Cheap Apartments for Rent in Albany, NY from $500 (137 Rentals)

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Search the lowest-cost Apartments available for rent right now in Albany.

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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property at 390 Clinton Ave

390 Clinton Ave

AlbanyNY12206

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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property at 578 Madison Ave

578 Madison Ave

AlbanyNY12208
property at 24 Rawson St

24 Rawson St

AlbanyNY12206
property at 11 Myrtle Ave

11 Myrtle Ave

AlbanyNY12202

The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Albany, NY Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Albany, NY

Pricing Updated: 09/17/2025

Current apartment rentals in the Albany, NY area range in price from $650 to $11,529 with an overall median price of $2,440. The three Albany neighborhoods with the lowest median rent pricing are Central Avenue at $1,015, Center Square at $1,015, and Capitol Hill at $1,015. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Albany Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Central Avenue$1,740$1,01543
Center Square$1,765$1,01518
Capitol Hill$1,775$1,01524
Downtown$1,850$1,01593
Outer Schenectady$1,875$80545
Washington Park$2,000$1,01522
Mount Hope$2,005$650121
Normanskill Kenwood$2,005$65084
Arbor Hill$2,045$1,04541
Sheridan Hollow$2,045$1,04538

Cheapest Available Albany Apartments for Rent

 

The cheapest available apartment rental in Albany, NY is a 2 Beds unit found at Colvin Avenue Commons in the West Hill neighborhood priced from $733. 142 Morton Ave in the Whitehall neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $800. Here is today’s list of the most affordable Albany apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Colvin Avenue Commons2BR2BR,1BA$733
142 Morton AveStudio, 1 BathroomStudio,1BA$800
Capitol GreenStudioStudio,1BA$875
336 Hudson streetStudio, 1 BathroomStudio,1BA$950
Campus View ApartmentsStudioStudio,1BA$968
363 state streetStudio, 1 BathroomStudio,1BA$1,000
The Kenmore404Studio,1BA$1,045
Latham Village AptartmentsOne Bedroom One Bath1BR,1BA$1,065
Capitol Crossings1 Bedroom 1 Bathroom1BR,1BA$1,099

Best Value Apartments for Rent in Albany, NY

As of September 18, 2025 the best value apartment in the Albany area is the $0.96 price per square foot 268 Western Ave Model at 268 Western Ave, Unit 1 in the in the Whitehall neighborhood starting from $2,400. The second greatest value Albany apartment is the 77 Brevator St Model at 77 Brevator St, Unit 2 starting at $2,200 with a $0.99 price per square foot in the Campus Area neighborhood. Here is today’s list of the best values for Albany apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
268 Western Ave, Unit 1268 Western Ave4BR,1BA$0.96
77 Brevator St, Unit 277 Brevator St4BR,1BA$0.99
Albany Lofts at One Broadway2BD 2BA2BR,2BA$1.13
642 Providence St, Unit 2642 Providence St3BR,1.5BA$1.08
372 Morris St, Unit 372 Morris372 Morris St3BR,1BA$1.11
287 State StUnit 3F2BR,1BA$1.16
9 Hawthorne Ave, Unit 2nd floor9 Hawthorne Ave3BR,1BA$1.14
459 Jay St, Unit 1459 Jay St2BR,1BA$0.96
1 Ten Broeck St, Unit 31 Ten Broeck St2BR,1BA$1.17
658 4th St, Unit 1658 4th St2BR,1BA$1.09

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The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Albany Overview

"Albany is the state capital of New York, and is a city brimming with historical significance. It is the oldest continuous chartered city in the United States and works to preserve its history. Although well-known for revering its history and Dutch culture, Albany also embraces modern advancement. The ""Tech Valley"" industry is on the rise and has helped economy in New York State's Capital District. The Capital District is the metro area surrounding Albany. The cities included are Albany, Schenectady and Troy. The Capital District is the third most populated region in New York. Its metropolitan population is over 1.1 million. The city of Albany's population reaches almost 100,000. Apartments in Albany could be a fit for seekers looking for a blend of historical and modern elements."

Why live in Albany, NY?

Albany is a great city that pays homage to its rich history while embracing a modern way of life. Albany is also an excellent center for higher education. It's one of the best places to get an education, according to a Forbes survey in 2005. Albany has several parks, Washington Park the most well-known, for the outdoorsy type. The Pine Bush and Lincoln Park are a couple other parks found in Albany. Albany is also serious about improving its community. The National Civic League has awarded Albany the All-America award twice for community improvement.

Pet Friendly Lifestyle

Ranked #

Among cities in New York for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

Pet Friendly

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Albany, NY Rentals by Map

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See the most popular apartments and homes in Albany, NY

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Albany, NY Apartments Map
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Albany, NY Rental Homes Map

Getting Around Albany, NY

Walk Score®

69 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

54 / 100

Bikeable

Some bike infrastructure

Transit Score®

42 / 100

Some Transit

A few nearby public transportation options

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Albany, NY Area Reviews

  • Parks
  • Entertainment
  • Local Vibes
  • Restaurants
  • Location
  • Traffic
  • Public Transportation
  • Outdoor Access
  • Cost of Living
  • Safety

Frequently Asked Questions about Cheap Albany Apartments

What is a cheap apartment in Albany?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Albany is under $1,099.

What is the price of a cheap apartment in Albany?

The cheapest apartment in Albany is Capitol Green which is listed at $975, while the average apartment in Albany costs $2,440.

What types of apartments are the cheapest in Albany?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 138 regular apartments in Albany that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Albany?

Cheap apartments in Albany have an average cost of $980 which is $1,460 cheaper than the average rent for all rentals in Albany.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

decorative image for A Local Expert’s Guide To the Top Budget-Friendly Neighborhoods to Rent in Albany, NY article

A Local Expert’s Guide To the Top Budget-Friendly Neighborhoods to Rent in Albany, NY

Written by: Patrick Ryan

Albany, the capital of New York state, is a renter’s haven.  With ample housing supply, little traffic and a stable economy, Albany is trending upward. I'm Patrick, your ApartmentHomeLiving.

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.