9 Most Expensive Neighborhoods in Portland to Rent in 2024

Portland, OR, is known for its crunchy culture, old growth parks, and DIY arts scene. With an average rent of $1,565 for a one-bedroom apartment, the City of Roses offers a variety of neighborhoods to choose from. If you're looking to rent an apartment in Portland, you'll find that the Pearl, Mississippi, and Northwest Portland are among the most expensive neighborhoods. Whether you're seeking an historic craftsman or a waterfront view, here are the 9 most expensive Portland neighborhoods for your consideration.

9 Most Expensive Neighborhoods in Portland

From the trendy Pearl to the historic Goose Hollow and Nob Hill, there are plenty of amazing Portland neighborhoods to choose from. Whether you're looking for a luxurious home to rent in Portland or wondering where to live in the city, we've got you covered.

1. Pearl
2. Mississippi
3. Northwest Portland
4. Goose Hollow
5. Buckman
6. Mt. Tabor
7. Hillsdale
8. Northwest District
9. Nob Hill

Let’s jump in and see what these neighborhoods have to offer.

1. Pearl

Average 1-bedroom rent: $2,011
Apartments for rent in Pearl

Pearl is the most expensive neighborhood in Portland for renters, as the average rent for a one-bedroom unit is $2,011. There are plenty of reasons why this neighborhood draws residents.The area was once largely industrial but its historic brick warehouses have been converted to hip eateries and residential units. The neighborhood is near attractions like the Portland Museum of Art and the Lan Su Chinese Garden, making it a prime location to explore the city. The area also has views of the cityscape, making apartment views stunning. For renters living in the city without a car, Pearl is the most walkable neighborhood in Portland.

2. Mississippi

Average 1-bedroom rent: $1,983
Apartments for rent in Mississippi

North of downtown Portland, the Mississippi neighborhood is bursting with energy. This beautiful neighborhood is anchored by Mississippi Avenue and its ever-busy bars, restaurants, and music venues. You can also find Mississippi Studios, a famous recording studio and music venue in the area. The neighborhood is well-known for its green spaces like Overlook Park and the charming shops and cafes along the street. The average rent for one-bedroom apartments is $1,983, which is about $400 above the city's average. However, residents say that Mississippi's charm and amenities are well worth it.

3. Northwest Portland

Average 1-bedroom rent: $1,800
Apartments for rent in Northwest Portland

With an average one-bedroom rent of $1,800, Northwest Portland is the third most expensive neighborhood in Portland. This area encompasses a large swath of the western portion of the city and includes both Washington Park and Forest Park, one of the largest urban green spaces in the country. Victorian mansions and Craftsman bungalows are dotted throughout the trees and hiking trails of the area. Most of the area is quite hilly providing gorgeous views of downtown Portland as well as the Willamette and Columbia Rivers. US Route 30 runs along the Columbia, situated on the eastern edge of Northwest Portland making it a convenient location for commuters traveling north into Washington. Northwest Portland is paradise for nature lovers eager to spend time in the woods or on the river.

4. Goose Hollow

Average 1-bedroom rent: $1,740
Apartments for rent in Goose Hollow

In the hills to the west of downtown Portland, Goose Hollow is our next most expensive neighborhood with an average rent of $1,740. One of Portland's oldest neighborhoods, it’s a popular spot for students at Portland State University. Goose Hollow is probably best known as the home of Providence Park, the soccer stadium where the Portland Timbers and Thorns play each season. There are tons of bars, shops, and restaurants in the area, contributing to its dynamic vibe.

5. Buckman

Average 1-bedroom rent: $1,730
Apartments for rent in Buckman

Just across the Willamette River from downtown, Buckman is a stellar neighborhood if you want easy access to all Portland has to offer. While more expensive, the perks of living in Buckman offset the costs. For renters dependent on public transportation, there are a plethora of bus stops in the area and the neighborhood is great for biking. The neighborhood's central location makes it easy to access most of Portland with relative ease. The Morrison Bridge takes you straight into Downtown Portland and major thoroughfares like Rte. 99, Sandy Blvd, Hawthorn and Burnside Streets make it simple to get to popular neighborhoods to the north, south, and east of Buckman. You can also walk to attractions like the Oregon Museum of Science and Industry and Laurelhurst Park. The area is full of excellent bars and restaurants, ranging from old classics like The Sandy Hut to hip new bars like Rontoms.

6. Mt. Tabor

Average 1-bedroom rent: $1,695
Apartments for rent in Mt. Tabor

Next up is Mt. Tabor, the sixth most expensive neighborhood in Portland. In the Southeast quadrant of Portland, Mt. Tabor is full of history and charm with tree-lined streets and  historic homes. Craftsman bungalows and retro ranch homes dot the steep streets leading up to Mt. Tabor Park. Mt. Tabor itself is an extinct cinder cone volcano and the park is home to century-old water reservoirs, hiking trails, and playgrounds. With stunning views of Mt. Hood and one of the city's favorite parks, this neighborhood is worth the price. Residents can walk to fantastic restaurants and relaxed neighborhood watering holes. Annual festivals like the Soap Box Derby bring the neighborhood together and make it popular location for anyone looking to rent an apartment in Portland. 

7. Hillsdale

Average 1-bedroom rent: $1,650
Apartments for rent in Hillsdale

Hillsdale is the next neighborhood on our list. Located in the Southwest quadrant of Portland, it's known all over town for its excellent farmer's market. Hillsdale has a friendly atmosphere and community-feeling, with plenty of local cafes and restaurants along Capitol Highway, such as Baker & Spice and Verde Cocina. You can also check out some of Hillsdale's green spaces like George Himes Park. Since Hillsdale is located near the Willamette River and the Tryon Creek State Natural Area, its outdoorsy lifestyle is one of the many reasons people live here.

8. Northwest District

Average 1-bedroom rent: $1,600
Apartments for rent in Northwest District

Northwest District takes the eighth spot on our list of most expensive neighborhoods in Portland. The average rent for a one-bedroom unit is just slightly more than the city's average. Characterized by tree-lined streets and beautiful Victorian homes, Northwest District offers a mix of residential tranquility and busy commercial activity. The area is home to a diverse array of shops, restaurants, and cafes, particularly along the popular NW 21st and NW 23rd Avenues. It's also conveniently located near several parks, including the expansive Forest Park, providing ample opportunities for outdoor recreation.

9. Nob Hill/Alphabet District

Average 1-bedroom rent: $1,600
Apartments for rent in Nob Hill

A well-loved Portland neighborhood, Nob Hill is the final area on our list. Nob Hill, also known as the Alphabet District, features charming streets lined with beautifully preserved Victorian and Craftsman homes. This neighborhood is adjacent to Pearl, making it easy to explore the area. Nob Hill is home to the Portland Streetcar and the historic Powell's City of Books, meaning there's plenty to do throughout the week. If you need to commute to work, there are lots of options as the MAX Light Rail is nearby.

Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.

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