Cheap Apartments for Rent in Albany, NY from $500 (146 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 91 Columbia St

$1,000

1 Bedroom, 1 Bath Home for Rent

Available Now

91 Columbia St

AlbanyNY12210

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

$1,100

1 Bedroom, 1 Bath Home for Rent

Available Now

578 Madison Ave

AlbanyNY12208
property at 11 Myrtle Ave

$1,100

1 Bedroom, 1 Bath Home for Rent

Available Now

11 Myrtle Ave

AlbanyNY12202
property at 50 Elberon Pl

$1,100 - $1,200

1 To 2 Bedroom Rentals

Available Now

50 Elberon Pl

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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property at 51 Elm St

$1,200

1 Bedroom Rentals

Available Now

51 Elm St

AlbanyNY12202

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 634 Western Ave

$1,250

1 Bedroom, 1 Bath Home for Rent

Available Now

634 Western Ave

AlbanyNY12203

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: 12/24/2025

Current apartment rentals in the Albany, NY area range in price from $650 to $4,580 with an overall median price of $2,528. The three Albany neighborhoods with the lowest median rent pricing are Central State at $810, Hamilton Hill at $1,000, 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
Central State$1,625$8102
Hamilton Hill$1,700$1,0002
Center Square$1,800$1,01521
Central Avenue$1,800$1,01538
Sheridan Hollow$1,800$1,00029
Beverwyck$1,850$80034
Arbor Hill$1,947$1,00037
Capitol Hill$1,950$1,01538
Downtown$1,950$99579
Downtown Albany Historic District$1,950$99542

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 Campus Area 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 Commons2BR2BR,1BA$733
142 Morton AveStudio, 1 BathroomStudio,1BA$850
Capitol GreenStudioStudio,1BA$875
Campus View ApartmentsStudioStudio,1BA$968
44 James205Studio,1BA$995
256 state street1 Bedroom, 1 Bathroom1BR,1BA$1,050
71 chestnut street1 Bedroom, 1 Bathroom1BR,1BA$1,050

Best Value Apartments for Rent in Albany, NY

As of December 25, 2025 the best value apartment in the Albany area is the $1.11 price per square foot 372 Morris St Model at 372 Morris St, Unit 372 Morris in the in the Whitehall neighborhood starting from $1,695. The second greatest value Albany apartment is the 1665 Central Ave Model at 1665 Central Ave, Unit 2nd Floor starting at $1,700 with a $1.13 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.
372 Morris St, Unit 372 Morris372 Morris St3BR,1BA$1.11
1665 Central Ave, Unit 2nd Floor1665 Central Ave2BR,2BA$1.13
160 River St, Unit 160160 River St2BR,1BA$1.03
534 Hamilton St, Unit 2534 Hamilton St1BR,1BA$0.73
126 4th St, Unit 1126 4th St1BR,1BA$0.58
159 River St, Unit 166B159 River StStudio ,1BA$1.06
182 River St, Unit 166 River St apt C182 River St2BR,1BA$1.08
184 River St, Unit 184 River Street184 River St1BR,1BA$1.18
164 River St, Unit 1164 River St2BR,1BA$1.18
44 W Van Vechten St, Unit 144 W Van Vechten St1BR,1BA$1.11

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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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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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 Capitol Green which is listed at $975, while the average apartment in Albany costs $2,528.

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 306 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 $776 which is $1,752 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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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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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.