A dehumidifier reduces the humidity in a room or home, and it does nothing to change the surrounding temperature. A portable air conditioner changes a room's temperature by providing cool air. Some portable air conditioner models can function as a dehumidifier, heater, air purifier and fan.
A dehumidifier and a portable air conditioner are similar in size, so space may not be an issue. However, a portable air conditioner requires access to a window to exhaust hot, humid air from the room. A dehumidifier sends condensed water to a tank included with the unit; an optional hose connection allows you to divert the water to a drain so you don't have to empty the tank.
An overly humid atmosphere becomes a magnet for dust mites, molds and other allergens. A dehumidifier makes the atmosphere less humid, which can help eliminate those problems. A portable air conditioner provides cooling in situations in which central or window air-conditioning units aren't an option.