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Rent in ZIP code 97227, Portland, OR
HUD's Fair Market Rent for this one ZIP code, about 2 miles from downtown Portland, as of October 2026.
A 1-bedroom in 97227 is $1,590 a month on HUD's FY2027 Small Area Fair Market Rent, utilities included, 10% below the downtown Portland median of $1,760. Studios run $1,490, 2-bedrooms $1,830. Listings in the ZIP ask $1,536 on Zillow's index.
- Studio
- $1,490HUD, utilities in
- 1 bedroom
- $1,590HUD, utilities in
- 2 bedroom
- $1,830HUD, utilities in
- 3 bedroom
- $2,480HUD, utilities in
- Asking rent
- $1,536Zillow, all homes
- Rank near downtown
- 5of 15cheapest first
Rent by bedroom in 97227
Every ZIP code near downtown Portland
| ZIP | Studio | 1 bedroom | 2 bedroom | 3 bedroom | Zillow asking |
|---|---|---|---|---|---|
| 97201 | $1,720 | $1,840 | $2,120 | $2,880 | $1,608 |
| 97202 | $1,650 | $1,770 | $2,030 | $2,760 | $1,660 |
| 97204 | $1,420 | $1,510 | $1,730 | $2,360 | n/a |
| 97205 | $1,420 | $1,510 | $1,730 | $2,360 | $1,586 |
| 97208 | $1,770 | $1,900 | $2,180 | $2,960 | n/a |
| 97209 | $1,770 | $1,900 | $2,180 | $2,960 | $1,786 |
| 97210 | $1,460 | $1,570 | $1,800 | $2,440 | $1,560 |
| 97212 | $1,640 | $1,760 | $2,020 | $2,740 | $2,267 |
| 97214 | $1,770 | $1,900 | $2,180 | $2,960 | $1,682 |
| 97217 | $1,810 | $1,940 | $2,230 | $3,030 | $1,653 |
| 97221 | $1,550 | $1,660 | $1,910 | $2,590 | $1,936 |
| 97227 | $1,490 | $1,590 | $1,830 | $2,480 | $1,536 |
| 97232 | $1,560 | $1,670 | $1,920 | $2,610 | $1,546 |
| 97239 | $1,760 | $1,880 | $2,160 | $2,930 | $1,928 |
| 97258 | $1,470 | $1,570 | $1,810 | $2,460 | n/a |
ZIP codes that touch a 2-mile circle around downtown. Source: HUD Small Area Fair Market Rents FY2027, read Oct 2026. The city page has walkability, internet, transit, weather and everything else: Portland, OR for digital nomads.
Questions people ask
How much is rent in ZIP code 97227?
As of October 2026, HUD's FY2027 Small Area Fair Market Rent for ZIP 97227 is $1,490 for a studio, $1,590 for a 1-bedroom, $1,830 for a 2-bedroom and $2,480 for a 3-bedroom, utilities included. That is the 40th-percentile rent paid by recent movers. Zillow's Observed Rent Index for the ZIP, which reflects what listings ask today across all home types, is $1,536 (Aug 2026).
Is 97227 cheaper than the rest of downtown Portland?
Yes, by 10%. The median 1-bedroom across the 15 ZIP codes within 2 miles of downtown Portland is $1,760; 97227 ranks 5 of 15, cheapest first. Across the whole metro area HUD's figure is $1,633, 3% more than this ZIP.