathroom Unit Income and rent r...1BR,1BA$729
Hamilton WestHamilton West: Your Urban Oasis in PortlandStudio,1BA$757
5th Avenue Place ApartmentsStudioStudio,1BA$795
Buri BuildingStudio SIMStudio,1BA$799

Best Value Apartments for Rent in Portland, OR

As of September 10, 2025 the best value apartment in the Portland area is the $1.19 price per square foot 1055 SW Plum Dr Model at 1055 SW Plum Dr, Unit Basement ADU in the in the Southwest Portland neighborhood starting from $1,900. 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.
1055 SW Plum Dr, Unit Basement ADU1055 SW Plum Dr1BR,1BA$1.19
Z_Caritas Sacred Heart VillaStudioStudio ,1BA$0.96
Creekside Village2 Bedroom 2 Bathroom Apartment R2BR,2BA$1.14
Los Jardines de la Paz4 Bedroom 2 Baths4BR,2BA$1.04
Clara Vista Townhomes3 Bed 1.5 Bath 50% MTSP Rent Limit3BR,1.5BA$1.00
Lincoln Townhomes2 Bedroom 1.5 Bath sm2BR,1.5BA$1.30
Plaza de Cedro3 bedroom3BR,2BA$1.10
Melrose Court ApartmentsTownhome2BR,1.5BA$1.29
Garden Villa2x22BR,2BA$1.22
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03

Quick Rent Budget Calculator

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Portland Overview

Named after its sister-city in coastal Maine, Portland, Oregon is a wonderful place to live. This Pacific Northwest hub has evolved into a popular center for visitors and locals and is considered a cosmopolitan, artistic, progressive and very environmentally friendly city. With a community of approximately 640,000 residents, Portland has become known for its reputation as a bastion of counterculture and its liberal political values. Portland is one of the greenest places to live, it is often awarded “most green cities” and “Greenest City in the U.S.”, it scored as the “8th most popular American City to live” in the 1009 Pew Research Center study, and in 2008 was awarded the title of “Greenest City in America” by Popular Science.

Why live in Portland, OR?

Known affectionately as 'The City of Roses', Portland apartments have much more than simple natural beauty to offer residents. From nationally-known culinary hot spots to a huge assortment of cultural destinations ranging from art galleries to museums, this north-western city is a great place to call home

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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Getting Around Portland, OR

Walk Score®

75 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

85 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

54 / 100

Good Transit

Many nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Portland Apartments

What is a cheap apartment in Portland?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Portland is under $799.

What is the price of a cheap apartment in Portland?

The cheapest apartment in Portland is St. Francis Park which is listed at $554, while the average apartment in Portland costs $2,980.

What types of apartments are the cheapest in Portland?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 6,059 regular apartments in Portland that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Portland?

Cheap apartments in Portland have an average cost of $429 which is $2,551 cheaper than the average rent for all rentals in Portland.

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

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

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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.

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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.