Cheap Apartments for Rent in Portland, OR from $500 (1,616 Rentals)

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

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

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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: 04/12/2025

Current apartment rentals in the Portland, OR area range in price from $925 to $15,000 with an overall median price of $3,804. The three Portland neighborhoods with the lowest median rent pricing are Hayhurst at $1,195, Downtown Gresham at $1,545, and Greenway at $1,495. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Portland Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Hayhurst$1,500$1,1953
Downtown Gresham$1,545$1,5451
Greenway$1,595$1,4953
Northeast Gresham$1,595$1,4003
Central Park$1,595$1,4502
Esther Short$1,595$1,5951
Rose City Park$1,750$1,6003
West Vancouver$1,782$1,5952
Glenfair$1,800$1,8001
Mill Park$2,142$1,9991

Cheapest Available Portland Apartments for Rent

 

The cheapest available apartment rental in Portland, OR is a Studio unit found at MILEPOST 5 in the Southeast Portland neighborhood priced from $620. Modern Rich Apartments in the Downtown neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $649. Here is today’s list of the most affordable Portland apartments for rent:

Apartment ListingModel NameBed/BathPriced From
MILEPOST 5SROStudio,$620
Modern Rich Apartments0BR/1.0BAStudio,1BA$649
Park TerraceOne Bedroom One Bathroom Unit Income and rent r...1BR,1BA$729
Ascend Apartments: New Micro Studios and LoftsStudio 1Studio,1BA$799
Morrison Park ApartmentsStudio - 50%Studio,1BA$800
Margaret Carter PlazaOne Bathroom One Bedroom HUD Unit1BR,1BA$802
Zeal LoftsS - Standard 1Studio,1BA$820
SM Multnomah Manor1X1- 50% HUD1BR,1BA$822
Villa de Suenos4 Bedroom 2 Baths PBV unit at 30% AMI4BR,2BA$848
Maya Angelou2 Bedroon 1 Bath2BR,1BA$878

Best Value Apartments for Rent in Portland, OR

As of April 13, 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 Model at Los Jardines de la Paz starting at $1,413 with a $1.04 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
Los Jardines de la Paz4 Bedroom 2 Baths4BR,2BA$1.04
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
Clara Vista Townhomes3 Bed 1.5 Bath PBV Home Low Rent Limit3BR,1.5BA$1.07
Plaza de Cedro3 bedroom3BR,2BA$1.10
Irish Moss Plaza Apartments3BR 1 Bath3BR,1BA$1.31
Village Park ApartmentsGeneva2BR,1.5BA$1.29
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03
Park TerraceOne Bedroom One Bathroom Unit Income and rent r...1BR,1BA$1.35

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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 the Cheapest Studio apartment in Portland?

Currently the most affordable Cheap Studio Apartment in Portland is at MILEPOST 5 listed at $620.

How much is rent for a Cheap One Bedroom Portland Apartment?

The lowest price for a Cheap One Bedroom Portland Apartment is $729 at Park Terrace.

What is the lowest price for a Cheap Two Bedroom Portland Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Portland is starting from $878 at Maya Angelou.

What is the most affordable Portland Three Bedroom Apartment?

The best deal on a cheap Portland Three Bedroom Apartment rental is at Shalamar Apartments and starts from $1,245.

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.

decorative image for A Portland Expert’s Guide To 10 Budget-Friendly Neighborhoods to Rent article

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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Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

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Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.