Cheap Apartments for Rent in Albany, NY from $500 (131 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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19 Homestead St, Unit 3
$1,150
Total Monthly Price

Total Monthly Price

Base Rent
$1,150
Total Monthly Price
$1,150
2 Bedroom Apartment Available Now

19 Homestead St, Unit 3

19 Homestead StAlbany, NY 12203
Cost Per Sq.Ft.
  • Smoke Free

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 4 King Ave

$1,200 - $1,400

1 To 2 Bedroom Rentals

Available Aug 1

4 King Ave

AlbanyNY12206
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21 Myrtle Ave
$1,220 - $1,265
Total Monthly Price

Total Monthly Price

Base Rent
$1,220 - $1,265
Total Monthly Price
$1,220 - $1,265
2 Bedroom Apartment Available Now

21 Myrtle Ave

21 Myrtle AveAlbany, NY 12202
Affordability

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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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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63 2nd Ave
1 Bedroom Apartments

63 2nd Ave

63 2nd AveAlbany, NY 12202
Student Housing
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Capitol Green
Studio to 2 Bedroom Apartments

Capitol Green

400 Central AveAlbany, NY 12206
  • Utilities Included
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449 State St
Studio to 2 Bedroom Apartments

449 State St

449 State StAlbany, NY 12203
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142 Morton Ave
Studio to 1 Bedroom Apartments

142 Morton Ave

142 Morton AveAlbany, NY 12202
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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

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Showing Results 1-50, Page 1 of 3

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: 07/02/2026

Current apartment rentals in the Albany, NY area range in price from $575 to $4,780 with an overall median price of $2,430. The three Albany neighborhoods with the lowest median rent pricing are Central State at $810, Seward Place at $825, and Hamilton Hill at $1,025. 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$1,580$8102
Seward Place$1,600$82513
Hamilton Hill$1,650$1,0257
Beverwyck$1,780$57519
Downtown Schenectady$1,795$82556
Mt Pleasant$1,795$81031
Outer Schenectady$1,795$81048
South End$1,820$1,0959
Campus Area$1,846$65032
Downtown$1,912$90080

Cheapest Available Albany Apartments for Rent

 

The cheapest available apartment rental in Albany, NY is a Studio unit found at 1395 Hudson in the Campus Area neighborhood priced from $685. 449 State St in the Whitehall neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $895. Here is today’s list of the most affordable Albany apartments for rent:

Apartment ListingModel NameBed/BathPriced From
1395 HudsonStudio GStudio,1BA$685
449 State St0 Beds, 1 BathsStudio,1BA$895
Campus View ApartmentsStudioStudio,1BA$948
256 state street1 Bedroom, 1 Bathroom1BR,1BA$950
363 state streetStudio, 1 BathroomStudio,1BA$1,000

Best Value Apartments for Rent in Albany, NY

As of July 02, 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 31 Sheridan Ave Model at 31 Sheridan Ave, Unit 31 Sheridan Ave #2 starting at $1,590 with a $0.72 price per square foot in the Troy 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
31 Sheridan Ave, Unit 31 Sheridan Ave #231 Sheridan Ave3BR,1BA$0.72
305 Jackson St305 Jackson St3BR,1BA$0.81
160 River St, Unit 160160 River St2BR,1BA$1.03
178 Western Ave, Unit 2178 Western Ave3BR,1BA$0.43
522 2nd St, Unit 522 2nd St522 2nd St3BR,1BA$0.93
459 Jay St, Unit 1459 Jay St2BR,1BA$0.96
126 4th St, Unit 1126 4th St1BR,1BA$0.58
211 Ontario St, Unit 1211 Ontario St4BR,1BA$0.48
246 Delaware Ave, Unit 1 East246 Delaware Ave2BR,1BA$0.99

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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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 256 state street which is listed at $950, while the average apartment in Albany costs $2,430.

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 247 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 $654 which is $1,776 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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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.