Cheap Apartments for Rent in Portland, OR from $500 (1,612 Rentals)

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1603 NE 16th Ave
$500Studio, 1 Bath RentalsAvailable Now

1603 NE 16th Ave

Portland, OR 97232
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3937 SE 62nd Ave
$895Studio, 1 Bath RentalsAvailable Now

3937 SE 62nd Ave

Portland, OR 97206
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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

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The Morrison
from $1,050Studio Apartments Available Now

The Morrison

717-735 SE Morrison StPortland, OR 97214
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Portland, OR Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Portland, OR

Pricing Updated: 02/24/2025

Current apartment rentals in the Portland, OR area range in price from $500 to $25,665 with an overall median price of $2,913. The three Portland neighborhoods with the lowest median rent pricing are Far Southwest at $1,295, Lents Powellhurst Gilbert at $1,595, and Fruit Valley at $981. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Portland Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Far Southwest$1,295$1,29523
Lents Powellhurst Gilbert$1,595$1,5958
Fruit Valley$1,650$981648
Hazelwood-Mill Park$1,656$7001911
Cathedral Park$1,731$1,100436
St. Johns$1,731$1,000614
Mt Scott Arleta$1,750$925196
Glenfair$1,767$1,0501702
Gateway$1,813$8771767
Parkrose Heights$1,813$7002459

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. Society 62 in the Southeast Portland neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $700. Here is today’s list of the most affordable Portland apartments for rent:

Apartment ListingModel NameBed/BathPriced From
MILEPOST 5SROStudio,$620
Society 62Private Room w/Bath1BR,1BA$700
Park TerraceOne Bedroom One Bathroom Unit Income and rent r...1BR,1BA$729
Ascend Apartments: New Micro Studios and LoftsStudio 1Studio,1BA$795
Margaret Carter PlazaOne Bathroom One Bedroom HUD Unit1BR,1BA$802
SM Multnomah Manor1X1- 50% HUD1BR,1BA$822
Zeal LoftsS - Standard 1Studio,1BA$845
Villa De Suenos4 Bedroom 2 Baths PBV unit at 30% AMI4BR,2BA$848
Maya Angelou2 Bedroon 1 Bath2BR,1BA$878
Kimberly Court1BR/1.0BA1BR,1BA$895

Best Value Apartments for Rent in Portland, OR

As of February 24, 2025 the best value apartment in the Portland area is the $1.28 price per square foot 1025 SE Ash St Model at 1025 SE Ash St, Unit 110-110B in the in the Southeast Portland neighborhood starting from $1,785. 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.
1025 SE Ash St, Unit 110-110B1025 SE Ash StStudio ,1BA$1.28
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
Cascade Park ApartmentsRainier2BR,1.5BA$1.22
Ranch Apartments2 Bedroom 1 Bath Townhome2BR,1BA$1.32
Clara Vista Townhomes3 Bed 1.5 Bath PBV Home Low Rent Limit3BR,1.5BA$1.07
Villas de Mariposas3 Bedroom 1 Bath3BR,1.5BA$1.08
Z_Caritas Villa1 bedroom, 1 bathroom1BR,1BA$1.27
Quail Run Apartments2x1 Townhome2BR,1BA$1.25
SM Multnomah Manor1X1- 50% HUD1BR,1BA$1.03

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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 $700 at Society 62.

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.

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