Cheap Apartments for Rent in Albany, NY from $500 (138 Rentals)

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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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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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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property at 152 Western Ave

$1,195 - $2,175

1 To 3 Bedroom Rentals

Available Jun 1

152 Western Ave

AlbanyNY12203
property at 37 Maiden Ln

$1,250 - $1,515

1 To 2 Bedroom Rentals

Available Now

37 Maiden Ln

AlbanyNY12207

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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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: 05/18/2026

Current apartment rentals in the Albany, NY area range in price from $575 to $12,721 with an overall median price of $3,544. The three Albany neighborhoods with the lowest median rent pricing are Central State at $810, Hamilton Hill at $1,500, and Melrose at $948. 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 State$1,510$8101
Hamilton Hill$1,600$1,5002
Melrose$1,800$9486
Sheridan Hollow$1,850$95026
Seward Place$1,875$75034
Downtown Schenectady$1,900$75081
Mt Pleasant$1,900$75059
Outer Schenectady$1,900$75043
Arbor Hill$1,905$1,15030
Center Square$1,975$95024

Cheapest Available Albany Apartments for Rent

 

The cheapest available apartment rental in Albany, NY is a Studio unit found at 142 Morton Ave in the Whitehall neighborhood priced from $800. Campus View Apartments in the Campus Area neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $948. Here is today’s list of the most affordable Albany apartments for rent:

Apartment ListingModel NameBed/BathPriced From
142 Morton AveStudio, 1 BathroomStudio,1BA$800
Campus View ApartmentsStudioStudio,1BA$948
363 state streetStudio, 1 BathroomStudio,1BA$1,000
11 South Lake AveLarge StudioStudio,1BA$1,050
71 chestnut street1 Bedroom, 1 Bathroom1BR,1BA$1,050

Best Value Apartments for Rent in Albany, NY

As of May 18, 2026 the best value apartment in the Albany area is the $0.17 price per square foot 2nd Floor Model at 370-372 Morris St in the in the Whitehall neighborhood starting from $1,725. The second greatest value Albany apartment is the 206 Ontario St Model at 206 Ontario St starting at $2,300 with a $0.99 price per square foot in the Whitehall 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.
370-372 Morris St2nd Floor3BR,1BA$0.17
206 Ontario St206 Ontario St4BR,1BA$0.99
160 River St, Unit 160160 River St2BR,1BA$1.03
10 Woolard Ave, Unit 2nd FL10 Woolard Ave2BR,1BA$1.01
310 Western Ave, Unit 2310 Western Ave4BR,1BA$0.59
126 4th St, Unit 1126 4th St1BR,1BA$0.58
159 River St, Unit 166B159 River StStudio ,1BA$1.06
110 Williams Street Aly, Unit RPI HOUSING 2 bed110 Williams Street Aly2BR,1BA$1.08
182 River St, Unit 166 River St apt C182 River St2BR,1BA$1.13
211 Ontario St, Unit 1211 Ontario St4BR,1BA$0.48

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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How much rent can you afford?

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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Albany, NY Area Reviews

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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 $1,050.

What is the price of a cheap apartment in Albany?

The cheapest apartment in Albany is 71 chestnut street which is listed at $1,050, while the average apartment in Albany costs $3,544.

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 289 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 $470 which is $3,074 cheaper than the average rent for all rentals in Albany.

Expert Rental Resources

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.

Articles, How-To's, and Tips

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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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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.