Prices and availability in Portland, OR were last updated on 25 Nov 2025.
The best apartments in Portland, OR are: Lorence Court Apartments, Quinten Tower, Alder Crossing Apartments, The Parker and Clay & Tiffany.
In Portland 47% of the housing is rented out compared to 53% of homes are owned, according to the most recent Census Bureau estimates. 28% of Portland’s apartments are found in large buildings of 50 units or more, 52% are located in smaller apartment complexes with less than 50 units, and 19% are single-family rentals.
Balancing snug and cheap is no joke when it comes to renting a place to live. “Are there any apartments near me under $500?” is a great question to start from. Knowing your budget means you’re one step ahead and on the right track. We’ve taken care of the rest and found 17 apartments for rent in Portland, OR on which you’ll spend less than $500. A small, cheap rental means you’ll have to budget your living space as well. The great news is that keeping it simple pays off in more than one way. The cost of utilities is likely to run low, and you get the added benefit of not having to spend too much time cleaning up the whole place. Smaller apartments are more likely to be closer to the city center, so there are potential cuts to your transportation costs too. And here’s one more very special secret to add to your book-of-perks: you’re less likely to overshop when you know your space is limited.
Our goal is to help you find cheap apartments that live up to your dreams without crushing your budget. It may be a long shot to go looking for 3 bedroom apartments or even 2 bedroom for less than $500. The average rental size in Portland, OR is 716 Sqft, but the $500 limit will probably narrow your search to places with a smaller square footage. Go through our listings and be on the look-out for a hassle-free studio or a 1 bedroom apartment. We trust you’ll turn it into a cozy home which is also budget-friendly to the core.
