The City of Roses, Portland, OR, is known for its quirky atmosphere, beautiful parks, and thriving arts scene. With over 650,000 residents, Portland’s natural beauty, farm-to-table cuisine, local landmarks, and riverfront views make it a fantastic area to call home.
If you’re looking to rent an apartment in Portland, the average rent for a studio is $1,225, while a one-bedroom apartment is $1,487. But don’t worry, we’ve got you covered. ApartmentGuide has compiled a list of the most affordable neighborhoods in Portland to rent this year.
11 Affordable Neighborhoods in Portland, OR
From Centennial to Powellhurst-Gilbert, Portland has affordable neighborhoods that fit your budget. The best part is that they’re all under Portland’s average rent for studio and one-bedroom units. Let’s jump in and see what Portland neighborhoods made the list.
1. Centennial
2. Powellhurst-Gilbert
3. Hazelwood
4. Creston-Kenilworth
5. Central Northeast Portland
6. Eliot
7. Multnomah Village
8. Belmont
9. Hollywood
10. King’s Hill Historic District
11. East Portland
Read on to see what each neighborhood has to offer its residents.
1. Centennial
Average studio rent: $995
Average 1-bedroom rent: $1,000
Apartments for rent in Centennial
Centennial is the most affordable neighborhood in Portland, as the average rent for a one-bedroom unit is $1,000. There are plenty of reasons to love living in Centennial, from attractions like Lincoln City Park and Powell Butte Nature Park to a variety of local restaurants showcasing Portland’s food scene.
2. Powellhurst-Gilbert
Average studio rent: $1,075
Average 1-bedroom rent: $1,075
Apartments for rent in Powellhurst-Gilbert
Powellhurst-Gilbert is a relaxing area that’s just east of downtown Portland. This affordable neighborhood has lots of attractions such as Powell Butte Nature Park, Kelly Butte Natural Area, and Leach Botanical Garden. The Powellhurst-Gilbert area is also near Powell Boulevard where you can find local shops and restaurants, like Best Baguette.
3. Hazelwood
Average studio rent: $1,095
Average 1-bedroom rent: $1,150
Apartments for rent in Hazelwood
With an average one-bedroom rent of $1,150, Hazelwood is the third-most affordable neighborhood in Portland. This neighborhood is an awesome option to consider as it’s near attractions like Ventura Park and Glendover Golf and Tennis. Hazelwood is great for exploring and enjoying Portland, as there are several bus stops and major freeways in the neighborhood.
4. Creston-Kenilworth
Average studio rent: $1,200
Average 1-bedroom rent: $1,195
Apartments for rent in Creston-Kenilworth
Creston-Kenilworth is the fourth-most affordable neighborhood in Portland. This neighborhood is a great option if you’re looking for access to plenty of shops and restaurants. You can find popular spots like Hopworks Brewery, Cafe Rowan, and Nayar Taqueria. If you’re looking for green spaces, you can easily access Kenilworth Park and Creston City Park.
5. Central Northeast Portland
Average studio rent: $1,095
Average 1-bedroom rent: $1,200
Apartments for rent in Central Northeast Portland
Just about 5 miles from downtown, Central Northeast Portland is a stellar neighborhood if you want to live a little farther outside of downtown. It’s also a great area if you travel frequently as it’s close to the Portland International Airport. You can find lots of iconic Portland spots in the neighborhood like Pip’s Original Doughnuts and Chai, McMenamins Kennedy School, and NE 42 Street, which has a lot of bars and restaurants. There are also plenty of parks nearby like Alberta Park and Wilshire Park.
6. Eliot
Average studio rent: $1,199
Average 1-bedroom rent: $1,245
Apartments for rent in Eliot
Next up is Eliot, the sixth-most affordable neighborhood in Portland. Eliot is full of history and charm with leafy streets, historic buildings like McMenamins White Eagle Saloon & Hotel, and venues like the Wonder Ballroom. This area also has plenty of parks, restaurants, and attractions, so you’ll have lots of explore. Make sure to enjoy the outdoors at Irving Park, stop by the Wishing Tree, or grab a meal at one of the neighborhood restaurants. There’s something for everyone living in Eliot.
7. Multnomah Village
Average studio rent: $1,000
Average 1-bedroom rent: $1,245
Apartments for rent in Multnomah Village
Southwest of downtown, Multnomah Village is the seventh-most affordable neighborhood in Portland. Multnomah Village has a outdoorsy vibe and charming atmosphere, with parks like Gabriel Park. There are plenty of local cafes and restaurants along Capitol Highway, such as Otto & Anita’s Schnitzelhaus and Yalla. You can easily access I-5 freeway if you’re looking to get into downtown Portland or explore the surrounding areas.
8. Belmont
Average studio rent: $1,225
Average 1-bedroom rent: $1,250
Apartments for rent in Belmont
Belmont takes the eighth spot on our list of the most affordable neighborhoods in Portland. The average rent for a one-bedroom unit is roughly $200 less than the city’s average, making Belmont a great option. It’s about 3 miles from downtown, so you’ll have the best city life without living in the city center. While a small neighborhood, there’s no shortage of places to explore. Belmont is centered around Belmont Street, where there are a variety of restaurants and shops, such as Slappy Cakes, Never Coffee, and Horse Brass Pub.
9. Hollywood
Average studio rent: $1,050
Average 1-bedroom rent: $1,295
Apartments for rent in Hollywood
A well-known Portland neighborhood, Hollywood is the next area. Hollywood is named after the Hollywood Theatre, which dates back to 1926. You can also find green spaces nearby, like Grant Park, meaning there’s plenty to do throughout the week. You’ll discover there are countless historic buildings in Hollywood, so make sure to explore the area’s charm. If you need to commute to work, there are many options, such as the light rail stop and I-84 freeway, which are nearby.
10. King’s Hill Historic District
Average studio rent: $1,125
Average 1-bedroom rent: $1,295
Apartments for rent in King’s Hill Historic District
The tenth-most affordable neighborhood in Portland is King’s Hill Historic District. This area has a charming feel with its historic properties. You can find parks like Washington Park and the Wildwood Trail, perfect for enjoying a sunny day in Portland. King’s Hill Historic District is home to the Big Redwood Tree, the Oregon Society of Artists, and Providence Park, an arena that hosts concerts and sporting events like the Portland Timbers soccer team.
11. East Portland
Average studio rent: $1,095
Average 1-bedroom rent: $1,295
Apartments for rent in East Portland
The 11th and final neighborhood on our list of affordable neighborhoods in Portland is East Portland. It’s an awesome area if you’re looking for a neighborhood with charming streets, parks, and a community feel. Along Division Street, you can find plenty of cozy cafes and lively restaurants. East Portland is also close to parks like Powell Butte Nature Park and Happy Valley Nature Park.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.