Cheap Apartments for Rent in Albany, NY from $500 (132 Rentals)

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

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Campus View Apartments
Rent Specials
$968 - $1,251
Total Monthly Price

Total Monthly Price

Base Rent
$968 - $1,251
Total Monthly Price
$968 - $1,251
Studio to 1 Bedroom Apartments Available Now

Campus View Apartments

10 Brevator StAlbany, NY 12203
Affordability
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  • Utilities Included
  • Low Income
property at 91 Columbia St

$1,000

1 Bedroom, 1 Bath Home for Rent

Available Now

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 578 Madison Ave

$1,100

1 Bedroom, 1 Bath Home for Rent

Available Now

578 Madison Ave

AlbanyNY12208

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 1 Manning Blvd

$1,195 - $2,600

Studio To 4 Bedroom Rentals

Available Now

1 Manning Blvd

AlbanyNY12203
property at 51 Elm St

$1,000 - $1,200

1 Bedroom Rentals

Available Now

51 Elm St

AlbanyNY12202

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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property at 634 Western Ave

$1,250

1 Bedroom, 1 Bath Home for Rent

Available Now

634 Western Ave

AlbanyNY12203

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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property at 154 Spring St

$1,300 - $1,750

2 To 3 Bedroom Rentals

Available Now

154 Spring St

AlbanyNY12203
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PM 63 2nd Ave.
1 Bedroom Apartments

PM 63 2nd Ave.

63 2nd AveAlbany, NY 12202
Student Housing

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: 02/16/2026

Current apartment rentals in the Albany, NY area range in price from $585 to $4,580 with an overall median price of $2,732. The three Albany neighborhoods with the lowest median rent pricing are Central State at $810, Campus Area at $895, and Hamilton Hill at $1,000. 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$1,630$8102
Campus Area$1,755$89526
Hamilton Hill$1,825$1,0003
Central Avenue$1,847$95043
Downtown$1,897$95095
Arbor Hill$1,907$1,00042
Center Square$1,975$1,07525
Outer Schenectady$2,147$81068
Sheridan Hollow$2,150$1,00034
Downtown Schenectady$2,200$825115

Cheapest Available Albany Apartments for Rent

 

The cheapest available apartment rental in Albany, NY is a Studio unit found at 252 state street in the Arbor Hill neighborhood priced from $850. Capitol Green in the Whitehall neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $875. Here is today’s list of the most affordable Albany apartments for rent:

Apartment ListingModel NameBed/BathPriced From
252 state streetStudio, 1 BathroomStudio,1BA$850
Capitol GreenStudioStudio,1BA$875
The Valley GreenShared 2 Bed 1 Bath A1BR,1BA$895
Campus View ApartmentsStudioStudio,1BA$968
256 state streetStudio, 1 BathroomStudio,1BA$975
71 chestnut street1 Bedroom, 1 Bathroom1BR,1BA$1,050

Best Value Apartments for Rent in Albany, NY

As of February 16, 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 Quartz Standard Model at Presidential Townhome Rentals starting at $1,975 with a $1.05 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
Presidential Townhome RentalsQuartz Standard3BR,1.5BA$1.05
160 River St, Unit 160160 River St2BR,1BA$1.03
10 Woolard Ave, Unit 2nd FL10 Woolard Ave2BR,1BA$1.01
459 Jay St, Unit 1459 Jay St2BR,1BA$0.96
270 Livingston Ave, Unit #1270 Livingston Ave4BR,1BA$1.06
310 Western Ave, Unit 2310 Western Ave4BR,1BA$0.57
126 4th St, Unit 1126 4th St1BR,1BA$0.58
159 River St, Unit 166B159 River StStudio ,1BA$1.06
716 State St, Unit 716 State Street716 State St4BR,2BA$0.65

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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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 $1,050.

What is the price of a cheap apartment in Albany?

The cheapest apartment in Albany is The Valley Green which is listed at $895, while the average apartment in Albany costs $2,732.

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 240 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 $658 which is $2,074 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

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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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.