Rainy Running Gear?

I have recently moved out to the lovely Portland, OR from Colorado. I still have the mountains (well kind of, but yay!), but now there's this thing of massive amounts of water coming from the sky that I'm just not used to. I think they call it "rain".

I was hoping for a shout out from anyone else who lives in a rainy area- what do you wear for running gear in the rain?

Is it just whatever to you and you wear what you want 

and just know that you're going to get soaked?

I would think there would be some awesome light rain shedder sweater or something. I mean, I have a rain jacket, but I get so hot running in a jacket! Is there also a wicking rain jacket? Obviously I need my arms covered like sweater, but especially coming from snowy Colorado, I really don't need/want to wear a long sleeve. I get so hot!!