Cheap Apartments for Rent in Albany, NY from $500 (148 Rentals)

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

property at 91 Columbia St

91 Columbia St

AlbanyNY12210

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
property at 578 Madison Ave

578 Madison Ave

AlbanyNY12208
property at 11 Myrtle Ave

11 Myrtle Ave

AlbanyNY12202

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 4 Sheridan Ave

4 Sheridan Ave

AlbanyNY12207

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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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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: 11/06/2025

Current apartment rentals in the Albany, NY area range in price from $650 to $4,330 with an overall median price of $2,473. The three Albany neighborhoods with the lowest median rent pricing are Hamilton Hill at $1,375, Central State at $805, and Center Square 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
Hamilton Hill$1,375$1,3751
Central State$1,487$8053
Center Square$1,730$1,01513
Downtown$1,792$1,00081
Capitol Hill$1,800$1,01530
Sheridan Hollow$1,832$1,00023
Normanskill Kenwood$1,850$650104
Mount Hope$1,867$650131
Downtown Albany Historic District$1,930$1,00040
Mt Pleasant$1,930$80553

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 $850. Here is today’s list of the most affordable Albany apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Colvin Avenue Commons2 Beds, 1 bath2BR,1BA$733
142 Morton AveStudio, 1 BathroomStudio,1BA$850
Capitol GreenStudioStudio,1BA$875
336 Hudson streetStudio, 1 BathroomStudio,1BA$950
Campus View ApartmentsStudioStudio,1BA$968
363 state streetStudio, 1 BathroomStudio,1BA$1,000
71 chestnut street1 Bedroom, 1 Bathroom1BR,1BA$1,000
256 state street1 Bedroom, 1 Bathroom1BR,1BA$1,050

Best Value Apartments for Rent in Albany, NY

As of November 06, 2025 the best value apartment in the Albany area is the $1.04 price per square foot 24b Thacher St Model at 24b Thacher St, Unit 24B Thacher st in the in the Arbor Hill neighborhood starting from $2,900. The second greatest value Albany apartment is the 268 Western Ave Model at 268 Western Ave, Unit 1 starting at $2,400 with a $0.96 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.
24b Thacher St, Unit 24B Thacher st24b Thacher St3BR,2BA$1.04
268 Western Ave, Unit 1268 Western Ave4BR,1BA$0.96
77 Brevator St, Unit 277 Brevator St4BR,1BA$0.99
1 Ten Broeck St, Unit Lower Level1 Ten Broeck St3BR,2BA$1.05
160 River St, Unit 160160 River St2BR,1BA$1.03
10 Woolard Ave, Unit 2nd FL10 Woolard Ave2BR,1BA$0.94
459 Jay St, Unit 1459 Jay St2BR,1BA$0.96
126 4th St, Unit 1126 4th St1BR,1BA$0.58
67 Sand Creek Rd, Unit 167 Sand Creek Rd1BR,1BA$1.04
159 River St, Unit 166B159 River StStudio ,1BA$1.06

Apartment Common Area Rules: What Renters Need to Know

From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.

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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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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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Quick Rent Budget Calculator

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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See the most popular apartments and homes in Albany, NY

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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 $1,050.

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 $2,473.

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 280 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 $856 which is $1,617 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.

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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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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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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.