Cheap Apartments for Rent in Albany, NY from $500 (135 Rentals)

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

property at 91 Columbia St

$1,000

1 Bedroom, 1 Bath Home for Rent

Available Now

91 Columbia St

AlbanyNY12210
property at 51 Elm St

$1,000

1 Bedroom Rentals

Available Now

51 Elm St

AlbanyNY12202
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78 Dove St
$1,050
Total Monthly Price

Total Monthly Price

Base Rent
$1,050
Total Monthly Price
$1,050
Studio Apartment Available Now

78 Dove St

78 Dove StAlbany, NY 12210
Affordability
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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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property at 479 State St

$1,050

1 Bedroom, 1 Bath Home for Rent

Available Now

479 State St

AlbanyNY12203

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 152 Western Ave

$1,195 - $2,175

1 To 3 Bedroom Rentals

Available Jun 1

152 Western Ave

AlbanyNY12203
property at 634 Western Ave

$1,250

1 Bedroom, 1 Bath Home for Rent

Available Now

634 Western Ave

AlbanyNY12203

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

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63 2nd Ave
1 Bedroom Apartments

63 2nd Ave

63 2nd AveAlbany, NY 12202
Student Housing
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142 Morton Ave
Studio to 1 Bedroom Apartments

142 Morton Ave

142 Morton AveAlbany, NY 12202
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Capitol Green
Studio to 2 Bedroom Apartments

Capitol Green

400 Central AveAlbany, NY 12206
  • Utilities Included
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336 Hudson street
Studio to 2 Bedroom Apartments

336 Hudson street

336 Hudson AveAlbany, NY 12210
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256 state street
Studio to 3 Bedroom Apartments

256 state street

256 State StAlbany, NY 12210
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363 state street
Studio to 1 Bedroom Apartments

363 state street

363 State StAlbany, NY 12210

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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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: 04/02/2026

Current apartment rentals in the Albany, NY area range in price from $575 to $9,938 with an overall median price of $3,474. The three Albany neighborhoods with the lowest median rent pricing are Campus Area at $968, Hamilton Hill at $1,250, and Central State at $810. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Albany Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Campus Area$1,395$96830
Hamilton Hill$1,600$1,2503
Central State$1,630$8104
Mt Pleasant$1,695$81060
Downtown Schenectady$1,700$82587
Outer Schenectady$1,700$81053
Capitol Hill$1,750$1,00038
Central Avenue$1,750$1,05048
Seward Place$1,763$82539
Sheridan Hollow$1,800$1,00037

Cheapest Available Albany Apartments for Rent

 

The cheapest available apartment rental in Albany, NY is a 1 Bed unit found at The Valley Green priced from $725. 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
The Valley GreenShared 2 Bed 1 Bath A1BR,1BA$725
142 Morton AveStudio, 1 BathroomStudio,1BA$850
Campus View ApartmentsStudioStudio,1BA$968
256 state streetStudio, 1 BathroomStudio,1BA$975
363 state streetStudio, 1 BathroomStudio,1BA$1,000

Best Value Apartments for Rent in Albany, NY

As of April 03, 2026 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 10 Woolard Ave Model at 10 Woolard Ave, Unit 2nd FL starting at $1,450 with a $1.01 price per square foot in the Dunes 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
10 Woolard Ave, Unit 2nd FL10 Woolard Ave2BR,1BA$1.01
459 Jay St, Unit 1459 Jay St2BR,1BA$0.96
310 Western Ave, Unit Unit 2310 Western Ave4BR,1BA$0.56
126 4th St, Unit 1126 4th St1BR,1BA$0.58
211 Ontario St, Unit 1211 Ontario St4BR,1BA$0.48
110 Williams Street Aly, Unit RPI HOUSING 2 bed110 Williams Street Aly2BR,1BA$1.00
400 Washington Ave, Unit upstairs400 Washington Ave1BR,1BA$1.00
716 State St, Unit 716 State Street716 State St4BR,2BA$0.65
The Valley GreenShared 2 Bed 1 Bath A1BR,1BA$0.99

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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

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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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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 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 $1,000.

What is the price of a cheap apartment in Albany?

The cheapest apartment in Albany is The Valley Green which is listed at $725, while the average apartment in Albany costs $3,474.

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 182 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 $626 which is $2,848 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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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.